<SUBMISSION>
<ACCESSION-NUMBER>0001021408-02-010477
<TYPE>10-Q
<PUBLIC-DOCUMENT-COUNT>4
<PERIOD>20020630
<FILING-DATE>20020812
<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>02726327
</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>Prepared by R.R. Donnelley Financial -- Form 10-Q</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <HR noshade size="4" color="#000000"> <center> <br> <font size="4"><b> UNITED STATES </b><br> <b> SECURITIES AND EXCHANGE COMMISSION </b></font><br> </center> <p align="center"><font size="2"><b> Washington, D.C.
20549 </b></font></p> <HR noshade width="120" color="#000000"> <p align="center"><font size="4"><b> FORM 10-Q </b></font></p> <HR noshade width="120" color="#000000"> <br>
<table width="100%" cellspacing="0" cellpadding="0">
<tr>
<td width="30">&nbsp;</td>
<td width="30" valign="top"><font size="2"><b> <font face="Wingdings">x</font> </b></font></td>
<td><font size="2"><b> QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934 </b></font></td></tr></table> <p align="center"><font size="2"><b> For the quarterly period ended June 30, 2002 </b></font></p> <p
align="center"><font size="2"><b> OR </b></font></p> <br>
<table width="100%" cellspacing="0" cellpadding="0">
<tr>
<td width="30">&nbsp;</td>
<td width="30" valign="top"><font size="2"><b> <font face="Wingdings">o</font> </b></font></td>
<td><font size="2"><b> TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND </b> <b> EXCHANGE ACT OF 1934 </b></font></td></tr></table> <p align="center"><font size="2"><b> For the transition period from ________________ to
________________ </b></font></p> <p align="center"><font size="2"><b> Commission File Number 0-16914 </b></font></p> <HR noshade width="120" color="#000000"> <center> <font size="5"><b> <u> THE E. W. SCRIPPS COMPANY </u> </b></font><br> </center> <p
align="center"><font size="2">(Exact name of registrant as specified in its charter)</font></p> <HR noshade width="120" color="#000000">
<table width="100%" cellspacing="0" cellpadding="0">
<tr>
<td width="50">&nbsp;</td>
<td align="center" valign="top" width="380"><font size="2"><b> <u> Ohio </u> </b><br> (State or other jurisdiction of<br> incorporation or organization)<br></font></td>
<td align="center" width="80">&nbsp;</td>
<td align="center" valign="top" width="380"><font size="2"><b> <u> 31-1223339 </u> </b><br> (I.R.S. Employer<br> Identification Number)</font></td>
<td width="50">&nbsp;</td></tr></table><br>
<table width="100%" cellspacing="0" cellpadding="0">
<tr>
<td width="50">&nbsp;</td>
<td align="center" valign="top" width="380"><font size="2"><b> 312 Walnut Street </b><br> <b> <u> Cincinnati, Ohio </u> </b><br> (Address of principal executive offices)<br></font></td>
<td align="center" width="80">&nbsp;</td>
<td align="center" valign="top" width="380"><font size="2"><br> <b> <u> 45202 </u> </b><br> (Zip Code)</font></td>
<td width="50">&nbsp;</td></tr></table><br> <p align="center"><font size="2">Registrant&#146;s telephone number, including area code: <b> <u> (513) 977-3000 </u> </b></font></p> <p align="center"><font size="2"><b> <u> Not Applicable </u>
</b><br>(Former name, former address and former fiscal year, if changed since last report.)</font></p> <p align=left><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. Yes <font
face="Wingdings">x</font> No <font face="Wingdings">o</font></font></p> <p align=left><font size="2">Indicate the number of shares outstanding of each of the issuer&#146;s classes of common stock, as of the latest practicable date. As of July 31,
2002 there were 61,319,717 of the Registrant&#146;s Class A Common Shares outstanding and 18,616,913 of the Registrant&#146;s Common Voting Shares outstanding.</font></p> <br><HR noshade size="4" color="#000000">

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#CCEEFF" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <font size="2">&nbsp;</font><BR> <p align="left"><font size="2"><b>
<a name="toc"></a> </b></font></p> <p align="center"><font size="2"><b> INDEX TO THE E. W. SCRIPPS COMPANY </b></font></p> <p align="center"><font size="2"><b> REPORT ON FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 2002 </b></font></p>
<table width="100%" cellspacing="0" cellpadding="0" align="center">
<tr>
<td width="60"><font size="2">&nbsp;<b> <u> Item No. </u></b></font><b> </b></td>
<td width="5">&nbsp;</td>
<td width="450">&nbsp;</td>
<td width="40" align="center"><font size="1"><u><b> <u> <font size="2">Page </font></u> </b></u></font></td> </tr>
<tr>
<td width="60">&nbsp;</td>
<td width="5"></td>
<td>&nbsp;</td>
<td width="40">&nbsp;</td></tr>
<tr>
<td width="60">&nbsp;</td>
<td width="5"></td>
<td>&nbsp;</td>
<td width="40">&nbsp;</td></tr>
<tr>
<td width="60" valign="top" align="left"><font size="2"><b> PART I </b></font></td>
<td width="5"></td>
<td width="550" valign="top"><font size="2"><b> FINANCIAL INFORMATION </b></font></td>
<td width="40">&nbsp;</td></tr>
<tr>
<td width="60">&nbsp;</td>
<td width="5"></td>
<td>&nbsp;</td>
<td width="40">&nbsp;</td></tr>
<tr>
<td width="60" valign="top" align="center"><font size="2">1</font></td>
<td width="5"></td>
<td width="550" valign="top"><font size="2">
<a href="#hy_bm_47"><u> Financial Statements </u></a></font></td>
<td width="40" valign=bottom align="center"><font size="2">3</font></td></tr>
<tr>
<td width="60">&nbsp;</td>
<td width="5"></td>
<td>&nbsp;</td>
<td width="40">&nbsp;</td></tr>
<tr>
<td width="60" valign="top" align="center"><font size="2">2</font></td>
<td width="5"></td>
<td width="550" valign="top"><font size="2">
<a href="#hy_bm_53"><u> Management&#146;s Discussion and Analysis of Financial Condition <br>&nbsp;&nbsp;&nbsp;and Results of Operations </u></a></font></td>
<td width="40" valign=bottom align="center"><font size="2">3</font></td></tr>
<tr>
<td width="60">&nbsp;</td>
<td width="5"></td>
<td>&nbsp;</td>
<td width="40">&nbsp;</td></tr>
<tr>
<td width="60" valign="top" align="center"><font size="2">3</font></td>
<td width="5"></td>
<td width="550" valign="top"><font size="2">
<a href="#hy_bm_58"><u> Quantitative and Qualitative Disclosures About Market Risk </u></a></font></td>
<td width="40" valign=bottom align="center"><font size="2">3</font></td></tr>
<tr>
<td width="60">&nbsp;</td>
<td width="5"></td>
<td>&nbsp;</td>
<td width="40">&nbsp;</td></tr>
<tr>
<td width="60">&nbsp;</td>
<td width="5"></td>
<td>&nbsp;</td>
<td width="40">&nbsp;</td></tr>
<tr>
<td width="60">&nbsp;</td>
<td width="5"></td>
<td>&nbsp;</td>
<td width="40">&nbsp;</td></tr>
<tr>
<td width="60" valign="top" align="left"><font size="2"><b> PART II </b></font></td>
<td width="5"></td>
<td width="550" valign="top"><font size="2"><b> OTHER INFORMATION </b></font></td>
<td width="40">&nbsp;</td></tr>
<tr>
<td width="60">&nbsp;</td>
<td width="5"></td>
<td>&nbsp;</td>
<td width="40">&nbsp;</td></tr>
<tr>
<td width="60" valign="top" align="center"><font size="2">1</font></td>
<td width="5"></td>
<td width="550" valign="top"><font size="2">
<a href="#hy_bm_29"><u> Legal Proceedings </u></a></font></td>
<td width="40" valign=bottom align="center"><font size="2">3</font></td></tr>
<tr>
<td width="60">&nbsp;</td>
<td width="5"></td>
<td>&nbsp;</td>
<td width="40">&nbsp;</td></tr>
<tr>
<td width="60" valign="top" align="center"><font size="2">2</font></td>
<td width="5"></td>
<td width="550" valign="top"><font size="2">
<a href="#hy_bm_30"><u> Changes in Securities </u></a></font></td>
<td width="40" valign=bottom align="center"><font size="2">3</font></td></tr>
<tr>
<td width="60">&nbsp;</td>
<td width="5"></td>
<td>&nbsp;</td>
<td width="40">&nbsp;</td></tr>
<tr>
<td width="60" valign="top" align="center"><font size="2">3</font></td>
<td width="5"></td>
<td width="550" valign="top"><font size="2">
<a href="#hy_bm_5"><u> Defaults Upon Senior Securities </u></a></font></td>
<td width="40" valign=bottom align="center"><font size="2">3</font></td></tr>
<tr>
<td width="60">&nbsp;</td>
<td width="5"></td>
<td>&nbsp;</td>
<td width="40">&nbsp;</td></tr>
<tr>
<td width="60" valign="top" align="center"><font size="2">4</font></td>
<td width="5"></td>
<td width="550" valign="top"><font size="2">
<a href="#hy_bm_1"><u> Submission of Matters to a Vote of Security Holders </u></a></font></td>
<td width="40" valign=bottom align="center"><font size="2">4</font></td></tr>
<tr>
<td width="60">&nbsp;</td>
<td width="5"></td>
<td>&nbsp;</td>
<td width="40">&nbsp;</td></tr>
<tr>
<td width="60" valign="top" align="center"><font size="2">5</font></td>
<td width="5"></td>
<td width="550" valign="top"><font size="2">
<a href="#hy_bm_76"><u> Other Information </u></a></font></td>
<td width="40" valign=bottom align="center"><font size="2">4</font></td></tr>
<tr>
<td width="60">&nbsp;</td>
<td width="5"></td>
<td>&nbsp;</td>
<td width="40">&nbsp;</td></tr>
<tr>
<td width="60" valign="top" align="center"><font size="2">6</font></td>
<td width="5"></td>
<td width="550" valign="top"><font size="2">
<a href="#hy_bm_81"><u> Exhibits and Reports on Form 8-K </u></a></font></td>
<td width="40" valign="bottom" align="center"><font size="2">5</font></td> </tr>
<tr>
<td width="60">&nbsp;</td>
<td width="5"></td>
<td>&nbsp;</td>
<td width="40">&nbsp;</td></tr> </table> <CENTER><font size="2">2</font></CENTER>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#CCEEFF" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <BR> <p align=center><font size="2"><b> PART I </b></font></p> <p align=left><font size="2"><b> <u> ITEM 1. </u></b><u>&nbsp;&nbsp;&nbsp;<b>
<a name="hy_bm_47">FINANCIAL STATEMENTS</a> </b></u> </font></p> <p align=left><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&nbsp;10-Q.</font></p>
<p align=left><font size="2"><b> <u> ITEM 2. </u></b><u>&nbsp;&nbsp;&nbsp;<b>
<a name="hy_bm_53">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</a> </b></u> </font></p> <p align=left><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&nbsp;10-Q.</font></p> <p align=left><font size="2"><b> <u> ITEM 3. </u></b><u>&nbsp;&nbsp;&nbsp;<b>
<a name="hy_bm_58">QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</a> </b></u> </font></p> <p align=left><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&nbsp;10-Q.</font></p> <p align=center><font size="2"><b> PART II </b></font></p> <p align=left><font size="2"><b> <u> ITEM 1. </u></b><u>&nbsp;&nbsp;&nbsp;<b>
<a name="hy_bm_29">LEGAL PROCEEDINGS</a> </b></u> </font></p> <p align=left><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 align=left><font size="2"><b> <u> ITEM 2. </u></b><u>&nbsp;&nbsp;&nbsp;<b> CHANGES IN SECURITIES </b></u> </font></p> <p
align=left><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 align=left><font size="2"><b> <u> ITEM 3. </u></b><u>&nbsp;&nbsp;&nbsp;<b>
<a name="hy_bm_5">DEFAULTS UPON SENIOR SECURITIES</a> </b></u> </font></p> <p align=left><font size="2">There were no defaults upon senior securities during the quarter for which this report is filed.</font></p> <CENTER><font
size="2">3</font></CENTER>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#CCEEFF" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <p align=left><font size=2><b> <u> ITEM 4. </u></b><u>&nbsp;&nbsp;&nbsp;<b>
<a name="hy_bm_1">SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS</a> </b></u> </font></p> <p align=left><font size=2>The following table presents information on matters submitted to a vote of security holders at the 2002 Annual Meeting of
Shareholders. </font></p>
<table width="100%" cellspacing=0 cellpadding=0>
<tr>
<td valign=bottom align=Left><font size=1><b> Description of Matters Submitted </b></font></td>
<td width="8"></td>
<td align=center valign=bottom width="72" colspan="2"><font size=1><b> In Favor </b></font></td>
<td width="8"></td>
<td align=center valign=bottom width="56" colspan="2"><font size=1><b> Against </b></font></td>
<td width="8"></td>
<td align=center valign=bottom width="45" colspan="2"><font size=1><b> Abstain </b></font></td>
<td width="8"></td>
<td align=center valign=bottom width="83" colspan="2"><font size=1><b> Broker </b><br> <b> Non-Votes </b></font></td>
<td width="8"></td> </tr>
<tr>
<td> <HR noshade align=Left width="150" size=2 color="#000000"> </td>
<td width="8"></td>
<td colspan="2"> <HR noshade align=center width="100%" size=2 color="#000000"> </td>
<td width="8"></td>
<td colspan="2"> <HR noshade align=center width="100%" size=2 color="#000000"> </td>
<td width="8"></td>
<td colspan="2"> <HR noshade align=center width="100%" size=2 color="#000000"> </td>
<td width="8"></td>
<td colspan="2"> <HR noshade align=center width="100%" size=2 color="#000000"> </td>
<td width="8"></td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Class A Common Shares:</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="41"><font size=2>&nbsp;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="79"><font size=2>&nbsp;</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Election of Directors:</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="41"><font size=2>&nbsp;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="79"><font size=2>&nbsp;</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Nicholas B. Paumgarten</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="68"><font size=2>54,852,511</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="52"><font size=2>899,827</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Ronald W. Tysoe</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="68"><font size=2>55,372,320</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="52"><font size=2>380,018</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Julie A. Wrigley</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="68"><font size=2>55,366,557</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="52"><font size=2>385,781</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Common Voting Shares:</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Election of Directors:</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;William R. Burleigh</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="68"><font size=2>18,960,813</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;John H. Burlingame</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="68"><font size=2>18,960,813</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Kenneth W. Lowe</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="68"><font size=2>18,960,813</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Lee Masters</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="68"><font size=2>18,960,813</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Nackey E. Scagliotti</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="68"><font size=2>18,960,813</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Charles E. Scripps</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="68"><font size=2>18,960,813</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Edward W. Scripps</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="68"><font size=2>18,960,813</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Paul K. Scripps</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="68"><font size=2>18,960,813</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="68">&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Amend the 1997 Long-Term Incentive Plan</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="68"><font size=2>18,960,813</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr> </table> <br> <p align=left><font size=2><b> <u> ITEM 5. </u></b><u>&nbsp;&nbsp;&nbsp;<b>
<a name="hy_bm_76">OTHER INFORMATION</a> </b></u> </font></p> <p align=left><font size=2>None.</font></p> <p align="center"><font size=2>4</font></p>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#CCEEFF" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <p align=left><font size="2"><b> <u> ITEM 6. </u></b><u>&nbsp;&nbsp;&nbsp;<b>
<a name="hy_bm_81">EXHIBITS AND REPORTS ON FORM 8-K</a> </b></u> </font></p> <p align=center><font size="2"><b> <u> Exhibits </u> </b></font></p> <p align=left><font size="2">The information required by this item is filed as part of this Form 10-Q.
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 align=left><font size="2">No reports on Form 8-K were filed during the quarter for which this report
is filed.</font></p> <CENTER> <BR> </CENTER> <p align=center><font size="2"><b> SIGNATURES </b></font></p> <p align=left><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="80%" cellspacing=0 cellpadding=0>
<tr>
<td width="40%" align=left><font size="2"><br><br><br></font></td>
<td width="12%">&nbsp;</td>
<td colspan="2" width="40%" align=left><font size="2"><b> THE E. W. SCRIPPS COMPANY </b><br><br><br></font></td></tr>
<tr>
<td width="40%" align=left><font size="2">Dated:&nbsp;&nbsp;&nbsp;<u> August 12, 2002 </u></font></td>
<td width="3%">&nbsp;</td>
<td width="4%" align=left><font size="2">By:&nbsp;&nbsp;</font></td>
<td width="38%" align=left><font size="2">/s/ Joseph G. NeCastro</font></td></tr>
<tr>
<td></td>
<td width="3%">&nbsp;</td>
<td width="4%">&nbsp;</td>
<td><HR noshade align="center" width="100%" size="2" color="#000000"></td></tr>
<tr>
<td width="40%">&nbsp;</td>
<td width="3%">&nbsp;</td>
<td width="4%">&nbsp;</td>
<td width="38%" align=left><font size="2">Joseph G. NeCastro<br>Senior Vice President and Chief Financial Officer</font></td></tr> </TABLE><br> <CENTER><font size="2">5</font></CENTER>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#CCEEFF" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <p align=left><font size=2><b> </b></font></p> <p align=center><font size=2><b> THE E. W. SCRIPPS COMPANY </b></font></p> <p align=center><font size=2> Index to Financial Information </font></p>
<table width="100%" cellspacing=0 cellpadding=0 align=center>
<tr>
<td width="510"><font size=2><b> Item </b></font></td>
<td width="40" valign=bottom align=center><font size=2><b> Page </b></font></td></tr>
<tr>
<td>&nbsp;</td>
<td width="40">&nbsp;</td></tr>
<tr>
<td>&nbsp;</td>
<td width="40">&nbsp;</td></tr>
<tr>
<td>&nbsp;</td>
<td width="40">&nbsp;</td></tr>
<tr>
<td width="610"><font size=2>
<a href="#hy_bm_71"> Consolidated Balance Sheets </a></font></td>
<td width="40" valign=bottom align=center><font size=2>F-2</font></td></tr>
<tr>
<td>&nbsp;</td>
<td width="40">&nbsp;</td></tr>
<tr>
<td width="610"><font size=2>
<a href="#hy_bm_30"> Consolidated Statements of Income </a></font></td>
<td width="40" valign=bottom align=center><font size=2>F-4</font></td></tr>
<tr>
<td>&nbsp;</td>
<td width="40">&nbsp;</td></tr>
<tr>
<td width="610"><font size=2>
<a href="#hy_bm_41"> Consolidated Statements of Cash Flows </a></font></td>
<td width="40" valign=bottom align=center><font size=2>F-5</font></td></tr>
<tr>
<td>&nbsp;</td>
<td width="40">&nbsp;</td></tr>
<tr>
<td width="610"><font size=2>
<a href="#hy_bm_86"> Consolidated Statements of Comprehensive Income and Stockholders&#146; Equity </a></font></td>
<td width="40" valign=bottom align=center><font size=2>F-6</font></td></tr>
<tr>
<td>&nbsp;</td>
<td width="40">&nbsp;</td></tr>
<tr>
<td width="610"><font size=2>
<a href="#hy_bm_79"> Condensed Notes to Consolidated Financial Statements </a></font></td>
<td width="40" valign=bottom align=center><font size=2>F-7</font></td></tr>
<tr>
<td>&nbsp;</td>
<td width="40">&nbsp;</td></tr>
<tr>
<td width="610"><font size=2>Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations</font></td>
<td width="40">&nbsp;</td></tr>
<tr>
<td width="610"><font size=2> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<a href="#hy_bm_37">Forward-Looking Statements </a></font></td>
<td width="40" valign=bottom align=center><font size=2>F-16</font></td> </tr>
<tr>
<td>&nbsp;</td>
<td width="40">&nbsp;</td></tr>
<tr>
<td width="610"><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<a href="#hy_bm_96">Results of Operations </a></font></td>
<td width="40" valign=bottom align=center><font size=2>F-16</font></td> </tr>
<tr>
<td>&nbsp;</td>
<td width="40">&nbsp;</td></tr>
<tr>
<td width="610"><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<a href="#hy_bm_36">Newspapers </a></font></td>
<td width="40" valign=bottom align=center><font size=2>F-19</font></td> </tr>
<tr>
<td>&nbsp;</td>
<td width="40">&nbsp;</td></tr>
<tr>
<td width="610"><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<a href="#hy_bm_77">Scripps Networks </a></font></td>
<td width="40" valign=bottom align=center><font size=2>F-20</font></td> </tr>
<tr>
<td>&nbsp;</td>
<td width="40">&nbsp;</td></tr>
<tr>
<td width="610"><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<a href="#hy_bm_87">Broadcast Television </a></font></td>
<td width="40" valign=bottom align=center><font size=2>F-22</font></td> </tr>
<tr>
<td>&nbsp;</td>
<td width="40">&nbsp;</td></tr>
<tr>
<td width="610"><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<a href="#hy_bm_6">Liquidity and Capital Resources </a></font></td>
<td width="40" valign=bottom align=center><font size=2>F-23</font></td> </tr>
<tr>
<td>&nbsp;</td>
<td width="40">&nbsp;</td></tr>
<tr>
<td width="610"><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<a href="#hy_bm_95">Market Risk </a></font></td>
<td width="40" valign=bottom align=center><font size=2>F-24</font></td> </tr>
<tr>
<td>&nbsp;</td>
<td width="40">&nbsp;</td></tr> </table> <CENTER> <font size=2><br> F-1</font> </CENTER>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#CCEEFF" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <p align=left><font size=2><b> <u>
<a name="hy_bm_71">CONSOLIDATED BALANCE SHEETS</a> </u> </b></font></p>
<table width="100%" cellspacing=0 cellpadding=0>
<tr>
<td valign=bottom align=Left><font size=1><b> <i> ( in thousands) </i> </b></font></td>
<td width="8"></td>
<td align="center" valign=bottom width="76" colspan="2"><font size=1><b> June 30, </b><br><b> 2002 </b></font></td>
<td width="8"></td>
<td align="center" valign=bottom width="72" colspan="2"><font size=1><b> As of </b><br><b> December 31, </b><br><b> 2001 </b></font></td>
<td width="8"></td>
<td align="center" valign=bottom width="85" colspan="2"><font size=1><b> June 30, </b><br><b> 2001 </b></font></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align="center" valign=bottom width="76" colspan="2"><font size=1><b> (Unaudited) </b></font></td>
<td width="8"></td>
<td colspan="2"></td>
<td width="8"></td>
<td align="center" valign=bottom width="85" colspan="2"><font size=1><b> (Unaudited) </b></font></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td colspan="2"><HR noshade align="center" width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align="center" width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align="center" width="100%" size=2 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td valign=bottom align="center"><font size=2><br>&nbsp;&nbsp;&nbsp;<b> ASSETS </b></font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Current Assets:</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Cash and cash equivalents</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="72"><font size=2>18,004</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="68"><font size=2>17,419</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="81"><font size=2>16,519</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Accounts and notes receivable (less allowances - $18,772, <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$13,964, $13,618)</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="72"><font size=2>233,965</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="68"><font size=2>236,311</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="81"><font size=2>250,845</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Program rights and production costs</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="72"><font size=2>124,429</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="68"><font size=2>120,715</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="81"><font size=2>108,561</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Inventories</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="72"><font size=2>6,955</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="68"><font size=2>7,345</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="81"><font size=2>9,350</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Deferred income taxes</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="72"><font size=2>34,795</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="68"><font size=2>30,850</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="81"><font size=2>29,967</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Miscellaneous</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="72"><font size=2>35,918</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="68"><font size=2>38,018</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="81"><font size=2>36,035</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align="center" valign=top colspan="2"><HR noshade align="center" width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align="center" valign=top colspan="2"><HR noshade align="center" width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align="center" valign=top colspan="2"><HR noshade align="center" width="100%" size=2 color="#000000"></td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Total current assets</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="72"><font size=2>454,066</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="68"><font size=2>450,658</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="81"><font size=2>451,277</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align="center" valign=top colspan="2"><HR noshade align="center" width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align="center" valign=top colspan="2"><HR noshade align="center" width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align="center" valign=top colspan="2"><HR noshade align="center" width="100%" size=2 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Investments</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="72"><font size=2>257,248</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="68"><font size=2>331,542</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="81"><font size=2>403,088</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align="center" valign=top colspan="2"><HR noshade align="center" width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align="center" valign=top colspan="2"><HR noshade align="center" width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align="center" valign=top colspan="2"><HR noshade align="center" width="100%" size=2 color="#000000"></td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>Property, Plant and Equipment</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="72"><font size=2>403,735</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="68"><font size=2>394,677</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="81"><font size=2>383,480</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align="center" valign=top colspan="2"><HR noshade align="center" width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align="center" valign=top colspan="2"><HR noshade align="center" width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align="center" valign=top colspan="2"><HR noshade align="center" width="100%" size=2 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Goodwill</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="72"><font size=2>1,143,467</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="68"><font size=2>1,138,232</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="81"><font size=2>1,151,351</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align="center" valign=top colspan="2"><HR noshade align="center" width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align="center" valign=top colspan="2"><HR noshade align="center" width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align="center" valign=top colspan="2"><HR noshade align="center" width="100%" size=2 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Other Assets:</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Program rights and production costs (less current portion)</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="72"><font size=2>119,497</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="68"><font size=2>122,620</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="81"><font size=2>99,185</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Network distribution contracts</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="72"><font size=2>161,826</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="68"><font size=2>124,639</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="81"><font size=2>66,701</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Other intangible assets</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="72"><font size=2>63,292</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="68"><font size=2>64,959</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="81"><font size=2>68,224</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Miscellaneous</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="72"><font size=2>12,711</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="68"><font size=2>16,433</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="81"><font size=2>17,278</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align="center" valign=top colspan="2"><HR noshade align="center" width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align="center" valign=top colspan="2"><HR noshade align="center" width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align="center" valign=top colspan="2"><HR noshade align="center" width="100%" size=2 color="#000000"></td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Total other assets</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="72"><font size=2>357,326</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="68"><font size=2>328,651</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="81"><font size=2>251,388</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align="center" valign=top colspan="2"><HR noshade align="center" width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align="center" valign=top colspan="2"><HR noshade align="center" width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align="center" valign=top colspan="2"><HR noshade align="center" width="100%" size=2 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td valign=bottom align=Left><font size=2><b> TOTAL ASSETS </b></font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="72"><font size=2>2,615,842</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="68"><font size=2>2,643,760</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="81"><font size=2>2,640,584</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align="center" valign=top colspan="2"><HR noshade align="center" width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align="center" valign=top colspan="2"><HR noshade align="center" width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align="center" valign=top colspan="2"><HR noshade align="center" width="100%" size=4 color="#000000"></td>
<td width="8"></td></tr></table> <p align="center"><font size=2><i> See notes to consolidated financial statements. </i></font></p> <CENTER><font size=2>F-2</font></CENTER>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#CCEEFF" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
<BR> <p align=left><font size=2><b> <u> CONSOLIDATED BALANCE SHEETS </u> </b></font></p>
<table width="100%" cellspacing=0 cellpadding=0>
<tr>
<td valign=bottom align=Left><font size=1><b> <i> (in thousands, except share data) </i> </b></font></td>
<td width="8"></td>
<td align=center valign=bottom width="69" colspan="2"><font size=1><b> June 30, </b><br><b> 2002 </b></font></td>
<td width="8"></td>
<td align=center valign=bottom width="72" colspan="2"><font size=1><b> As of </b><br><b> December 31, </b><br><b> 2001 </b></font></td>
<td width="8"></td>
<td align=center valign=bottom width="73" colspan="2"><font size=1><b> June 30, </b><br><b> 2001 </b></font></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=bottom width="69" colspan="2"><font size=1><b> (Unaudited) </b></font></td>
<td width="8"></td>
<td colspan="2"></td>
<td width="8"></td>
<td align=center valign=bottom width="73" colspan="2"><font size=1><b> (Unaudited) </b></font></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td valign=bottom align=Center><font size=2><br>&nbsp;&nbsp;&nbsp;<b> LIABILITIES AND STOCKHOLDERS&#146; EQUITY </b></font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Current Liabilities:</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Current portion of long-term debt</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="65"><font size=2>554,902</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="68"><font size=2>613,878</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="69"><font size=2>202,758</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Accounts payable</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="65"><font size=2>59,291</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="68"><font size=2>81,690</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="69"><font size=2>62,902</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Customer deposits and unearned revenue</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="65"><font size=2>28,618</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="68"><font size=2>29,381</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="69"><font size=2>35,158</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Accrued liabilities:</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employee compensation and benefits</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="65"><font size=2>42,005</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="68"><font size=2>44,792</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="69"><font size=2>36,488</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Network distribution contracts</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="65"><font size=2>37,786</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="68"><font size=2>61,624</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="69"><font size=2>54,779</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="65"><font size=2>68,391</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="68"><font size=2>74,146</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="69"><font size=2>83,118</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Total current liabilities</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="65"><font size=2>790,993</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="68"><font size=2>905,511</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="69"><font size=2>475,203</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Deferred Income Taxes</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="65"><font size=2>141,516</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="68"><font size=2>146,989</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="69"><font size=2>161,987</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>Long-Term Debt (less current portion)</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="65"><font size=2>113,996</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="68"><font size=2>109,966</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="69"><font size=2>508,555</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Other Long-Term Obligations and Minority Interests (less current <br>&nbsp;&nbsp;&nbsp;portion)</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="65"><font size=2>135,910</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="68"><font size=2>129,394</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="69"><font size=2>129,470</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Stockholders&#146; Equity:</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Preferred stock, $.01 par - authorized: 25,000,000 shares; none <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;outstanding</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Common stock, $.01 par:</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A - authorized: 120,000,000 shares; issued and outstanding: <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60,810,692; 60,103,746; and 60,203,383 shares</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="65"><font size=2>608</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="68"><font size=2>601</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="69"><font size=2>602</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voting - authorized: 30,000,000 shares; issued and outstanding: <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19,096,913 shares</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="65"><font size=2>191</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="68"><font size=2>191</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="69"><font size=2>191</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Total</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="65"><font size=2>799</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="68"><font size=2>792</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="69"><font size=2>793</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Additional paid-in capital</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="65"><font size=2>211,664</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="68"><font size=2>174,485</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="69"><font size=2>183,435</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Retained earnings</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="65"><font size=2>1,226,549</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="68"><font size=2>1,183,595</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="69"><font size=2>1,175,191</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Unrealized gains on securities available for sale</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="65"><font size=2>1,715</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="68"><font size=2>5,067</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="69"><font size=2>17,950</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Foreign currency translation adjustment</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="65"><font size=2>5</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="68"><font size=2>(554</font></td>
<td valign=bottom width="17"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="69"><font size=2>(58</font></td>
<td valign=bottom width="17"><font size=2>)</font></td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Unvested restricted stock awards</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="65"><font size=2>(7,305</font></td>
<td valign=bottom width="17"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="68"><font size=2>(11,485</font></td>
<td valign=bottom width="17"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="69"><font size=2>(11,942</font></td>
<td valign=bottom width="17"><font size=2>)</font></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Total stockholders&#146; equity</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="65"><font size=2>1,433,427</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="68"><font size=2>1,351,900</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="69"><font size=2>1,365,369</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td valign=bottom align=Left><font size=2><b> TOTAL LIABILITIES AND STOCKHOLDERS&#146; EQUITY </b></font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="65"><font size=2>2,615,842</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="68"><font size=2>2,643,760</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="69"><font size=2>2,640,584</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td></tr></table> <p align=center><font size=2><i> See notes to consolidated financial statements. </i></font></p> <CENTER><font size=2>F-3</font></CENTER>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#CCEEFF" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
<BR> <p align=left><font size=2><b> <u>
<a name="hy_bm_30">CONSOLIDATED STATEMENTS OF INCOME ( UNAUDITED )</a> </u> </b></font></p>
<table width="100%" cellspacing=0 cellpadding=0>
<tr>
<td valign=bottom align=Left><font size=1><b> <i> ( in thousands, except per share data ) </i> </b></font></td>
<td width="8"></td>
<td align=center valign=bottom width="143" colspan="5"><font size=1><b> Three months ended </b><br><b> June 30, </b></font></td>
<td width="8"></td>
<td align=center valign=bottom width="143" colspan="5"><font size=1><b> Six months ended </b><br><b> June 30, </b></font></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td colspan="5"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td colspan="5"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=bottom width="59" colspan="2"><font size=1><b> 2002 </b></font></td>
<td width="8"></td>
<td align=center valign=bottom width="62" colspan="2"><font size=1><b> 2001 </b></font></td>
<td width="8"></td>
<td align=center valign=bottom width="59" colspan="2"><font size=1><b> 2002 </b></font></td>
<td width="8"></td>
<td align=center valign=bottom width="62" colspan="2"><font size=1><b> 2001 </b></font></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Operating Revenues:</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Advertising</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="55"><font size=2>296,386</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="58"><font size=2>284,451</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="55"><font size=2>560,182</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="58"><font size=2>557,224</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Circulation</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>34,396</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="58"><font size=2>34,058</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>69,819</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="58"><font size=2>70,240</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Affiliate fees</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>20,348</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="58"><font size=2>14,290</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>38,508</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="58"><font size=2>28,748</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Licensing</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>18,068</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="58"><font size=2>17,251</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>34,266</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="58"><font size=2>35,251</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Share of joint operating agency profits</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>19,498</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="58"><font size=2>7,727</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>34,595</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="58"><font size=2>16,784</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Other</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>11,237</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="58"><font size=2>10,631</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>22,345</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="58"><font size=2>22,241</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Total operating revenues</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>399,933</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="58"><font size=2>368,408</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>759,715</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="58"><font size=2>730,488</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Operating Expenses:</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Employee compensation and benefits</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>123,160</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="58"><font size=2>118,087</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>244,983</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="58"><font size=2>236,842</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Newsprint and ink</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>16,210</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="58"><font size=2>22,383</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>34,119</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="58"><font size=2>48,624</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Amortization of program rights and production costs</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>38,964</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="58"><font size=2>33,694</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>75,832</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="58"><font size=2>65,789</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Other operating expenses</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>96,234</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="58"><font size=2>93,196</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>183,117</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="58"><font size=2>192,171</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Depreciation</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>14,458</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="58"><font size=2>13,595</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>27,317</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="58"><font size=2>27,952</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Amortization of goodwill and other intangible assets</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>970</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="58"><font size=2>11,122</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>1,994</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="58"><font size=2>21,530</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Total operating expenses</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>289,996</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="58"><font size=2>292,077</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>567,362</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="58"><font size=2>592,908</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>Operating Income</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>109,937</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="58"><font size=2>76,331</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>192,353</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="58"><font size=2>137,580</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Other Credits (Charges):</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Interest expense</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>(6,629</font></td>
<td valign=bottom width="18"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="58"><font size=2>(10,859</font></td>
<td valign=bottom width="18"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>(13,221</font></td>
<td valign=bottom width="18"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="58"><font size=2>(23,320</font></td>
<td valign=bottom width="18"><font size=2>)</font></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Investment results, net of expenses</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>(65,551</font></td>
<td valign=bottom width="18"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="58"><font size=2>2,957</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>(73,939</font></td>
<td valign=bottom width="18"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="58"><font size=2>61,742</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Miscellaneous, net</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>(764</font></td>
<td valign=bottom width="18"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="58"><font size=2>480</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>(618</font></td>
<td valign=bottom width="18"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="58"><font size=2>833</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Net other credits (charges)</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>(72,944</font></td>
<td valign=bottom width="18"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="58"><font size=2>(7,422</font></td>
<td valign=bottom width="18"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>(87,778</font></td>
<td valign=bottom width="18"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="58"><font size=2>39,255</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Income Before Taxes and Minority Interests</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>36,993</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="58"><font size=2>68,909</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>104,575</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="58"><font size=2>176,835</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>Provision for Income Taxes</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>9,085</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="58"><font size=2>28,584</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>35,953</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="58"><font size=2>69,226</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Income Before Minority Interests</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>27,908</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="58"><font size=2>40,325</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>68,622</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="58"><font size=2>107,609</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>Minority Interests</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>952</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="58"><font size=2>975</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>1,786</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="58"><font size=2>1,821</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Net Income</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="55"><font size=2>26,956</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="58"><font size=2>39,350</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="55"><font size=2>66,836</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="58"><font size=2>105,788</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Net Income per Share of Common Stock:</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Basic</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="55"><font size=2>.34</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="58"><font size=2>.50</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="55"><font size=2>.84</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="58"><font size=2>1.34</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Diluted</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>.33</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="58"><font size=2>.49</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>.83</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="58"><font size=2>1.32</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td></tr></table> <br> <p align=center><font size=2><i> See notes to consolidated financial statements. </i></font></p> <CENTER><font size=2>F-4</font></CENTER>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#CCEEFF" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
<BR> <p align=left><font size=2><b> <u>
<a name="hy_bm_41">CONSOLIDATED STATEMENTS OF CASH FLOWS </a>( UNAUDITED ) </u> </b></font></p>
<table width="100%" cellspacing="0" cellpadding="0">
<tr>
<td valign="bottom" align=Left><font size=1><b> <i> ( in thousands ) </i> </b></font></td>
<td width="8"></td>
<td align=center valign="bottom" width="132" colspan="5"><font size=1><b> Six months ended </b><br><b> June 30, </b></font></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td colspan="5"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign="bottom" width="53" colspan="2"><font size=1><b> 2002 </b></font></td>
<td width="8"></td>
<td align=center valign="bottom" width="62" colspan="2"><font size=1><b> 2001 </b></font></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td valign="bottom" align=Left><font size=2>Cash Flows from Operating Activities:</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign="bottom" align=Left><font size=2>Net income</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4"><font size=2>$</font></td>
<td align=right valign="bottom" width="49"><font size=2>66,836</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4"><font size=2>$</font></td>
<td align=right valign="bottom" width="58"><font size=2>105,788</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign="bottom" align=Left><font size=2>Adjustments to reconcile net income</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign="bottom" align=Left><font size=2>&nbsp;&nbsp;&nbsp;to net cash flows from operating activities:</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign="bottom" align=Left><font size=2>&nbsp;&nbsp;&nbsp;Depreciation and amortization</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align=right valign="bottom" width="49"><font size=2>29,311</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align=right valign="bottom" width="58"><font size=2>49,008</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign="bottom" align=Left><font size=2>&nbsp;&nbsp;&nbsp;Net investment results and other nonrecurring items</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align=right valign="bottom" width="49"><font size=2>39,376</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align=right valign="bottom" width="58"><font size=2>(43,717</font></td>
<td valign="bottom" width="18"><font size=2>)</font></td> </tr>
<tr>
<td valign="bottom" align=Left><font size=2>&nbsp;&nbsp;&nbsp;Tax benefits of stock compensation plans</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align=right valign="bottom" width="49"><font size=2>12,931</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align=right valign="bottom" width="58"><font size=2>7,050</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign="bottom" align=Left><font size=2>&nbsp;&nbsp;&nbsp;Cash received greater than share of profits of JOAs and equity method investments</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align=right valign="bottom" width="49"><font size=2>4,954</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align=right valign="bottom" width="58"><font size=2>23,776</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign="bottom" align=Left><font size=2>&nbsp;&nbsp;&nbsp;Stock and deferred compensation plans</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align=right valign="bottom" width="49"><font size=2>8,410</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align=right valign="bottom" width="58"><font size=2>2,813</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign="bottom" align=Left><font size=2>&nbsp;&nbsp;&nbsp;Minority interests in income of subsidiary companies</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align=right valign="bottom" width="49"><font size=2>1,786</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align=right valign="bottom" width="58"><font size=2>1,821</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign="bottom" align=Left><font size=2>&nbsp;&nbsp;&nbsp;Deferred income taxes</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align=right valign="bottom" width="49"><font size=2>16,851</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align=right valign="bottom" width="58"><font size=2>5,381</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign="bottom" align=Left><font size=2>&nbsp;&nbsp;&nbsp;Cash received for affiliate fees, net of launch incentive payments, greater (less) than <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;affiliate fees revenue</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align=right valign="bottom" width="49"><font size=2>(63,133</font></td>
<td valign="bottom" width="18"><font size=2>)</font></td>
<td valign="bottom" width="4">&nbsp;</td>
<td align=right valign="bottom" width="58"><font size=2>3,945</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign="bottom" align=Left><font size=2>&nbsp;&nbsp;&nbsp;Program cost amortization greater (less) than payments</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align=right valign="bottom" width="49"><font size=2>(13,639</font></td>
<td valign="bottom" width="18"><font size=2>)</font></td>
<td valign="bottom" width="4">&nbsp;</td>
<td align=right valign="bottom" width="58"><font size=2>(17,024</font></td>
<td valign="bottom" width="18"><font size=2>)</font></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign="bottom" align=Left><font size=2>&nbsp;&nbsp;&nbsp;Other changes in certain working capital accounts, net</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align=right valign="bottom" width="49"><font size=2>(7,410</font></td>
<td valign="bottom" width="18"><font size=2>)</font></td>
<td valign="bottom" width="4">&nbsp;</td>
<td align=right valign="bottom" width="58"><font size=2>(19,031</font></td>
<td valign="bottom" width="18"><font size=2>)</font></td> </tr>
<tr>
<td valign="bottom" align=Left><font size=2>&nbsp;&nbsp;&nbsp;Miscellaneous, net</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align=right valign="bottom" width="49"><font size=2>4,495</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align=right valign="bottom" width="58"><font size=2>3,597</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign="bottom" align=Left><font size=2>Net operating activities</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align=right valign="bottom" width="49"><font size=2>100,768</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align=right valign="bottom" width="58"><font size=2>123,407</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td valign="bottom" align=Left><font size=2>Cash Flows from Investing Activities:</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign="bottom" align=Left><font size=2>Additions to property, plant and equipment</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align=right valign="bottom" width="49"><font size=2>(36,763</font></td>
<td valign="bottom" width="18"><font size=2>)</font></td>
<td valign="bottom" width="4">&nbsp;</td>
<td align=right valign="bottom" width="58"><font size=2>(29,095</font></td>
<td valign="bottom" width="18"><font size=2>)</font></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign="bottom" align=Left><font size=2>Purchase of subsidiary companies and long-term investments</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align=right valign="bottom" width="49"><font size=2>(11,395</font></td>
<td valign="bottom" width="18"><font size=2>)</font></td>
<td valign="bottom" width="4">&nbsp;</td>
<td align=right valign="bottom" width="58"><font size=2>(23,923</font></td>
<td valign="bottom" width="18"><font size=2>)</font></td> </tr>
<tr>
<td valign="bottom" align=Left><font size=2>Investments in Denver JOA</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align=right valign="bottom" width="58"><font size=2>(62,520</font></td>
<td valign="bottom" width="18"><font size=2>)</font></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign="bottom" align=Left><font size=2>Sale of investments</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align=right valign="bottom" width="49"><font size=2>229</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align=right valign="bottom" width="58"><font size=2>14,048</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign="bottom" align=Left><font size=2>Miscellaneous, net</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align=right valign="bottom" width="49"><font size=2>4,460</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align=right valign="bottom" width="58"><font size=2>1,298</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign="bottom" align=Left><font size=2>Net investing activities</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align=right valign="bottom" width="49"><font size=2>(43,469</font></td>
<td valign="bottom" width="18"><font size=2>)</font></td>
<td valign="bottom" width="4">&nbsp;</td>
<td align=right valign="bottom" width="58"><font size=2>(100,192</font></td>
<td valign="bottom" width="18"><font size=2>)</font></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td valign="bottom" align=Left><font size=2>Cash Flows from Financing Activities:</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign="bottom" align=Left><font size=2>Increase in long-term debt</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align=right valign="bottom" width="49"><font size=2>4,099</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align=right valign="bottom" width="58"><font size=2>6,790</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign="bottom" align=Left><font size=2>Payments on long-term debt</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align=right valign="bottom" width="49"><font size=2>(59,063</font></td>
<td valign="bottom" width="18"><font size=2>)</font></td>
<td valign="bottom" width="4">&nbsp;</td>
<td align=right valign="bottom" width="58"><font size=2>(10,103</font></td>
<td valign="bottom" width="18"><font size=2>)</font></td> </tr>
<tr>
<td valign="bottom" align=Left><font size=2>Dividends paid</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align=right valign="bottom" width="49"><font size=2>(23,882</font></td>
<td valign="bottom" width="18"><font size=2>)</font></td>
<td valign="bottom" width="4">&nbsp;</td>
<td align=right valign="bottom" width="58"><font size=2>(23,735</font></td>
<td valign="bottom" width="18"><font size=2>)</font></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign="bottom" align=Left><font size=2>Dividends paid to minority interests</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align=right valign="bottom" width="49"><font size=2>(783</font></td>
<td valign="bottom" width="18"><font size=2>)</font></td>
<td valign="bottom" width="4">&nbsp;</td>
<td align=right valign="bottom" width="58"><font size=2>(784</font></td>
<td valign="bottom" width="18"><font size=2>)</font></td> </tr>
<tr>
<td valign="bottom" align=Left><font size=2>Repurchase Class A Common shares</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align=right valign="bottom" width="58"><font size=2>(1,988</font></td>
<td valign="bottom" width="18"><font size=2>)</font></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign="bottom" align=Left><font size=2>Miscellaneous, net (primarily employee stock options)</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align=right valign="bottom" width="49"><font size=2>22,915</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align=right valign="bottom" width="58"><font size=2>9,012</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td valign="bottom" align=Left><font size=2>Net financing activities</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align=right valign="bottom" width="49"><font size=2>(56,714</font></td>
<td valign="bottom" width="18"><font size=2>)</font></td>
<td valign="bottom" width="4">&nbsp;</td>
<td align=right valign="bottom" width="58"><font size=2>(20,808</font></td>
<td valign="bottom" width="18"><font size=2>)</font></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign="bottom" align=Left><font size=2>Increase in Cash and Cash Equivalents</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align=right valign="bottom" width="49"><font size=2>585</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align=right valign="bottom" width="58"><font size=2>2,407</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign="bottom" align=Left><font size=2>Cash and Cash Equivalents:</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td valign="bottom" align=Left><font size=2>Beginning of year</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align=right valign="bottom" width="49"><font size=2>17,419</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align=right valign="bottom" width="58"><font size=2>14,112</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign="bottom" align=Left><font size=2>End of period</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4"><font size=2>$</font></td>
<td align=right valign="bottom" width="49"><font size=2>18,004</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4"><font size=2>$</font></td>
<td align=right valign="bottom" width="58"><font size=2>16,519</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td valign="bottom" align=Left><font size=2>Supplemental Cash Flow Disclosures:</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign="bottom" align=Left><font size=2>&nbsp;&nbsp;&nbsp;Interest paid, excluding amounts capitalized</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4"><font size=2>$</font></td>
<td align=right valign="bottom" width="49"><font size=2>13,639</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4"><font size=2>$</font></td>
<td align=right valign="bottom" width="58"><font size=2>22,966</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign="bottom" align=Left><font size=2>&nbsp;&nbsp;&nbsp;Income taxes paid</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align=right valign="bottom" width="49"><font size=2>33,081</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align=right valign="bottom" width="58"><font size=2>19,989</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign="bottom" align=Left><font size=2>&nbsp;&nbsp;&nbsp;Denver newspaper assets contributed to JOA</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align=right valign="bottom" width="58"><font size=2>162,227</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td></tr></table> <br> <p align=center><font size=2><i> See notes to consolidated financial statements. </i></font></p> <CENTER><font size=2>F-5</font></CENTER>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#CCEEFF" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
<BR> <p align=left><font size=2>
<a name="hy_bm_86"></a> <b>CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME </b><br><b> <u> AND STOCKHOLDERS&#146; EQUITY ( UNAUDITED ) </u> </b></font></p>
<table width="100%" cellspacing=0 cellpadding=0>
<tr>
<td valign=bottom align=Left><font size=1><b> ( in thousands, except share data ) </b></font></td>
<td width="8"></td>
<td align=center valign=bottom width="47" colspan="2"><font size=1><b> Common </b><br><b> Stock </b></font></td>
<td width="8"></td>
<td align=center valign=bottom width="60" colspan="2"><font size=1><b> Additional </b><br><b> Paid-in </b><br><b> Capital </b></font></td>
<td width="8"></td>
<td align=center valign=bottom width="69" colspan="2"><font size=1><b> Retained </b><br><b> Earnings </b></font></td>
<td width="8"></td>
<td align=center valign=bottom width="81" colspan="2"><font size=1><b> Accumulated </b><br><b> Other </b><br><b> Comprehensive </b><br><b> Income </b></font></td>
<td width="8"></td>
<td align=center valign=bottom width="55" colspan="2"><font size=1><b> Unvested </b><br><b> Restricted </b><br><b> Stock </b><br><b> Awards </b></font></td>
<td width="8"></td>
<td align=center valign=bottom width="70" colspan="2"><font size=1><b> Total </b><br><b> Stockholders&#146; </b><br><b> Equity </b></font></td>
<td width="8"></td>
<td align=center valign=bottom width="76" colspan="2"><font size=1><b> Comprehensive </b><br><b> Income for the </b><br><b> Three Months </b><br><b> Ended June 30 </b></font></td>
<td width="8"></td> </tr>
<tr>
<td><HR noshade align=Left width="163" size=2 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=1>As of December 31, 2000</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=1>$</font></td>
<td align=right valign=bottom width="43"><font size=1>787</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=1>$</font></td>
<td align=right valign=bottom width="56"><font size=1>157,394</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=1>$</font></td>
<td align=right valign=bottom width="65"><font size=1>1,093,138</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=1>$</font></td>
<td align=right valign=bottom width="77"><font size=1>32,238</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=1>$</font></td>
<td align=right valign=bottom width="51"><font size=1>(5,747</font></td>
<td valign=bottom width="18"><font size=1>)</font></td>
<td valign=bottom width="4"><font size=1>$</font></td>
<td align=right valign=bottom width="66"><font size=1>1,277,810</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=1>Comprehensive income:</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=1>&nbsp;&nbsp;&nbsp;Net income</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="65"><font size=1>105,788</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="66"><font size=1>105,788</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=1>$</font></td>
<td align=right valign=bottom width="72"><font size=1>39,350</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td width="164"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=1>&nbsp;&nbsp;&nbsp;Unrealized gains, net of tax of $19,655 and $14,213</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="77"><font size=1>36,523</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="66"><font size=1>36,523</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="72"><font size=1>26,313</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=1>&nbsp;&nbsp;&nbsp;Adjustment for losses (gains) in income, net of tax of <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;($27,165) and ($4,084)</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="77"><font size=1>(50,450</font></td>
<td valign=bottom width="18"><font size=1>)</font></td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="66"><font size=1>(50,450</font></td>
<td valign=bottom width="18"><font size=1>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="72"><font size=1>(7,584</font></td>
<td valign=bottom width="18"><font size=1>)</font></td> </tr>
<tr>
<td width="164"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=1>&nbsp;&nbsp;&nbsp;Increase (decrease) in unrealized gains</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="77"><font size=1>(13,927</font></td>
<td valign=bottom width="18"><font size=1>)</font></td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="66"><font size=1>(13,927</font></td>
<td valign=bottom width="18"><font size=1>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="72"><font size=1>18,729</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=1>&nbsp;&nbsp;&nbsp;Currency translation</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="77"><font size=1>(419</font></td>
<td valign=bottom width="18"><font size=1>)</font></td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="66"><font size=1>(419</font></td>
<td valign=bottom width="18"><font size=1>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="72"><font size=1>163</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td width="164"></td>
<td width="8"></td>
<td width="4"></td>
<td></td>
<td width="8"></td>
<td width="4"></td>
<td></td>
<td width="8"></td>
<td width="4"></td>
<td></td>
<td width="8"></td>
<td width="4"></td>
<td></td>
<td width="8"></td>
<td width="4"></td>
<td></td>
<td width="8"></td>
<td width="4"></td>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=1>&nbsp;&nbsp;&nbsp;Total</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="65"><font size=1>105,788</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="77"><font size=1>(14,346</font></td>
<td valign=bottom width="18"><font size=1>)</font></td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="66"><font size=1>91,442</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=1>$</font></td>
<td align=right valign=bottom width="72"><font size=1>58,242</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td width="164"></td>
<td width="8"></td>
<td width="4"></td>
<td></td>
<td width="8"></td>
<td width="4"></td>
<td></td>
<td width="8"></td>
<td width="4"></td>
<td></td>
<td width="8"></td>
<td width="4"></td>
<td></td>
<td width="8"></td>
<td width="4"></td>
<td></td>
<td width="8"></td>
<td width="4"></td>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td valign=bottom align=Left><font size=1>Dividends: declared and paid - $.30 per share</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="65"><font size=1>(23,735</font></td>
<td valign=bottom width="18"><font size=1>)</font></td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="66"><font size=1>(23,735</font></td>
<td valign=bottom width="18"><font size=1>)</font></td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=1>Repurchase 35,200 Class A Common Shares</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="56"><font size=1>(1,988</font></td>
<td valign=bottom width="18"><font size=1>)</font></td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="66"><font size=1>(1,988</font></td>
<td valign=bottom width="18"><font size=1>)</font></td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=1>Compensation plans, net: 706,660 shares issued; 108,505 <br>&nbsp;&nbsp;&nbsp;shares repurchased; 1,400 shares forfeited</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="43"><font size=1>6</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="56"><font size=1>20,979</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="51"><font size=1>(6,195</font></td>
<td valign=bottom width="18"><font size=1>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="66"><font size=1>14,790</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=1>Tax benefits of compensation plans</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="56"><font size=1>7,050</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="66"><font size=1>7,050</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td width="164"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td width="4"></td>
<td></td>
<td width="8"></td> </tr>
<tr>
<td valign=bottom align=Left><font size=1>As of June 30, 2001</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=1>$</font></td>
<td align=right valign=bottom width="43"><font size=1>793</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=1>$</font></td>
<td align=right valign=bottom width="56"><font size=1>183,435</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=1>$</font></td>
<td align=right valign=bottom width="65"><font size=1>1,175,191</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=1>$</font></td>
<td align=right valign=bottom width="77"><font size=1>17,892</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=1>$</font></td>
<td align=right valign=bottom width="51"><font size=1>(11,942</font></td>
<td valign=bottom width="18"><font size=1>)</font></td>
<td valign=bottom width="4"><font size=1>$</font></td>
<td align=right valign=bottom width="66"><font size=1>1,365,369</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td width="164"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td width="4"></td>
<td></td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=1>As of December 31, 2001</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=1>$</font></td>
<td align=right valign=bottom width="43"><font size=1>792</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=1>$</font></td>
<td align=right valign=bottom width="56"><font size=1>174,485</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=1>$</font></td>
<td align=right valign=bottom width="65"><font size=1>1,183,595</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=1>$</font></td>
<td align=right valign=bottom width="77"><font size=1>4,513</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=1>$</font></td>
<td align=right valign=bottom width="51"><font size=1>(11,485</font></td>
<td valign=bottom width="18"><font size=1>)</font></td>
<td valign=bottom width="4"><font size=1>$</font></td>
<td align=right valign=bottom width="66"><font size=1>1,351,900</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=1>Comprehensive income:</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=1>&nbsp;&nbsp;&nbsp;Net income</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="65"><font size=1>66,836</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="66"><font size=1>66,836</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=1>$</font></td>
<td align=right valign=bottom width="72"><font size=1>26,956</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td width="164"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=1>&nbsp;&nbsp;&nbsp;Unrealized gains (losses), net of tax of ($1,789) <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and $4,881</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="77"><font size=1>(3,288</font></td>
<td valign=bottom width="18"><font size=1>)</font></td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="66"><font size=1>(3,288</font></td>
<td valign=bottom width="18"><font size=1>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="72"><font size=1>9,099</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=1>&nbsp;&nbsp;&nbsp;Adjustment for losses (gains) in income,net of tax of <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;($35) and ($2)</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="77"><font size=1>(64</font></td>
<td valign=bottom width="18"><font size=1>)</font></td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="66"><font size=1>(64</font></td>
<td valign=bottom width="18"><font size=1>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="72"><font size=1>(3</font></td>
<td valign=bottom width="18"><font size=1>)</font></td> </tr>
<tr>
<td width="164"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=1>&nbsp;&nbsp;&nbsp;Increase (decrease) in unrealized gains (losses)</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="77"><font size=1>(3,352</font></td>
<td valign=bottom width="18"><font size=1>)</font></td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="66"><font size=1>(3,352</font></td>
<td valign=bottom width="18"><font size=1>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="72"><font size=1>9,096</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=1>&nbsp;&nbsp;&nbsp;Currency translation, net of tax of $45</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="77"><font size=1>559</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="66"><font size=1>559</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="72"><font size=1>452</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td width="164"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=1>&nbsp;&nbsp;&nbsp;Total</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="65"><font size=1>66,836</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="77"><font size=1>(2,793</font></td>
<td valign=bottom width="18"><font size=1>)</font></td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="66"><font size=1>64,043</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=1>$</font></td>
<td align=right valign=bottom width="72"><font size=1>36,504</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td width="164"></td>
<td width="8"></td>
<td width="4"></td>
<td></td>
<td width="8"></td>
<td width="4"></td>
<td></td>
<td width="8"></td>
<td width="4"></td>
<td></td>
<td width="8"></td>
<td width="4"></td>
<td></td>
<td width="8"></td>
<td width="4"></td>
<td></td>
<td width="8"></td>
<td width="4"></td>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td valign=bottom align=Left><font size=1>Dividends: declared and paid - $.30 per share</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="65"><font size=1>(23,882</font></td>
<td valign=bottom width="18"><font size=1>)</font></td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="66"><font size=1>(23,882</font></td>
<td valign=bottom width="18"><font size=1>)</font></td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=1>Compensation plans, net: 744,166 shares issued; 37,020 <br>&nbsp;&nbsp;&nbsp;shares repurchased; 200 shares forfeited</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="43"><font size=1>7</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="56"><font size=1>24,248</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="51"><font size=1>4,180</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="66"><font size=1>28,435</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=1>Tax benefits of compensation plans</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="56"><font size=1>12,931</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="66"><font size=1>12,931</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td width="164"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td width="4"></td>
<td></td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=1>As of June 30, 2002</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=1>$</font></td>
<td align=right valign=bottom width="43"><font size=1>799</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=1>$</font></td>
<td align=right valign=bottom width="56"><font size=1>211,664</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=1>$</font></td>
<td align=right valign=bottom width="65"><font size=1>1,226,549</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=1>$</font></td>
<td align=right valign=bottom width="77"><font size=1>1,720</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=1>$</font></td>
<td align=right valign=bottom width="51"><font size=1>(7,305</font></td>
<td valign=bottom width="18"><font size=1>)</font></td>
<td valign=bottom width="4"><font size=1>$</font></td>
<td align=right valign=bottom width="66"><font size=1>1,433,427</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td width="164"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td width="4"></td>
<td></td>
<td width="8"></td></tr></table> <br> <p align=center><font size=2><i> See notes to consolidated financial statements. </i></font></p> <CENTER><font size=2>F-6</font></CENTER>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#CCEEFF" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
<BR> <p align=left><font size=2><b> <u>
<a name="hy_bm_79">CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS </a>(UNAUDITED) </u> </b></font></p> <p align=left><font size=2><b> 1. </b>&nbsp;&nbsp;&nbsp;<b> SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES </b></font></p> <p align=left><font
size=2><b> Basis of Presentation </b> - The condensed 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&nbsp;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&nbsp;10-K for the year ended December 31, 2001, has not changed
materially unless otherwise disclosed herein. Financial information as of December 31, 2001, 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 align=left><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 align=left><font size=2><b> Use of Estimates </b> - Preparation of the financial statements requires the use of estimates. The Company&#146;s financial statements include
estimates for such items as self-insured risks and income taxes payable. The Company self-insures for employees&#146; medical and disability income benefits, workers&#146; compensation and general liability. The recorded liability for self-insured
risks is calculated using actuarial methods and is not discounted. The recorded liability for self-insured risks totaled $20.9&nbsp;million at June 30, 2002. Management does not believe it is likely that its estimates for self-insured risks will
change materially in the near term. </font></p> <p align=left><font size=2>The Company reached agreement with the Internal Revenue Service (&#147;IRS&#148;) to settle the audit of its 1992 through 1995 consolidated federal income tax returns in the
second quarter of 2002. As a result, the Company reduced its estimated liability for prior year income taxes by $8.0 million. The Company&#146;s 1996 through 2000 consolidated federal income tax returns are currently under examination by the IRS.
Management believes that adequate provision has been made for all open years.</font></p> <p align=left><font size=2><b> Joint Operating Agencies </b> - The 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 by the U.S. Attorney General in January 2001. The 50-year agreement created a new entity called the Denver Newspaper Agency L.L.P., which is 50% owned by each partner.
Both partners contributed certain assets used in the operations of their newspapers to the new entity. In addition, the Company paid $60 million to MediaNews Group Inc. The JOA commenced operations on January 22, 2001. </font></p> <p
align=left><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 width="100%" cellspacing=0 cellpadding=0>
<tr>
<td valign=bottom align=Left><font size=1><b> <i> ( in thousands ) </i> </b></font></td>
<td width="8"></td>
<td align=center valign=bottom width="119" colspan="5"><font size=1><b> Three months ended </b><br><b> June 30, </b></font></td>
<td width="8"></td>
<td align=center valign=bottom width="119" colspan="5"><font size=1><b> Six months ended </b><br><b> June 30, </b></font></td>
<td width="8"></td> </tr>
<tr>
<td><HR noshade align=Left width="77" size=2 color="#000000"></td>
<td width="8"></td>
<td colspan="5"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td colspan="5"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=bottom width="53" colspan="2"><font size=1><b> 2002 </b></font></td>
<td width="8"></td>
<td align=center valign=bottom width="53" colspan="2"><font size=1><b> 2001 </b></font></td>
<td width="8"></td>
<td align=center valign=bottom width="53" colspan="2"><font size=1><b> 2002 </b></font></td>
<td width="8"></td>
<td align=center valign=bottom width="53" colspan="2"><font size=1><b> 2001 </b></font></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Basic weighted-average shares outstanding</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="49"><font size=2>79,546</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="49"><font size=2>78,844</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="49"><font size=2>79,282</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="49"><font size=2>78,781</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Effect of dilutive securities:</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Unvested restricted stock held by employees</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="49"><font size=2>150</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="49"><font size=2>160</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="49"><font size=2>162</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="49"><font size=2>153</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Stock options held by employees and directors</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="49"><font size=2>1,033</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="49"><font size=2>998</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="49"><font size=2>1,052</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="49"><font size=2>999</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>Diluted weighted-average shares outstanding</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="49"><font size=2>80,729</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="49"><font size=2>80,002</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="49"><font size=2>80,496</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="49"><font size=2>79,933</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td></tr></table> <p align=left><font size=2><b> </b></font></p> <p align="center"><font size=2>F-7</font> </p>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#CCEEFF" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <p align=left><font size="2"><b>Goodwill and Other Intangible Assets </b>- The Company adopted Financial Accounting Standard (&#147;FAS&#148;) No. 142 &#150; Goodwill and Other Intangible Assets effective January 1,
2002. Recorded goodwill and intangible assets with indefinite lives are no longer amortized, but instead are tested for impairment at least annually. Other intangible assets are reviewed for impairment in accordance with FAS No. 144. The Company has
determined that there was no impairment of goodwill or other intangible assets on the date of adoption of FAS No. 142. </font></p> <CENTER> <BR> </CENTER> <p align=left><font size="2">If the non-amortization provisions of FAS No. 142 had been
effective in 2001, reported results of operations would have been as follows:</font></p>
<table width="100%" cellspacing=0 cellpadding=0>
<tr>
<td valign=bottom align=Left><font size=1><b> <i> ( in thousands, except per share data ) </i> </b></font></td>
<td width="8"></td>
<td align=center valign=bottom width="183" colspan="8"><font size=1><b> Three months ended </b><br><b> June 30, 2001 </b></font></td>
<td width="8"></td>
<td align=center valign=bottom width="191" colspan="8"><font size=1><b> Six months ended </b><br><b> June 30, 2001 </b></font></td>
<td width="8"></td> </tr>
<tr>
<td><HR noshade align=Left width="189" size="2" color="#000000"></td>
<td width="8"></td>
<td colspan="8"><HR noshade align=center width="100%" size="2" color="#000000"></td>
<td width="8"></td>
<td colspan="8"><HR noshade align=center width="100%" size="2" color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=bottom width="58" colspan="2"><font size=1><b> Net </b><br><b> Income </b></font></td>
<td width="8"></td>
<td align=center valign=bottom width="41" colspan="2"><font size=1><b> Basic </b><br><b> EPS </b></font></td>
<td width="8"></td>
<td align=center valign=bottom width="47" colspan="2"><font size=1><b> Diluted </b><br><b> EPS </b></font></td>
<td width="8"></td>
<td align=center valign=bottom width="63" colspan="2"><font size=1><b> Net </b><br><b> Income </b></font></td>
<td width="8"></td>
<td align=center valign=bottom width="41" colspan="2"><font size=1><b> Basic </b><br><b> EPS </b></font></td>
<td width="8"></td>
<td align=center valign=bottom width="47" colspan="2"><font size=1><b> Diluted </b><br><b> EPS </b></font></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size="2" color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size="2" color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size="2" color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size="2" color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size="2" color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size="2" color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td valign=bottom align=Left><font size="2">As reported</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size="2">$</font></td>
<td align=right valign=bottom width="54"><font size="2">39,350</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size="2">$</font></td>
<td align=right valign=bottom width="37"><font size="2">0.50</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size="2">$</font></td>
<td align=right valign=bottom width="43"><font size="2">0.49</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size="2">$</font></td>
<td align=right valign=bottom width="59"><font size="2">105,788</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size="2">$</font></td>
<td align=right valign=bottom width="37"><font size="2">1.34</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size="2">$</font></td>
<td align=right valign=bottom width="43"><font size="2">1.32</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size="2">Add back amortization of:</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size="2">&nbsp;&nbsp;&nbsp;Goodwill</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size="2">6,882</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="37"><font size="2">.09</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="43"><font size="2">.09</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size="2">13,599</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="37"><font size="2">.17</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="43"><font size="2">.17</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size="2">&nbsp;&nbsp;&nbsp;FCC licenses</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size="2">117</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="37"><font size="2">.00</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="43"><font size="2">.00</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size="2">235</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="37"><font size="2">.00</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="43"><font size="2">.00</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size="2">&nbsp;&nbsp;&nbsp;Network affiliation and other</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size="2">58</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="37"><font size="2">.00</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="43"><font size="2">.00</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size="2">116</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="37"><font size="2">.00</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="43"><font size="2">.00</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size="2" color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size="2" color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size="2" color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size="2" color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size="2" color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size="2" color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td valign=bottom align=Left><font size="2">As adjusted</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size="2">$</font></td>
<td align=right valign=bottom width="54"><font size="2">46,407</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size="2">$</font></td>
<td align=right valign=bottom width="37"><font size="2">0.59</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size="2">$</font></td>
<td align=right valign=bottom width="43"><font size="2">0.58</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size="2">$</font></td>
<td align=right valign=bottom width="59"><font size="2">119,738</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size="2">$</font></td>
<td align=right valign=bottom width="37"><font size="2">1.52</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size="2">$</font></td>
<td align=right valign=bottom width="43"><font size="2">1.50</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td></tr></table> <br> <p align=left><font size="2"><b> Reclassifications - </b> For comparative purposes, certain 2001 amounts have been reclassified to conform to 2002 classifications.</font></p> <p align="center"><font
size="2">F-8</font> </p>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#CCEEFF" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <p align=left><font size="2"><b>2. </b>&nbsp;&nbsp;&nbsp;<b> ACQUISITIONS AND DIVESTITURES </b></font></p> <p align=left><font size="2"><b> <u> Acquisitions </u> </b></font></p>
<table width="100%" cellspacing="0" cellpadding="0">
<tr>
<td valign=top align=left width="50"><font size="2">2002 -</font></td>
<td colspan="3" width="1207"><font size="2">In the first quarter the Company acquired an additional 1% interest in The Television Food Network (&#147;Food Network&#148;) for $5.2 million in cash, increasing the Company&#146;s residual interest in
Food Network to 69%.</font></td> </tr>
<tr>
<td width="50">&nbsp;</td>
<td colspan="3" width="1207">&nbsp;</td> </tr>
<tr>
<td valign=top align=left width="50"><font size="2">2001 -</font></td>
<td colspan="3" width="1207"><font size="2">In the first quarter the Company acquired an additional 3% interest in Food Network for $14.4 million. In the fourth quarter the Company acquired an additional 1% interest in Food Network for $5.0
million.</font></td> </tr> </table> <br> <br> <p align=left><font size="2">The acquisitions have been accounted for as purchases. </font></p> <CENTER> <BR> </CENTER> <p align=left><font size="2"><b> 3. </b>&nbsp;&nbsp;&nbsp;<b> UNUSUAL CREDITS AND
CHARGES </b></font></p>
<table width="100%" cellspacing="0" cellpadding="0">
<tr>
<td valign=top align=left width="50"><font size="2">2002 -</font></td>
<td colspan="3" width="1207"><font size="2">Net investment results decreased net income $42.6 million ($.53 per share) in the quarter and $48.0 million ($.60&nbsp;per&nbsp;share) year-to-date. Included in net investment results for the quarter were
$61.8 million in write-downs for several investments, including a $35.1 million write-down of the Company&#146;s investment in AOL Time Warner (&#147;AOL&#148;) and $3.6 million of costs associated with winding down the Company&#146;s venture
capital funds. Year-to-date write-downs totaled $69.0 million.<br> <br> The reduction in the estimated liability for prior year income taxes increased net income by $8.0 million ($.10&nbsp;per&nbsp;share) in the quarter and year-to-date periods.<br>
<br> The combined effect of the above items was to decrease second quarter 2002 net income by $34.6 million ($.43&nbsp;per&nbsp;share) and to decrease year-to-date 2002 net income by $40.0 million ($.50 per share).</font></td> </tr>
<tr>
<td width="50">&nbsp;</td>
<td colspan="3" width="1207">&nbsp;</td> </tr>
<tr>
<td valign=top align=left width="50"><font size="2">2001 -</font></td>
<td colspan="3" width="1207"><font size="2">Net investment results increased net income $1.9 million ($.02 per share) in the quarter and $40.5 million ($.51&nbsp;per&nbsp;share) year-to-date. Included in net investment results for the quarter were
i) a gain of $11.7 million on the sale of a portion of the Company&#146;s investment in Centra Software, ii) $4.9 million in write-downs for several investments, and iii)&nbsp;a $3.1&nbsp;million increase in accrued incentive compensation, to $3.1
million at June 30,&nbsp;2001. Year-to-date realized gains totaled $77.7&nbsp;million, including $65.9 million on the exchange of the Company&#146;s investment in Time Warner for America Online, which acquired Time Warner, in January 2001.
Write-downs totaled $22.6 million in the year-to-date period, while accrued incentive compensation decreased $8.4 million.<br> <br> Costs associated with workforce reductions, including the Company&#146;s share of such costs at the Denver JOA,
reduced operating income $11.2 million in the second quarter and year-to-date periods. Net income was reduced $7.1 million ($.09 per share).<br> <br> The combined effect of the above items was to reduce second quarter 2001 net income $5.1 million
($.07 per share) and to increase 2001 year-to-date net income $33.4 million ($.42 per share).</font></td> </tr> </table> <p>&nbsp;</p> <p align="center"><font size="2">F-9</font> </p>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#CCEEFF" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <p align=left><font size=2><b> 4. </b>&nbsp;&nbsp;&nbsp;<b> LONG-TERM DEBT </b></font></p> <p align=left><font size=2>Long-term debt consisted of the following:</font></p>
<table width="100%" cellspacing=0 cellpadding=0>
<tr>
<td valign=bottom align=Left><font size=1><b> <i> ( in thousands ) </i> </b></font></td>
<td width="8"></td>
<td align=center valign=bottom width="63" colspan="2"><font size=1><b> June 30, </b><br><b> 2002 </b></font></td>
<td width="8"></td>
<td align=center valign=bottom width="73" colspan="2"><font size=1><b> As of </b><br><b> December 31, </b><br><b> 2001 </b></font></td>
<td width="8"></td>
<td align=center valign=bottom width="63" colspan="2"><font size=1><b> June 30, </b><br><b> 2001 </b></font></td>
<td width="8"></td> </tr>
<tr>
<td><HR noshade align=Left width="77" size=2 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>Variable rate credit facilities</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="59"><font size=2>454,829</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="69"><font size=2>513,855</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="59"><font size=2>502,718</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>$100 million, 6.375% note, due in 2002</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>99,993</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="69"><font size=2>99,983</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>99,973</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>$100 million, 6.625% note, due in 2007</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>99,923</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="69"><font size=2>99,916</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>99,908</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Other notes</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>14,153</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="69"><font size=2>10,090</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>8,714</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>Total long-term debt</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>668,898</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="69"><font size=2>723,844</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>711,313</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Current portion of long-term debt</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>554,902</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="69"><font size=2>613,878</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>202,758</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>Long-term debt (less current portion)</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="59"><font size=2>113,996</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="69"><font size=2>109,966</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="59"><font size=2>508,555</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td></tr></table> <br> <p align=left><font size=2>The Company has two Competitive Advance and Revolving Credit Facilities (the &#147;Revolver&#148;) and a commercial paper program that collectively permit aggregate borrowings up to
$675 million (the &#147;Variable Rate Credit Facilities&#148;). The Revolver expires in September 2002. Borrowings under the Revolver are available on a committed revolving credit basis at the Company&#146;s choice of three short-term rates or
through an auction procedure at the time of each borrowing. The Revolver is primarily used as credit support for the commercial paper program in lieu of direct borrowings under the Revolver. The weighted-average interest rates on the Variable Rate
Credit Facilities were 1.8% at June 30, 2002, 2.0%&nbsp;at&nbsp;December&nbsp;31,&nbsp;2001, and 4.1 % at June 30, 2001.</font></p> <CENTER> <BR> </CENTER> <p align=left><font size=2>In July 2002 the Company issued $200 million of 5.75% notes due in
2012. The proceeds from the note issuance will be used to repay the $100 million in notes due in October 2002 and to reduce the Company&#146;s commercial paper borrowings.</font></p> <p align=left><font size=2>The Revolver is expected to be replaced
with a similar facility prior to expiration. </font></p> <p align="center"><font size=2>F-10</font> </p>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#CCEEFF" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <p align="Left"><font size="2"><b>5. </b>&nbsp;&nbsp;&nbsp;<b> INVESTMENTS </b></font></p> <p align="Left"><font size="2">Investments consisted of the following:</font></p>
<table width="100%" cellspacing=0 cellpadding=0>
<tr>
<td valign="bottom" align="Left"><font size=1><b> <i> ( in thousands, except share data ) </i> </b></font></td>
<td width="8"></td>
<td align="center" valign="bottom" width="63" colspan="2"><font size=1><b> June 30, </b><br><b> 2002 </b></font></td>
<td width="8"></td>
<td align="center" valign="bottom" width="74" colspan="2"><font size=1><b> As of </b><br><b> December 31, </b><br><b> 2001 </b></font></td>
<td width="8"></td>
<td align="center" valign="bottom" width="63" colspan="2"><font size=1><b> June 30, </b><br><b> 2001 </b></font></td>
<td width="8"></td> </tr>
<tr>
<td><HR noshade align="Left" width="172" size="2" color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align="center" width="100%" size="2" color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align="center" width="100%" size="2" color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align="center" width="100%" size="2" color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td valign="bottom" align="Left"><font size="2">Securities available for sale (at market value):</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign="bottom" align="Left"><font size="2">&nbsp;&nbsp;&nbsp;AOL Time Warner (2,017,000 common shares)</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4"><font size="2">$</font></td>
<td align=right valign="bottom" width="59"><font size="2">29,667</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4"><font size="2">$</font></td>
<td align=right valign="bottom" width="70"><font size="2">64,740</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4"><font size="2">$</font></td>
<td align=right valign="bottom" width="59"><font size="2">106,891</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign="bottom" align="Left"><font size="2">&nbsp;&nbsp;&nbsp;Centra Software (700,500 common shares)</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align=right valign="bottom" width="59"><font size="2">1,303</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align=right valign="bottom" width="70"><font size="2">5,604</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align=right valign="bottom" width="59"><font size="2">11,901</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign="bottom" align="Left"><font size="2">&nbsp;&nbsp;&nbsp;Other</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align=right valign="bottom" width="59"><font size="2">3,731</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align=right valign="bottom" width="70"><font size="2">4,213</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align=right valign="bottom" width="59"><font size="2">4,601</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align="center" valign="top" colspan="2"><HR noshade align="center" width="100%" size="2" color="#000000"></td>
<td width="8"></td>
<td align="center" valign="top" colspan="2"><HR noshade align="center" width="100%" size="2" color="#000000"></td>
<td width="8"></td>
<td align="center" valign="top" colspan="2"><HR noshade align="center" width="100%" size="2" color="#000000"></td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign="bottom" align="Left"><font size="2">Total available-for-sale securities</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align=right valign="bottom" width="59"><font size="2">34,701</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align=right valign="bottom" width="70"><font size="2">74,557</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align=right valign="bottom" width="59"><font size="2">123,393</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign="bottom" align="Left"><font size="2">Denver newspaper JOA</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align=right valign="bottom" width="59"><font size="2">192,496</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align=right valign="bottom" width="70"><font size="2">198,527</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align=right valign="bottom" width="59"><font size="2">199,695</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign="bottom" align="Left"><font size="2">FOX SportSouth and other joint ventures</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align=right valign="bottom" width="59"><font size="2">6,422</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align=right valign="bottom" width="70"><font size="2">6,744</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align=right valign="bottom" width="59"><font size="2">8,787</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign="bottom" align="Left"><font size="2">Other equity investments</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align=right valign="bottom" width="59"><font size="2">23,629</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align=right valign="bottom" width="70"><font size="2">51,714</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align=right valign="bottom" width="59"><font size="2">71,213</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align="center" valign="top" colspan="2"><HR noshade align="center" width="100%" size="2" color="#000000"></td>
<td width="8"></td>
<td align="center" valign="top" colspan="2"><HR noshade align="center" width="100%" size="2" color="#000000"></td>
<td width="8"></td>
<td align="center" valign="top" colspan="2"><HR noshade align="center" width="100%" size="2" color="#000000"></td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign="bottom" align="Left"><font size="2">Total investments</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4"><font size="2">$</font></td>
<td align=right valign="bottom" width="59"><font size="2">257,248</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4"><font size="2">$</font></td>
<td align=right valign="bottom" width="70"><font size="2">331,542</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4"><font size="2">$</font></td>
<td align=right valign="bottom" width="59"><font size="2">403,088</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align="center" valign="top" colspan="2"><HR noshade align="center" width="100%" size="4" color="#000000"></td>
<td width="8"></td>
<td align="center" valign="top" colspan="2"><HR noshade align="center" width="100%" size="4" color="#000000"></td>
<td width="8"></td>
<td align="center" valign="top" colspan="2"><HR noshade align="center" width="100%" size="4" color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td valign="bottom" align="Left"><font size="2">Unrealized gains on securities available for sale</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4"><font size="2">$</font></td>
<td align=right valign="bottom" width="59"><font size="2">2,686</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4"><font size="2">$</font></td>
<td align=right valign="bottom" width="70"><font size="2">7,793</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4"><font size="2">$</font></td>
<td align=right valign="bottom" width="59"><font size="2">27,607</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align="center" valign="top" colspan="2"><HR noshade align="center" width="100%" size="4" color="#000000"></td>
<td width="8"></td>
<td align="center" valign="top" colspan="2"><HR noshade align="center" width="100%" size="4" color="#000000"></td>
<td width="8"></td>
<td align="center" valign="top" colspan="2"><HR noshade align="center" width="100%" size="4" color="#000000"></td>
<td width="8"></td></tr></table> <br> <p align="Left"><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 align="Left"><font size="2">Other equity investments include securities that do not trade in public markets, so they do not have readily determinable fair values. Management estimates the
fair value of these securities approximates their carrying value at June 30, 2002. However, many of the investees have not issued new equity in the past two years and there can be no assurance that the Company would realize the carrying value of
these securities upon their sale.</font></p> <p align="Left"><font size="2">During the second quarter of 2002, the Company ceased active management of Scripps Ventures Funds I and II (&#147;Scripps Ventures&#148;). Scripps Ventures invested
approximately $100 million in new businesses focusing primarily on new media technology.</font></p> <p align="center"><font size="2">F-11</font> </p>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#CCEEFF" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
<BR> <font size="2"><b>6. </b>&nbsp;&nbsp;&nbsp;<b> SEGMENT INFORMATION </b></font> <p align="left"><font size="2">Financial information for the Company&#146;s business segments is as follows:</font></p>
<table width="100%" cellspacing="0" cellpadding="0">
<tr>
<td valign="bottom" align="left"><font size="1"><b> <i> ( in thousands ) </i> </b></font></td>
<td width="8"></td>
<td align="center" valign="bottom" width="130" colspan="5"><font size="1"><b> Three months ended </b><br><b> June 30, </b></font></td>
<td width="8"></td>
<td align="center" valign="bottom" width="129" colspan="5"><font size="1"><b> Six months ended </b><br><b> June 30, </b></font></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td colspan="5"><HR noshade align="center" width="100%" size="2" color="#000000"></td>
<td width="8"></td>
<td colspan="5"><HR noshade align="center" width="100%" size="2" color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align="center" valign="bottom" width="57" colspan="2"><font size="1"><b> 2002 </b></font></td>
<td width="8"></td>
<td align="center" valign="bottom" width="56" colspan="2"><font size="1"><b> 2001 </b></font></td>
<td width="8"></td>
<td align="center" valign="bottom" width="57" colspan="2"><font size="1"><b> 2002 </b></font></td>
<td width="8"></td>
<td align="center" valign="bottom" width="55" colspan="2"><font size="1"><b> 2001 </b></font></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td colspan="2"><HR noshade align="center" width="100%" size="2" color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align="center" width="100%" size="2" color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align="center" width="100%" size="2" color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align="center" width="100%" size="2" color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td valign="bottom" align="left"><font size="2">OPERATING REVENUES</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign="bottom" align="left"><font size="2">Newspapers</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4"><font size="2">$</font></td>
<td align="right" valign="bottom" width="53"><font size="2">189,772</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4"><font size="2">$</font></td>
<td align="right" valign="bottom" width="52"><font size="2">181,902</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4"><font size="2">$</font></td>
<td align="right" valign="bottom" width="53"><font size="2">373,805</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4"><font size="2">$</font></td>
<td align="right" valign="bottom" width="51"><font size="2">371,450</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign="bottom" align="left"><font size="2">Scripps Networks</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align="right" valign="bottom" width="53"><font size="2">110,967</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align="right" valign="bottom" width="52"><font size="2">93,537</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align="right" valign="bottom" width="53"><font size="2">199,668</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align="right" valign="bottom" width="51"><font size="2">175,855</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign="bottom" align="left"><font size="2">Broadcast television</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align="right" valign="bottom" width="53"><font size="2">75,721</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align="right" valign="bottom" width="52"><font size="2">74,199</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align="right" valign="bottom" width="53"><font size="2">141,242</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align="right" valign="bottom" width="51"><font size="2">140,120</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign="bottom" align="left"><font size="2">Licensing and other media</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align="right" valign="bottom" width="53"><font size="2">23,473</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align="right" valign="bottom" width="52"><font size="2">22,819</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align="right" valign="bottom" width="53"><font size="2">45,000</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align="right" valign="bottom" width="51"><font size="2">47,112</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align="center" valign="top" colspan="2"><HR noshade align="center" width="100%" size="2" color="#000000"></td>
<td width="8"></td>
<td align="center" valign="top" colspan="2"><HR noshade align="center" width="100%" size="2" color="#000000"></td>
<td width="8"></td>
<td align="center" valign="top" colspan="2"><HR noshade align="center" width="100%" size="2" color="#000000"></td>
<td width="8"></td>
<td align="center" valign="top" colspan="2"><HR noshade align="center" width="100%" size="2" color="#000000"></td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign="bottom" align="left"><font size="2">Total</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align="right" valign="bottom" width="53"><font size="2">399,933</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align="right" valign="bottom" width="52"><font size="2">372,457</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align="right" valign="bottom" width="53"><font size="2">759,715</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align="right" valign="bottom" width="51"><font size="2">734,537</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign="bottom" align="left"><font size="2">Unusual item</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align="right" valign="bottom" width="52"><font size="2">(4,049</font></td>
<td valign="bottom" width="17"><font size="2">)</font></td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align="right" valign="bottom" width="51"><font size="2">(4,049</font></td>
<td valign="bottom" width="17"><font size="2">)</font></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align="center" valign="top" colspan="2"><HR noshade align="center" width="100%" size="2" color="#000000"></td>
<td width="8"></td>
<td align="center" valign="top" colspan="2"><HR noshade align="center" width="100%" size="2" color="#000000"></td>
<td width="8"></td>
<td align="center" valign="top" colspan="2"><HR noshade align="center" width="100%" size="2" color="#000000"></td>
<td width="8"></td>
<td align="center" valign="top" colspan="2"><HR noshade align="center" width="100%" size="2" color="#000000"></td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign="bottom" align="left"><font size="2">Per consolidated financial statements</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4"><font size="2">$</font></td>
<td align="right" valign="bottom" width="53"><font size="2">399,933</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4"><font size="2">$</font></td>
<td align="right" valign="bottom" width="52"><font size="2">368,408</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4"><font size="2">$</font></td>
<td align="right" valign="bottom" width="53"><font size="2">759,715</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4"><font size="2">$</font></td>
<td align="right" valign="bottom" width="51"><font size="2">730,488</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align="center" valign="top" colspan="2"><HR noshade align="center" width="100%" size="4" color="#000000"></td>
<td width="8"></td>
<td align="center" valign="top" colspan="2"><HR noshade align="center" width="100%" size="4" color="#000000"></td>
<td width="8"></td>
<td align="center" valign="top" colspan="2"><HR noshade align="center" width="100%" size="4" color="#000000"></td>
<td width="8"></td>
<td align="center" valign="top" colspan="2"><HR noshade align="center" width="100%" size="4" color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td valign="bottom" align="left"><font size="2">EBITDA</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign="bottom" align="left"><font size="2">Newspapers</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4"><font size="2">$</font></td>
<td align="right" valign="bottom" width="53"><font size="2">70,620</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4"><font size="2">$</font></td>
<td align="right" valign="bottom" width="52"><font size="2">60,059</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4"><font size="2">$</font></td>
<td align="right" valign="bottom" width="53"><font size="2">134,333</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4"><font size="2">$</font></td>
<td align="right" valign="bottom" width="51"><font size="2">114,282</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign="bottom" align="left"><font size="2">Scripps Networks</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align="right" valign="bottom" width="53"><font size="2">32,976</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align="right" valign="bottom" width="52"><font size="2">26,593</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align="right" valign="bottom" width="53"><font size="2">52,850</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align="right" valign="bottom" width="51"><font size="2">42,414</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign="bottom" align="left"><font size="2">Broadcast television</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align="right" valign="bottom" width="53"><font size="2">24,810</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align="right" valign="bottom" width="52"><font size="2">25,255</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align="right" valign="bottom" width="53"><font size="2">40,777</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align="right" valign="bottom" width="51"><font size="2">41,342</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign="bottom" align="left"><font size="2">Licensing and other media</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align="right" valign="bottom" width="53"><font size="2">4,657</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align="right" valign="bottom" width="52"><font size="2">3,902</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align="right" valign="bottom" width="53"><font size="2">8,744</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align="right" valign="bottom" width="51"><font size="2">8,641</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign="bottom" align="left"><font size="2">Corporate</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align="right" valign="bottom" width="53"><font size="2">(7,698</font></td>
<td valign="bottom" width="16"><font size="2">)</font></td>
<td valign="bottom" width="4">&nbsp;</td>
<td align="right" valign="bottom" width="52"><font size="2">(4,048</font></td>
<td valign="bottom" width="17"><font size="2">)</font></td>
<td valign="bottom" width="4">&nbsp;</td>
<td align="right" valign="bottom" width="53"><font size="2">(15,040</font></td>
<td valign="bottom" width="17"><font size="2">)</font></td>
<td valign="bottom" width="4">&nbsp;</td>
<td align="right" valign="bottom" width="51"><font size="2">(8,904</font></td>
<td valign="bottom" width="17"><font size="2">)</font></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align="center" valign="top" colspan="2"><HR noshade align="center" width="100%" size="2" color="#000000"></td>
<td width="8"></td>
<td align="center" valign="top" colspan="2"><HR noshade align="center" width="100%" size="2" color="#000000"></td>
<td width="8"></td>
<td align="center" valign="top" colspan="2"><HR noshade align="center" width="100%" size="2" color="#000000"></td>
<td width="8"></td>
<td align="center" valign="top" colspan="2"><HR noshade align="center" width="100%" size="2" color="#000000"></td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign="bottom" align="left"><font size="2">Total</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align="right" valign="bottom" width="53"><font size="2">125,365</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align="right" valign="bottom" width="52"><font size="2">111,761</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align="right" valign="bottom" width="53"><font size="2">221,664</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align="right" valign="bottom" width="51"><font size="2">197,775</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign="bottom" align="left"><font size="2">Unusual items</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align="right" valign="bottom" width="52"><font size="2">(10,713</font></td>
<td valign="bottom" width="17"><font size="2">)</font></td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align="right" valign="bottom" width="51"><font size="2">(10,713</font></td>
<td valign="bottom" width="17"><font size="2">)</font></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align="center" valign="top" colspan="2"><HR noshade align="center" width="100%" size="2" color="#000000"></td>
<td width="8"></td>
<td align="center" valign="top" colspan="2"><HR noshade align="center" width="100%" size="2" color="#000000"></td>
<td width="8"></td>
<td align="center" valign="top" colspan="2"><HR noshade align="center" width="100%" size="2" color="#000000"></td>
<td width="8"></td>
<td align="center" valign="top" colspan="2"><HR noshade align="center" width="100%" size="2" color="#000000"></td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign="bottom" align="left"><font size="2">Per consolidated financial statements</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4"><font size="2">$</font></td>
<td align="right" valign="bottom" width="53"><font size="2">125,365</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4"><font size="2">$</font></td>
<td align="right" valign="bottom" width="52"><font size="2">101,048</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4"><font size="2">$</font></td>
<td align="right" valign="bottom" width="53"><font size="2">221,664</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4"><font size="2">$</font></td>
<td align="right" valign="bottom" width="51"><font size="2">187,062</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align="center" valign="top" colspan="2"><HR noshade align="center" width="100%" size="4" color="#000000"></td>
<td width="8"></td>
<td align="center" valign="top" colspan="2"><HR noshade align="center" width="100%" size="4" color="#000000"></td>
<td width="8"></td>
<td align="center" valign="top" colspan="2"><HR noshade align="center" width="100%" size="4" color="#000000"></td>
<td width="8"></td>
<td align="center" valign="top" colspan="2"><HR noshade align="center" width="100%" size="4" color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td valign="bottom" align="left"><font size="2">DEPRECIATION</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign="bottom" align="left"><font size="2">Newspapers</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4"><font size="2">$</font></td>
<td align="right" valign="bottom" width="53"><font size="2">6,708</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4"><font size="2">$</font></td>
<td align="right" valign="bottom" width="52"><font size="2">6,085</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4"><font size="2">$</font></td>
<td align="right" valign="bottom" width="53"><font size="2">12,719</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4"><font size="2">$</font></td>
<td align="right" valign="bottom" width="51"><font size="2">13,230</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign="bottom" align="left"><font size="2">Scripps Networks</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align="right" valign="bottom" width="53"><font size="2">2,384</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align="right" valign="bottom" width="52"><font size="2">1,958</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align="right" valign="bottom" width="53"><font size="2">4,288</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align="right" valign="bottom" width="51"><font size="2">3,843</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign="bottom" align="left"><font size="2">Broadcast television</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align="right" valign="bottom" width="53"><font size="2">4,889</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align="right" valign="bottom" width="52"><font size="2">5,076</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align="right" valign="bottom" width="53"><font size="2">9,417</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align="right" valign="bottom" width="51"><font size="2">9,992</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign="bottom" align="left"><font size="2">Licensing and other media</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align="right" valign="bottom" width="53"><font size="2">193</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align="right" valign="bottom" width="52"><font size="2">190</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align="right" valign="bottom" width="53"><font size="2">384</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align="right" valign="bottom" width="51"><font size="2">384</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign="bottom" align="left"><font size="2">Corporate</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align="right" valign="bottom" width="53"><font size="2">284</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align="right" valign="bottom" width="52"><font size="2">223</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align="right" valign="bottom" width="53"><font size="2">509</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align="right" valign="bottom" width="51"><font size="2">440</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align="center" valign="top" colspan="2"><HR noshade align="center" width="100%" size="2" color="#000000"></td>
<td width="8"></td>
<td align="center" valign="top" colspan="2"><HR noshade align="center" width="100%" size="2" color="#000000"></td>
<td width="8"></td>
<td align="center" valign="top" colspan="2"><HR noshade align="center" width="100%" size="2" color="#000000"></td>
<td width="8"></td>
<td align="center" valign="top" colspan="2"><HR noshade align="center" width="100%" size="2" color="#000000"></td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign="bottom" align="left"><font size="2">Total</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align="right" valign="bottom" width="53"><font size="2">14,458</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align="right" valign="bottom" width="52"><font size="2">13,532</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align="right" valign="bottom" width="53"><font size="2">27,317</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align="right" valign="bottom" width="51"><font size="2">27,889</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign="bottom" align="left"><font size="2">Unusual items</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align="right" valign="bottom" width="52"><font size="2">63</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align="right" valign="bottom" width="51"><font size="2">63</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align="center" valign="top" colspan="2"><HR noshade align="center" width="100%" size="2" color="#000000"></td>
<td width="8"></td>
<td align="center" valign="top" colspan="2"><HR noshade align="center" width="100%" size="2" color="#000000"></td>
<td width="8"></td>
<td align="center" valign="top" colspan="2"><HR noshade align="center" width="100%" size="2" color="#000000"></td>
<td width="8"></td>
<td align="center" valign="top" colspan="2"><HR noshade align="center" width="100%" size="2" color="#000000"></td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign="bottom" align="left"><font size="2">Per consolidated financial statements</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4"><font size="2">$</font></td>
<td align="right" valign="bottom" width="53"><font size="2">14,458</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4"><font size="2">$</font></td>
<td align="right" valign="bottom" width="52"><font size="2">13,595</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4"><font size="2">$</font></td>
<td align="right" valign="bottom" width="53"><font size="2">27,317</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4"><font size="2">$</font></td>
<td align="right" valign="bottom" width="51"><font size="2">27,952</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align="center" valign="top" colspan="2"><HR noshade align="center" width="100%" size="4" color="#000000"></td>
<td width="8"></td>
<td align="center" valign="top" colspan="2"><HR noshade align="center" width="100%" size="4" color="#000000"></td>
<td width="8"></td>
<td align="center" valign="top" colspan="2"><HR noshade align="center" width="100%" size="4" color="#000000"></td>
<td width="8"></td>
<td align="center" valign="top" colspan="2"><HR noshade align="center" width="100%" size="4" color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td valign="bottom" align="left"><font size="2">AMORTIZATION OF INTANGIBLE ASSETS</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign="bottom" align="left"><font size="2">Newspapers</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4"><font size="2">$</font></td>
<td align="right" valign="bottom" width="53"><font size="2">169</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4"><font size="2">$</font></td>
<td align="right" valign="bottom" width="52"><font size="2">156</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4"><font size="2">$</font></td>
<td align="right" valign="bottom" width="53"><font size="2">337</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4"><font size="2">$</font></td>
<td align="right" valign="bottom" width="51"><font size="2">257</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign="bottom" align="left"><font size="2">Scripps Networks</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align="right" valign="bottom" width="53"><font size="2">769</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align="right" valign="bottom" width="52"><font size="2">941</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align="right" valign="bottom" width="53"><font size="2">1,594</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align="right" valign="bottom" width="51"><font size="2">1,880</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign="bottom" align="left"><font size="2">Broadcast television</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align="right" valign="bottom" width="53"><font size="2">32</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align="right" valign="bottom" width="52"><font size="2">25</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align="right" valign="bottom" width="53"><font size="2">63</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align="right" valign="bottom" width="51"><font size="2">27</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align="center" valign="top" colspan="2"><HR noshade align="center" width="100%" size="2" color="#000000"></td>
<td width="8"></td>
<td align="center" valign="top" colspan="2"><HR noshade align="center" width="100%" size="2" color="#000000"></td>
<td width="8"></td>
<td align="center" valign="top" colspan="2"><HR noshade align="center" width="100%" size="2" color="#000000"></td>
<td width="8"></td>
<td align="center" valign="top" colspan="2"><HR noshade align="center" width="100%" size="2" color="#000000"></td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign="bottom" align="left"><font size="2">Total</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align="right" valign="bottom" width="53"><font size="2">970</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align="right" valign="bottom" width="52"><font size="2">1,122</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align="right" valign="bottom" width="53"><font size="2">1,994</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align="right" valign="bottom" width="51"><font size="2">2,164</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign="bottom" align="left"><font size="2">Amortization of goodwill and intangible assets with indefinite <br>&nbsp;&nbsp;&nbsp;lives</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align="right" valign="bottom" width="52"><font size="2">9,589</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align="right" valign="bottom" width="51"><font size="2">18,955</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign="bottom" align="left"><font size="2">Unusual items</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align="right" valign="bottom" width="52"><font size="2">411</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align="right" valign="bottom" width="51"><font size="2">411</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align="center" valign="top" colspan="2"><HR noshade align="center" width="100%" size="2" color="#000000"></td>
<td width="8"></td>
<td align="center" valign="top" colspan="2"><HR noshade align="center" width="100%" size="2" color="#000000"></td>
<td width="8"></td>
<td align="center" valign="top" colspan="2"><HR noshade align="center" width="100%" size="2" color="#000000"></td>
<td width="8"></td>
<td align="center" valign="top" colspan="2"><HR noshade align="center" width="100%" size="2" color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td valign="bottom" align="left"><font size="2">Per consolidated financial statements</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4"><font size="2">$</font></td>
<td align="right" valign="bottom" width="53"><font size="2">970</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4"><font size="2">$</font></td>
<td align="right" valign="bottom" width="52"><font size="2">11,122</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4"><font size="2">$</font></td>
<td align="right" valign="bottom" width="53"><font size="2">1,994</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4"><font size="2">$</font></td>
<td align="right" valign="bottom" width="51"><font size="2">21,530</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align="center" valign="top" colspan="2"><HR noshade align="center" width="100%" size="4" color="#000000"></td>
<td width="8"></td>
<td align="center" valign="top" colspan="2"><HR noshade align="center" width="100%" size="4" color="#000000"></td>
<td width="8"></td>
<td align="center" valign="top" colspan="2"><HR noshade align="center" width="100%" size="4" color="#000000"></td>
<td width="8"></td>
<td align="center" valign="top" colspan="2"><HR noshade align="center" width="100%" size="4" color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td valign="bottom" align="left"><font size="2">OPERATING INCOME</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign="bottom" align="left"><font size="2">Newspapers</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4"><font size="2">$</font></td>
<td align="right" valign="bottom" width="53"><font size="2">63,743</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4"><font size="2">$</font></td>
<td align="right" valign="bottom" width="52"><font size="2">53,818</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4"><font size="2">$</font></td>
<td align="right" valign="bottom" width="53"><font size="2">121,277</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4"><font size="2">$</font></td>
<td align="right" valign="bottom" width="51"><font size="2">100,795</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign="bottom" align="left"><font size="2">Scripps Networks</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align="right" valign="bottom" width="53"><font size="2">29,823</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align="right" valign="bottom" width="52"><font size="2">23,694</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align="right" valign="bottom" width="53"><font size="2">46,968</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align="right" valign="bottom" width="51"><font size="2">36,691</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign="bottom" align="left"><font size="2">Broadcast television</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align="right" valign="bottom" width="53"><font size="2">19,889</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align="right" valign="bottom" width="52"><font size="2">20,154</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align="right" valign="bottom" width="53"><font size="2">31,297</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align="right" valign="bottom" width="51"><font size="2">31,323</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign="bottom" align="left"><font size="2">Licensing and other media</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align="right" valign="bottom" width="53"><font size="2">4,464</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align="right" valign="bottom" width="52"><font size="2">3,712</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align="right" valign="bottom" width="53"><font size="2">8,360</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align="right" valign="bottom" width="51"><font size="2">8,257</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign="bottom" align="left"><font size="2">Corporate</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align="right" valign="bottom" width="53"><font size="2">(7,982</font></td>
<td valign="bottom" width="16"><font size="2">)</font></td>
<td valign="bottom" width="4">&nbsp;</td>
<td align="right" valign="bottom" width="52"><font size="2">(4,271</font></td>
<td valign="bottom" width="17"><font size="2">)</font></td>
<td valign="bottom" width="4">&nbsp;</td>
<td align="right" valign="bottom" width="53"><font size="2">(15,549</font></td>
<td valign="bottom" width="17"><font size="2">)</font></td>
<td valign="bottom" width="4">&nbsp;</td>
<td align="right" valign="bottom" width="51"><font size="2">(9,344</font></td>
<td valign="bottom" width="17"><font size="2">)</font></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align="center" valign="top" colspan="2"><HR noshade align="center" width="100%" size="2" color="#000000"></td>
<td width="8"></td>
<td align="center" valign="top" colspan="2"><HR noshade align="center" width="100%" size="2" color="#000000"></td>
<td width="8"></td>
<td align="center" valign="top" colspan="2"><HR noshade align="center" width="100%" size="2" color="#000000"></td>
<td width="8"></td>
<td align="center" valign="top" colspan="2"><HR noshade align="center" width="100%" size="2" color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td valign="bottom" align="left"><font size="2">Total</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align="right" valign="bottom" width="53"><font size="2">109,937</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align="right" valign="bottom" width="52"><font size="2">97,107</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align="right" valign="bottom" width="53"><font size="2">192,353</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align="right" valign="bottom" width="51"><font size="2">167,722</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign="bottom" align="left"><font size="2">Amortization of goodwill and intangible assets with indefinite <br>&nbsp;&nbsp;&nbsp;lives</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align="right" valign="bottom" width="52"><font size="2">(9,589</font></td>
<td width="8" valign="bottom"><font size="2">)</font></td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align="right" valign="bottom" width="51"><font size="2">(18,955</font></td>
<td width="8" valign="bottom"><font size="2">)</font></td> </tr>
<tr>
<td valign="bottom" align="left"><font size="2">Unusual items</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align="right" valign="bottom" width="52"><font size="2">(11,187</font></td>
<td valign="bottom" width="17"><font size="2">)</font></td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4">&nbsp;</td>
<td align="right" valign="bottom" width="51"><font size="2">(11,187</font></td>
<td valign="bottom" width="17"><font size="2">)</font></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align="center" valign="top" colspan="2"><HR noshade align="center" width="100%" size="2" color="#000000"></td>
<td width="8"></td>
<td align="center" valign="top" colspan="2"><HR noshade align="center" width="100%" size="2" color="#000000"></td>
<td width="8"></td>
<td align="center" valign="top" colspan="2"><HR noshade align="center" width="100%" size="2" color="#000000"></td>
<td width="8"></td>
<td align="center" valign="top" colspan="2"><HR noshade align="center" width="100%" size="2" color="#000000"></td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign="bottom" align="left"><font size="2">Per consolidated financial statements</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4"><font size="2">$</font></td>
<td align="right" valign="bottom" width="53"><font size="2">109,937</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4"><font size="2">$</font></td>
<td align="right" valign="bottom" width="52"><font size="2">76,331</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4"><font size="2">$</font></td>
<td align="right" valign="bottom" width="53"><font size="2">192,353</font></td>
<td width="8">&nbsp;</td>
<td valign="bottom" width="4"><font size="2">$</font></td>
<td align="right" valign="bottom" width="51"><font size="2">137,580</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align="center" valign="top" colspan="2"><HR noshade align="center" width="100%" size="4" color="#000000"></td>
<td width="8"></td>
<td align="center" valign="top" colspan="2"><HR noshade align="center" width="100%" size="4" color="#000000"></td>
<td width="8"></td>
<td align="center" valign="top" colspan="2"><HR noshade align="center" width="100%" size="4" color="#000000"></td>
<td width="8"></td>
<td align="center" valign="top" colspan="2"><HR noshade align="center" width="100%" size="4" color="#000000"></td>
<td width="8"></td></tr></table> <br> <CENTER> <BR> </CENTER> <p align="center"><font size="2">F-12</font></p>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#CCEEFF" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
<BR>
<table width="100%" cellspacing=0 cellpadding=0>
<tr>
<td valign=bottom align=Left><font size=1><b> <i> ( in thousands ) </i> </b></font></td>
<td width="8"></td>
<td align=center valign=bottom width="114" colspan="5"><font size=1><b> Three months ended </b><br><b> June 30, </b></font></td>
<td width="8"></td>
<td align=center valign=bottom width="145" colspan="5"><font size=1><b> Six months ended </b><br><b> June 30, </b></font></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td colspan="5"><HR noshade align="center" width="100%" size="2" color="#000000"></td>
<td width="8"></td>
<td colspan="5"><HR noshade align="center" width="100%" size="2" color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=bottom width="48" colspan="2"><font size=1><b> 2002 </b></font></td>
<td width="8"></td>
<td align=center valign=bottom width="46" colspan="2"><font size=1><b> 2001 </b></font></td>
<td width="8"></td>
<td align=center valign=bottom width="62" colspan="2"><font size=1><b> 2002 </b></font></td>
<td width="8"></td>
<td align=center valign=bottom width="62" colspan="2"><font size=1><b> 2001 </b></font></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td colspan="2"><HR noshade align="center" width="100%" size="2" color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align="center" width="100%" size="2" color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align="center" width="100%" size="2" color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align="center" width="100%" size="2" color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td valign=bottom align=Left><font size="2">ADDITIONS TO PROPERTY, PLANT AND EQUIPMENT</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size="2">Newspapers</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size="2">$</font></td>
<td align=right valign=bottom width="44"><font size="2">8,917</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size="2">$</font></td>
<td align=right valign=bottom width="42"><font size="2">5,375</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size="2">$</font></td>
<td align=right valign=bottom width="58"><font size="2">20,260</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size="2">$</font></td>
<td align=right valign=bottom width="58"><font size="2">15,763</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size="2">Scripps Networks</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="44"><font size="2">4,144</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="42"><font size="2">3,650</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="58"><font size="2">5,918</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="58"><font size="2">5,289</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size="2">Broadcast television</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="44"><font size="2">1,901</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="42"><font size="2">4,816</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="58"><font size="2">8,008</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="58"><font size="2">7,344</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size="2">Licensing and other media</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="44"><font size="2">38</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="42"><font size="2">182</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="58"><font size="2">82</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="58"><font size="2">280</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size="2">Corporate</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="44"><font size="2">385</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="42"><font size="2">356</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="58"><font size="2">2,495</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="58"><font size="2">419</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align="center" width="100%" size="2" color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align="center" width="100%" size="2" color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align="center" width="100%" size="2" color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align="center" width="100%" size="2" color="#000000"></td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size="2">Per consolidated financial statements</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size="2">$</font></td>
<td align=right valign=bottom width="44"><font size="2">15,385</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size="2">$</font></td>
<td align=right valign=bottom width="42"><font size="2">14,379</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size="2">$</font></td>
<td align=right valign=bottom width="58"><font size="2">36,763</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size="2">$</font></td>
<td align=right valign=bottom width="58"><font size="2">29,095</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align="center" width="100%" size="4" color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align="center" width="100%" size="4" color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align="center" width="100%" size="4" color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align="center" width="100%" size="4" color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td valign=bottom align=Left><font size="2">BUSINESS ACQUISITIONS AND</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size="2">OTHER ADDITIONS TO LONG-LIVED ASSETS</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size="2">Newspapers</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size="2">$</font></td>
<td align=right valign=bottom width="44"><font size="2">40</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size="2">$</font></td>
<td align=right valign=bottom width="42"><font size="2">382</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size="2">$</font></td>
<td align=right valign=bottom width="58"><font size="2">64</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size="2">$</font></td>
<td align=right valign=bottom width="58"><font size="2">64,650</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size="2">Scripps Networks</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="44"><font size="2">27,281</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="42"><font size="2">9,299</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="58"><font size="2">50,232</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="58"><font size="2">27,850</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size="2">Broadcast television</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="42"><font size="2">27</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="58"><font size="2">20</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="58"><font size="2">27</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size="2">Venture capital and other investments</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="44"><font size="2">2,002</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="42"><font size="2">3,161</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="58"><font size="2">6,071</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="58"><font size="2">7,372</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align="center" width="100%" size="2" color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align="center" width="100%" size="2" color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align="center" width="100%" size="2" color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align="center" width="100%" size="2" color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td valign=bottom align=Left><font size="2">Total</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size="2">$</font></td>
<td align=right valign=bottom width="44"><font size="2">29,323</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size="2">$</font></td>
<td align=right valign=bottom width="42"><font size="2">12,869</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size="2">$</font></td>
<td align=right valign=bottom width="58"><font size="2">56,387</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size="2">$</font></td>
<td align=right valign=bottom width="58"><font size="2">99,899</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align="center" width="100%" size="4" color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align="center" width="100%" size="4" color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align="center" width="100%" size="4" color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align="center" width="100%" size="4" color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td valign=bottom align=Left><font size="2">ASSETS</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size="2">Newspapers</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size="2">$</font></td>
<td align=right valign=bottom width="58"><font size="2">1,269,005</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size="2">$</font></td>
<td align=right valign=bottom width="58"><font size="2">1,282,545</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size="2">Scripps Networks</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="58"><font size="2">707,881</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="58"><font size="2">569,280</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size="2">Broadcast television</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="58"><font size="2">478,916</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="58"><font size="2">488,683</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size="2">Licensing and other media</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="58"><font size="2">23,047</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="58"><font size="2">33,760</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size="2">Venture capital and other investments</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="58"><font size="2">58,792</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="58"><font size="2">196,066</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size="2">Corporate</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="58"><font size="2">78,201</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="58"><font size="2">70,250</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td width="4"></td>
<td></td>
<td width="8"></td>
<td width="4"></td>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align="center" width="100%" size="2" color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align="center" width="100%" size="2" color="#000000"></td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size="2">Per consolidated financial statements</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size="2">$</font></td>
<td align=right valign=bottom width="58"><font size="2">2,615,842</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size="2">$</font></td>
<td align=right valign=bottom width="58"><font size="2">2,640,584</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td width="4"></td>
<td></td>
<td width="8"></td>
<td width="4"></td>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align="center" width="100%" size="4" color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align="center" width="100%" size="4" color="#000000"></td>
<td width="8"></td></tr></table> <br> <p align=left><font size="2">Other additions to long-lived assets include investments and launch incentives capitalized. Corporate assets are primarily cash, cash equivalent and other short-term investments, and
refundable and deferred income taxes. </font></p> <CENTER><font size="2">F-13</font></CENTER>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#CCEEFF" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
<BR> <p align=left><font size=2><b> 7. </b>&nbsp;&nbsp;&nbsp;<b> STOCK COMPENSATION PLANS </b></font></p> <p align=left><font size=2>The Company&#146;s Long-Term Incentive Plans (the &#147;Plans&#148;) provide for the
award of incentive and nonqualified stock options with 10-year terms, stock appreciation rights, performance units and restricted and unresticted Class A Common Shares to key employees and directors. The Plans expire in 2007, except for awards then
outstanding. </font></p> <p align=left><font size=2>Stock options may be awarded to purchase Class A Common Shares at not less than 100% of the fair market value on the date the option is granted. Stock options vest over an incentive period,
conditioned upon the individual&#146;s employment throughout that period. The following table presents information about stock options:</font></p>
<table width="100%" cellspacing=0 cellpadding=0>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=bottom width="213" colspan="8"><font size=1><b> Six months ended June 30, 2002 </b></font></td>
<td width="8"></td>
<td align=center valign=bottom width="219" colspan="8"><font size=1><b> Six months ended June 30, 2001 </b></font></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td colspan="8"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td colspan="8"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=bottom width="63" colspan="2"><font size=1><b> Number </b><br><b> of </b><br><b> Shares </b></font></td>
<td width="8"></td>
<td align=center valign=bottom width="59" colspan="2"><font size=1><b> Weighted </b><br><b> Average </b><br><b> Exercise </b><br><b> Price </b></font></td>
<td width="8"></td>
<td align=center valign=bottom width="56" colspan="2"><font size=1><b> Range of </b><br><b> Exercise </b><br><b> Prices </b></font></td>
<td width="8"></td>
<td align=center valign=bottom width="63" colspan="2"><font size=1><b> Number </b><br><b> of </b><br><b> Shares </b></font></td>
<td width="8"></td>
<td align=center valign=bottom width="59" colspan="2"><font size=1><b> Weighted </b><br><b> Average </b><br><b> Exercise </b><br><b> Price </b></font></td>
<td width="8"></td>
<td align=center valign=bottom width="56" colspan="2"><font size=1><b> Range of </b><br><b> Exercise </b><br><b> Prices </b></font></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Options granted during the period</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>1,083,650</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="55"><font size=2>75.26</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="52"><font size=2>75 - 78</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>1,078,050</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="55"><font size=2>64.22</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="52"><font size=2>58 - 68</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>Options exercised during the <br>&nbsp;&nbsp;&nbsp;period</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>719,838</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>29.49</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="52"><font size=2>15 - 67</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>525,126</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>27.50</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="52"><font size=2>11 - 56</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Options forfeited during the period</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>47,898</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>48.72</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="52"><font size=2>35 - 64</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>Options outstanding at end of <br>&nbsp;&nbsp;&nbsp;period</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>4,895,350</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>53.93</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="52"><font size=2>15 - 78</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>4,755,463</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>44.07</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="52"><font size=2>12 - 68</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Options exercisable at end of <br>&nbsp;&nbsp;&nbsp;period</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>2,897,843</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>43.50</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="52"><font size=2>15 - 68</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>2,839,618</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>35.14</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="52"><font size=2>12 - 56</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>Weighted-average fair value of <br>&nbsp;&nbsp;&nbsp;options granted</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="55"><font size=2>22.18</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="55"><font size=2>18.92</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Assumptions used to determine fair <br>&nbsp;&nbsp;&nbsp;value:</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Dividend yield</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>0.8</font></td>
<td valign=bottom width="17"><font size=2>%</font></td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>1.5</font></td>
<td valign=bottom width="18"><font size=2>%</font></td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Expected volatility</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>22.1</font></td>
<td valign=bottom width="17"><font size=2>%</font></td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>23.0</font></td>
<td valign=bottom width="18"><font size=2>%</font></td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Risk-free rate of return</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>4.5</font></td>
<td valign=bottom width="17"><font size=2>%</font></td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>5.5</font></td>
<td valign=bottom width="18"><font size=2>%</font></td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Expected life of options</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>7 years</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>7 years</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td></tr></table> <br> <p align=left><font size=2>Awards of Class A Common Shares vest over an incentive period conditioned upon the individual&#146;s employment throughout that period. During the vesting period shares issued
are nontransferable, but the shares are entitled to all the rights of an outstanding share. Information related to awards of Class A Common shares is presented below:</font></p>
<table width="100%" cellspacing=0 cellpadding=0>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=bottom width="203" colspan="8"><font size=1><b> Six months ended June 30, 2002 </b></font></td>
<td width="8"></td>
<td align=center valign=bottom width="208" colspan="8"><font size=1><b> Six months ended June 30, 2001 </b></font></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td colspan="8"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td colspan="8"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=bottom width="56" colspan="2"><font size=1><b> Number </b></font></td>
<td width="8"></td>
<td align=center valign=bottom width="129" colspan="5"><font size=1><b> Price at Award Dates </b></font></td>
<td width="8"></td>
<td align=center valign=bottom width="56" colspan="2"><font size=1><b> Number </b></font></td>
<td width="8"></td>
<td align=center valign=bottom width="133" colspan="5"><font size=1><b> Price at Award Dates </b></font></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td colspan="2"></td>
<td width="8"></td>
<td colspan="5"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td colspan="2"></td>
<td width="8"></td>
<td colspan="5"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=bottom width="56" colspan="2"><font size=1><b> of </b><br><b> Shares </b></font></td>
<td width="8"></td>
<td align=center valign=bottom width="56" colspan="2"><font size=1><b> Weighted </b><br><b> Average </b></font></td>
<td width="8"></td>
<td align=center valign=bottom width="57" colspan="2"><font size=1><b> Range of </b><br><b> Prices </b></font></td>
<td width="8"></td>
<td align=center valign=bottom width="56" colspan="2"><font size=1><b> of </b><br><b> Shares </b></font></td>
<td width="8"></td>
<td align=center valign=bottom width="56" colspan="2"><font size=1><b> Weighted </b><br><b> Average </b></font></td>
<td width="8"></td>
<td align=center valign=bottom width="60" colspan="2"><font size=1><b> Range of </b><br><b> Prices </b></font></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Shares awarded during the period</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="52"><font size=2>4,500</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="52"><font size=2>75.55</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="53"><font size=2>75 - 77</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="52"><font size=2>161,820</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="52"><font size=2>63.32</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="56"><font size=2>57 - 67</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>Shares vested during the period</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="52"><font size=2>113,615</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="52"><font size=2>61.97</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>42 - 84</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="52"><font size=2>117,597</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="52"><font size=2>49.31</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="56"><font size=2>45 - 56</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Shares forfeited during the period</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="52"><font size=2>200</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="52"><font size=2>47.25</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>47 - 47</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="52"><font size=2>1,400</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="52"><font size=2>45.40</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="56"><font size=2>45 - 47</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>Unvested shares at end of period</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="52"><font size=2>313,566</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="52"><font size=2>54.24</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>43 - 77</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="52"><font size=2>436,754</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="52"><font size=2>49.64</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="56"><font size=2>26 - 66</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td></tr></table> <br> <CENTER><font size=2>F-14</font></CENTER>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#CCEEFF" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <p align=left><font size=2>The Company has adopted the &#147;disclosure-only&#148; provisions of FAS No. 123. Compensation expense is determined by the intrinsic value of the stock option or restricted stock award at
the grant date, or on the vesting date for certain restricted stock awards which vest based upon the Company&#146;s stock price. Therefore, no compensation expense is recognized for stock options unless the terms of the options are modified
subsequent to the grant date.</font></p> <p align=left><font size=2>Compensation expense recognized in the Company&#146;s financial statements and pro forma net income assuming compensation expense had been determined based upon the fair value
provisions of FAS No. 123 (determined using the Black-Scholes option pricing model) are as follows:</font></p>
<table width="100%" cellspacing=0 cellpadding=0>
<tr>
<td valign=bottom align=Left><font size=1><b> <i> <u> ( in thousands ) </u> </i> </b></font></td>
<td width="8"></td>
<td align=center valign=bottom width="118" colspan="5"><font size=1><b> Three months ended </b><br><b> June 30, </b></font></td>
<td width="8"></td>
<td align=center valign=bottom width="128" colspan="5"><font size=1><b> Six months ended </b><br><b> June 30, </b></font></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td colspan="5"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td colspan="5"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=bottom width="53" colspan="2"><font size=1><b> 2002 </b></font></td>
<td width="8"></td>
<td align=center valign=bottom width="53" colspan="2"><font size=1><b> 2001 </b></font></td>
<td width="8"></td>
<td align=center valign=bottom width="48" colspan="2"><font size=1><b> 2002 </b></font></td>
<td width="8"></td>
<td align=center valign=bottom width="57" colspan="2"><font size=1><b> 2001 </b></font></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>COMPENSATION EXPENSE RECOGNIZED</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Restricted stock awards</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="49"><font size=2>2,568</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="49"><font size=2>1,377</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="44"><font size=2>5,268</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="53"><font size=2>2,401</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>Stock options</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="49"><font size=2>1,053</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>1,053</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>PRO FORMA RESULTS UNDER FAS NO. 123</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Net income as reported</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="49"><font size=2>26,956</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="49"><font size=2>39,350</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="44"><font size=2>66,836</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="53"><font size=2>105,788</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>Additional stock option expense, net of income tax effects</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="49"><font size=2>(3,673</font></td>
<td valign=bottom width="17"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="49"><font size=2>(3,033</font></td>
<td valign=bottom width="17"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="44"><font size=2>(6,456</font></td>
<td valign=bottom width="18"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>(5,693</font></td>
<td valign=bottom width="20"><font size=2>)</font></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Pro forma net income</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="49"><font size=2>23,283</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="49"><font size=2>36,317</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="44"><font size=2>60,380</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="53"><font size=2>100,095</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Pro forma net income per share of common stock:</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Basic</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="49"><font size=2>0.29</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="49"><font size=2>0.46</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="44"><font size=2>0.76</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="53"><font size=2>1.27</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Diluted</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="49"><font size=2>0.29</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="49"><font size=2>0.45</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="44"><font size=2>0.75</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>1.25</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td></tr></table> <br> <CENTER><font size=2>F-15</font></CENTER>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#CCEEFF" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
<BR> <p align=center><font size=2><b> MANAGEMENT&#146;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND </b><br><b> RESULTS OF OPERATIONS </b></font></p> <p align=left><font size=2>The Company operates in three
reportable segments: newspapers, cable television networks (referred to as &#147;Scripps Networks&#148;), and broadcast television. </font></p> <p align=left><font size=2><b>
<a name="hy_bm_37">FORWARD-LOOKING STATEMENTS</a> </b></font></p> <p align=left><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> <p align=left><font size=2><b>
<a name="hy_bm_96">RESULTS OF OPERATIONS</a> </b></font></p> <p align=left><font size=2>Income from core operations represents net income as defined under generally accepted accounting principles (&#147;GAAP&#148;) excluding certain unusual items.
These items are excluded because management believes the items are unlikely to recur or they otherwise impede analysis of the Company&#146;s on-going operations. </font></p> <p align=left><font size=2>Management uses earnings before interest, income
taxes, depreciation and amortization (&#147;EBITDA&#148;), along with operating income and other GAAP measures to evaluate the performance of the Company&#146;s operating segments. Management uses EBITDA to evaluate the performance of the
Company&#146;s operating segments because:</font></p> <blockquote> <p><font size="2" face="Times New Roman, Times, serif">EBITDA, combined with information on historical and planned capital spending, is a useful and reliable measure of
year-over-year operating performance. </font> </p> <p><font size="2" face="Times New Roman, Times, serif">Banks and other lenders use EBITDA and other cash flow measures to evaluate the Company&#146;s ability to meet its debt service requirements
and its other obligations. </font> </p> <p><font size="2" face="Times New Roman, Times, serif">Financial analysts and investors use EBITDA, combined with capital spending requirements, to estimate the value of communications media companies. </font>
</p> </blockquote> <p align=left><font size=2>Income from core operations and EBITDA should not be construed as alternative measures of, but as supplemental information to, the Company&#146;s net income and cash flows from operating activities as
defined under GAAP.</font></p> <p align=left><font size=2>Acquisitions and divestitures can affect the comparability of year-over-year reported results. The accompanying tables include the results of operations for acquired operations from the dates
of acquisition. Divested operating units are removed from segment operating results and reported separately because management believes they impede analysis of the Company&#146;s on-going operations. </font></p> <p align=left><font size=2>See Note 2
to the Consolidated Financial Statements on page F-9 regarding acquisitions and divestitures.</font></p> <p align=left><font size=2>The application for a 50-year Joint Operating Agency (&#147;JOA&#148;) between the Company&#146;s Denver Rocky
Mountain News (&#147;RMN&#148;) and MediaNews Group Inc.&#146;s (&#147;MediaNews&#148;) Denver Post was approved in January 2001 by the U.S. Department of Justice. The JOA commenced operations on January&nbsp;22,&nbsp;2001. The RMN received a 50%
interest in the JOA in exchange for the contribution of most of its assets to the JOA and the payment of $60 million to MediaNews. </font></p> <p align=left><font size=2>The RMN&#146;s 50% share of the operating profit (loss) of the Denver JOA is
reported as &#147;Share of Joint Operating Agency Profits&#148; in the financial statements. Editorial costs associated with the RMN are included in operating expenses. The financial statements do not include advertising and other revenue of the
JOA, nor the costs to produce, distribute and market the newspapers, nor related depreciation. The RMN is reported separately in Management&#146;s Discussion and Analysis.</font></p> <CENTER><font size=2>F-16</font></CENTER>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#CCEEFF" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <p align=left><font size=2>Consolidated results of operations were as follows: </font></p>
<table width="100%" cellspacing=0 cellpadding=0>
<tr>
<td valign=bottom align=Left><font size=1><b> <i> <u> ( in thousands, except per share data ) </u> </i> </b></font></td>
<td width="8"></td>
<td align=center valign=bottom width="57" colspan="2"><font size=1><b> 2002 </b></font></td>
<td width="8"></td>
<td align=center valign=bottom width="86" colspan="2"><font size=1><b> Quarterly Period </b><br><b> Change </b></font></td>
<td width="8"></td>
<td align=center valign=bottom width="59" colspan="2"><font size=1><b> 2001 </b></font></td>
<td width="8"></td>
<td align=center valign=bottom width="55" colspan="2"><font size=1><b> 2002 </b></font></td>
<td width="8"></td>
<td align=center valign=bottom width="70" colspan="2"><font size=1><b> Year-to-Date </b><br><b> Change </b></font></td>
<td width="8"></td>
<td align=center valign=bottom width="57" colspan="2"><font size=1><b> 2001 </b></font></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Operating revenues:</font></td>
<td width="8">&nbsp;</td>
<td colspan="2"></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Newspapers excluding RMN</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="53"><font size=2>181,547</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>0.2</font></td>
<td valign=bottom width="18"><font size=2>%</font></td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="55"><font size=2>181,166</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="51"><font size=2>360,324</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="66"><font size=2>0.1</font></td>
<td valign=bottom width="19"><font size=2>%</font></td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="53"><font size=2>359,874</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Rocky Mountain News</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>8,225</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>736</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="51"><font size=2>13,481</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>11,576</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Total newspapers</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>189,772</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>4.3</font></td>
<td valign=bottom width="18"><font size=2>%</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>181,902</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="51"><font size=2>373,805</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="66"><font size=2>0.6</font></td>
<td valign=bottom width="19"><font size=2>%</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>371,450</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Scripps Networks</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>110,967</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>18.6</font></td>
<td valign=bottom width="18"><font size=2>%</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>93,537</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="51"><font size=2>199,668</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="66"><font size=2>13.5</font></td>
<td valign=bottom width="19"><font size=2>%</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>175,855</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Broadcast television</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>75,721</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>2.1</font></td>
<td valign=bottom width="18"><font size=2>%</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>74,199</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="51"><font size=2>141,242</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="66"><font size=2>0.8</font></td>
<td valign=bottom width="19"><font size=2>%</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>140,120</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Licensing and other media</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>23,473</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>2.9</font></td>
<td valign=bottom width="18"><font size=2>%</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>22,819</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="51"><font size=2>45,000</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="66"><font size=2>(4.5</font></td>
<td valign=bottom width="19"><font size=2>)%</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>47,112</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>Revenues from core operations</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="53"><font size=2>399,933</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>7.4</font></td>
<td valign=bottom width="18"><font size=2>%</font></td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="55"><font size=2>372,457</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="51"><font size=2>759,715</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="66"><font size=2>3.4</font></td>
<td valign=bottom width="19"><font size=2>%</font></td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="53"><font size=2>734,537</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Operating income:</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Newspapers excluding RMN</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="53"><font size=2>61,018</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>4.7</font></td>
<td valign=bottom width="18"><font size=2>%</font></td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="55"><font size=2>58,298</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="51"><font size=2>118,544</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="66"><font size=2>5.3</font></td>
<td valign=bottom width="19"><font size=2>%</font></td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="53"><font size=2>112,574</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Rocky Mountain News</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>2,725</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>(4,480</font></td>
<td valign=bottom width="17"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="51"><font size=2>2,733</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>(11,779</font></td>
<td valign=bottom width="14"><font size=2>)</font></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Total newspapers</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>63,743</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>18.4</font></td>
<td valign=bottom width="18"><font size=2>%</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>53,818</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="51"><font size=2>121,277</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="66"><font size=2>20.3</font></td>
<td valign=bottom width="19"><font size=2>%</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>100,795</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Scripps Networks</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>29,823</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>25.9</font></td>
<td valign=bottom width="18"><font size=2>%</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>23,694</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="51"><font size=2>46,968</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="66"><font size=2>28.0</font></td>
<td valign=bottom width="19"><font size=2>%</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>36,691</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Broadcast television</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>19,889</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>(1.3</font></td>
<td valign=bottom width="18"><font size=2>)%</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>20,154</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="51"><font size=2>31,297</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="66"><font size=2>(0.1</font></td>
<td valign=bottom width="19"><font size=2>)%</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>31,323</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Licensing and other media</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>4,464</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>20.3</font></td>
<td valign=bottom width="18"><font size=2>%</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>3,712</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="51"><font size=2>8,360</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="66"><font size=2>1.2</font></td>
<td valign=bottom width="19"><font size=2>%</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>8,257</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Corporate</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>(7,982</font></td>
<td valign=bottom width="14"><font size=2>)</font></td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>(4,271</font></td>
<td valign=bottom width="17"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="51"><font size=2>(15,549</font></td>
<td valign=bottom width="13"><font size=2>)</font></td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>(9,344</font></td>
<td valign=bottom width="14"><font size=2>)</font></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>Operating income from core <br>&nbsp;&nbsp;&nbsp;operations</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>109,937</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>13.2</font></td>
<td valign=bottom width="18"><font size=2>%</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>97,107</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="51"><font size=2>192,353</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="66"><font size=2>14.7</font></td>
<td valign=bottom width="19"><font size=2>%</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>167,722</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Interest expense</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>(6,629</font></td>
<td valign=bottom width="14"><font size=2>)</font></td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>(10,859</font></td>
<td valign=bottom width="17"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="51"><font size=2>(13,221</font></td>
<td valign=bottom width="13"><font size=2>)</font></td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>(23,320</font></td>
<td valign=bottom width="14"><font size=2>)</font></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>Miscellaneous, net</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>(764</font></td>
<td valign=bottom width="14"><font size=2>)</font></td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>480</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="51"><font size=2>(618</font></td>
<td valign=bottom width="13"><font size=2>)</font></td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>833</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Income taxes</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>(40,031</font></td>
<td valign=bottom width="14"><font size=2>)</font></td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>(34,198</font></td>
<td valign=bottom width="17"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="51"><font size=2>(69,861</font></td>
<td valign=bottom width="13"><font size=2>)</font></td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>(57,052</font></td>
<td valign=bottom width="14"><font size=2>)</font></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>Minority interest</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>(952</font></td>
<td valign=bottom width="14"><font size=2>)</font></td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>(975</font></td>
<td valign=bottom width="17"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="51"><font size=2>(1,786</font></td>
<td valign=bottom width="13"><font size=2>)</font></td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>(1,821</font></td>
<td valign=bottom width="14"><font size=2>)</font></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Income from core operations</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>61,561</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>19.4</font></td>
<td valign=bottom width="18"><font size=2>%</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>51,555</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="51"><font size=2>106,867</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="66"><font size=2>23.7</font></td>
<td valign=bottom width="19"><font size=2>%</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>86,362</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Unusual credits (charges):</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Employee work force reduction</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>(11,187</font></td>
<td valign=bottom width="17"><font size=2>)</font></td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>(11,187</font></td>
<td valign=bottom width="14"><font size=2>)</font></td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Amortization of goodwill and <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;intangible assets with <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;indefinite lives</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>(9,589</font></td>
<td valign=bottom width="17"><font size=2>)</font></td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>(18,955</font></td>
<td valign=bottom width="14"><font size=2>)</font></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Investment results, net of <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;expenses</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>(65,551</font></td>
<td valign=bottom width="14"><font size=2>)</font></td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>2,957</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="51"><font size=2>(73,939</font></td>
<td valign=bottom width="13"><font size=2>)</font></td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>61,742</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Tax effect of unusual credits <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(charges)</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>22,946</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>5,614</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="51"><font size=2>25,908</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>(12,174</font></td>
<td valign=bottom width="14"><font size=2>)</font></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Prior year tax liability <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;adjustments</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>8,000</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="51"><font size=2>8,000</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Net income</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="53"><font size=2>26,956</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>(31.5</font></td>
<td valign=bottom width="18"><font size=2>)%</font></td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="55"><font size=2>39,350</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="51"><font size=2>66,836</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="66"><font size=2>(36.8</font></td>
<td valign=bottom width="19"><font size=2>)%</font></td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="53"><font size=2>105,788</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Per share of common stock:</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Income from core operations</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="53"><font size=2>.76</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>18.8</font></td>
<td valign=bottom width="18"><font size=2>%</font></td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="55"><font size=2>.64</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="51"><font size=2>1.33</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="66"><font size=2>23.1</font></td>
<td valign=bottom width="19"><font size=2>%</font></td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="53"><font size=2>1.08</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Unusual credits (charges):</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employee work force <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;reduction</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>(.09</font></td>
<td valign=bottom width="17"><font size=2>)</font></td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>(.09</font></td>
<td valign=bottom width="14"><font size=2>)</font></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of goodwill and <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;intangible assets with <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;indefinite
lives</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>(.09</font></td>
<td valign=bottom width="17"><font size=2>)</font></td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>(.17</font></td>
<td valign=bottom width="14"><font size=2>)</font></td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment results</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>(.53</font></td>
<td valign=bottom width="14"><font size=2>)</font></td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>.02</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="51"><font size=2>(.60</font></td>
<td valign=bottom width="13"><font size=2>)</font></td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>.51</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior year tax liability <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;adjustments</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>.10</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="51"><font size=2>.10</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Net income</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="53"><font size=2>.33</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>(32.7</font></td>
<td valign=bottom width="18"><font size=2>)%</font></td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="55"><font size=2>.49</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="51"><font size=2>.83</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="66"><font size=2>(37.1</font></td>
<td valign=bottom width="19"><font size=2>)%</font></td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="53"><font size=2>1.32</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>Weighted-average shares <br>&nbsp;&nbsp;&nbsp;outstanding</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>80,729</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>80,002</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="51"><font size=2>80,496</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>79,933</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td width="4"></td>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td width="4"></td>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td></tr></table> <br> <p align=center><font size=2><i> See Note 1 &#150; Goodwill and Other Intangible Assets on page F-8 and Note 3 on page F-9 regarding items excluded from core operations. </i></font></p> <p align=left><font
size=2>All per share disclosures are on a diluted basis.</font></p> <CENTER><font size=2>F-17</font></CENTER>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#CCEEFF" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
<BR> <p align=left><font size=2>Other financial and statistical data, excluding unusual items, are as follows:</font></p>
<table width="100%" cellspacing=0 cellpadding=0>
<tr>
<td valign=bottom align=Left><font size=1><b> <i> (in thousands) </i> </b></font></td>
<td width="8"></td>
<td align=center valign=bottom width="57" colspan="2"><font size=1><b> 2002 </b></font></td>
<td width="8"></td>
<td align=center valign=bottom width="86" colspan="2"><font size=1><b> Quarterly Period </b><br><b> Change </b></font></td>
<td width="8"></td>
<td align=center valign=bottom width="57" colspan="2"><font size=1><b> 2001 </b></font></td>
<td width="8"></td>
<td align=center valign=bottom width="57" colspan="2"><font size=1><b> 2002 </b></font></td>
<td width="8"></td>
<td align=center valign=bottom width="72" colspan="2"><font size=1><b> Year-to-Date </b><br><b> Change </b></font></td>
<td width="8"></td>
<td align=center valign=bottom width="57" colspan="2"><font size=1><b> 2001 </b></font></td>
<td width="8"></td> </tr>
<tr>
<td><HR noshade align=Left width="45" size=2 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Total advertising revenues</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="53"><font size=2>296,386</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>4.2%</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="53"><font size=2>284,451</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="53"><font size=2>560,182</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="68"><font size=2>2.5%</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="53"><font size=2>546,445</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>Advertising revenues as a <br>&nbsp;&nbsp;&nbsp;percentage of total revenues</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>75.7</font></td>
<td valign=bottom width="16"><font size=2>%</font></td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>76.5</font></td>
<td valign=bottom width="17"><font size=2>%</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>75.1</font></td>
<td valign=bottom width="17"><font size=2>%</font></td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>75.6</font></td>
<td valign=bottom width="17"><font size=2>%</font></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>EBITDA:</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Newspapers excluding RMN</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="53"><font size=2>67,769</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>5.2</font></td>
<td valign=bottom width="18"><font size=2>%</font></td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="53"><font size=2>64,413</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="53"><font size=2>131,355</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="68"><font size=2>5.1</font></td>
<td valign=bottom width="18"><font size=2>%</font></td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="53"><font size=2>124,954</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Rocky Mountain News</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>2,851</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>(4,354</font></td>
<td valign=bottom width="17"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>2,978</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>(10,672</font></td>
<td valign=bottom width="17"><font size=2>)</font></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Total newspapers</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>70,620</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>17.6</font></td>
<td valign=bottom width="18"><font size=2>%</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>60,059</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>134,333</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="68"><font size=2>17.5</font></td>
<td valign=bottom width="18"><font size=2>%</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>114,282</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Scripps Networks</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>32,976</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>24.0</font></td>
<td valign=bottom width="18"><font size=2>%</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>26,593</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>52,850</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="68"><font size=2>24.6</font></td>
<td valign=bottom width="18"><font size=2>%</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>42,414</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Broadcast television</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>24,810</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>(1.8</font></td>
<td valign=bottom width="18"><font size=2>)%</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>25,255</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>40,777</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="68"><font size=2>(1.4</font></td>
<td valign=bottom width="18"><font size=2>)%</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>41,342</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Licensing and other media</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>4,657</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>19.3</font></td>
<td valign=bottom width="18"><font size=2>%</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>3,902</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>8,744</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="68"><font size=2>1.2</font></td>
<td valign=bottom width="18"><font size=2>%</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>8,641</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Corporate</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>(7,698</font></td>
<td valign=bottom width="16"><font size=2>)</font></td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>(4,048</font></td>
<td valign=bottom width="17"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>(15,040</font></td>
<td valign=bottom width="17"><font size=2>)</font></td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>(8,904</font></td>
<td valign=bottom width="17"><font size=2>)</font></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>EBITDA from core operations</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="53"><font size=2>125,365</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>12.2</font></td>
<td valign=bottom width="18"><font size=2>%</font></td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="53"><font size=2>111,761</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="53"><font size=2>221,664</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="68"><font size=2>12.1</font></td>
<td valign=bottom width="18"><font size=2>%</font></td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="53"><font size=2>197,775</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Effective income tax rate for <br>&nbsp;&nbsp;&nbsp;core operations</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>39.0</font></td>
<td valign=bottom width="16"><font size=2>%</font></td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>39.4</font></td>
<td valign=bottom width="17"><font size=2>%</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>39.1</font></td>
<td valign=bottom width="17"><font size=2>%</font></td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>39.3</font></td>
<td valign=bottom width="17"><font size=2>%</font></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>Net cash provided by operating <br>&nbsp;&nbsp;&nbsp;activities</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="53"><font size=2>55,208</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="53"><font size=2>47,992</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="53"><font size=2>100,768</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="53"><font size=2>123,407</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Capital expenditures</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>(15,385</font></td>
<td valign=bottom width="16"><font size=2>)</font></td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>(14,379</font></td>
<td valign=bottom width="17"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>(36,763</font></td>
<td valign=bottom width="17"><font size=2>)</font></td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>(29,095</font></td>
<td valign=bottom width="17"><font size=2>)</font></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>Business acquisitions and <br>&nbsp;&nbsp;&nbsp;investments</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>(2,042</font></td>
<td valign=bottom width="16"><font size=2>)</font></td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>(3,575</font></td>
<td valign=bottom width="17"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>(11,395</font></td>
<td valign=bottom width="17"><font size=2>)</font></td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>(86,443</font></td>
<td valign=bottom width="17"><font size=2>)</font></td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Increase (decrease) in long-<br>&nbsp;&nbsp;&nbsp;term debt</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>(36,730</font></td>
<td valign=bottom width="16"><font size=2>)</font></td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>(34,848</font></td>
<td valign=bottom width="17"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>(54,964</font></td>
<td valign=bottom width="17"><font size=2>)</font></td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>(3,313</font></td>
<td valign=bottom width="17"><font size=2>)</font></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>Dividends paid, including to <br>&nbsp;&nbsp;&nbsp;minority interests</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>(12,369</font></td>
<td valign=bottom width="16"><font size=2>)</font></td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>(12,274</font></td>
<td valign=bottom width="17"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>(24,665</font></td>
<td valign=bottom width="17"><font size=2>)</font></td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>(24,519</font></td>
<td valign=bottom width="17"><font size=2>)</font></td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Purchase and retirement of <br>&nbsp;&nbsp;&nbsp;common stock</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>(1,988</font></td>
<td valign=bottom width="17"><font size=2>)</font></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td></tr></table> <br> <p align=left><font size=2>Certain restricted stock awards issued in 2001 are earned based upon the market price of the Company&#146;s Class A Common Shares. The Company records expense related to these awards
when the shares are earned. Corporate expense increased year-over-year in the first quarter when 20,000 shares were earned. An additional 20,000 shares were earned in April 2002. The remaining 20,000 shares under the award can be earned in 2003 if
certain targets are met in 2003. </font></p> <p align=left><font size=2>Corporate expenses in the second quarter of 2002 also include the accrual of performance bonuses, which were not earned in 2001. </font></p> <p align=left><font size=2>Lower
borrowing rates under short-term credit facilities led to lower period-over-period interest expense. Average daily borrowings under short-term credit facilities in the second quarter were $459 million in 2002 and $534&nbsp;million in 2001. The
weighted-average interest rate on such borrowings in the second quarter was 1.8% in 2002 and 4.5% in 2001. For the year-to-date period the weighted-average interest rate was 1.8% in 2002 and 5.2% in 2001. </font></p> <p align=left><font size=2>The
Company is currently rolling over short-term debt at an effective 90-day yield of 1.7%. The average balance of all interest bearing obligations for the first six months of the year was $724 million in 2002 and $770 million in 2001. </font></p> <p
align=left><font size=2>Interest capitalized in the year-to-date period was $0.3 million in 2002 and $0.4 million in 2001.</font></p> <p align=left><font size=2>The Company adopted Financial Accounting Standard (&#147;FAS&#148;) No. 142 - Goodwill
and Other Intangible Assets effective January 1, 2002. See Note 1 to the Consolidated Financial Statements. If FAS No. 142&#146;s provisions regarding not amortizing goodwill and intangible assets with indefinite lives had been effective in 2001,
amortization of goodwill and other intangible assets would have been $9.6 million less, increasing earnings per share by $.09 in the second quarter. Year-to-date amortization would have been $19.0 million less, increasing earnings per share by
$.17.</font> </p> <p align=left><font size=2>Operating results for each of the Company&#146;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-18</font> </p>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#CCEEFF" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <p align=left><font size=2>
<a name="hy_bm_36">NEWSPAPERS </a>&#150; RMN operating results are presented separately as a single line item to enhance comparability of year-over-year Newspaper operating results. Excluding unusual items, operating results were as
follows:</font></p>
<table width="100%" cellspacing=0 cellpadding=0>
<tr>
<td valign=bottom align=Left><font size=1><b> <i> (in thousands) </i> </b></font></td>
<td width="8"></td>
<td align=center valign=bottom width="58" colspan="2"><font size=1><b> 2002 </b></font></td>
<td width="8"></td>
<td align=center valign=bottom width="91" colspan="2"><font size=1><b> Quarterly Period </b><br><b> Change </b></font></td>
<td width="8"></td>
<td align=center valign=bottom width="58" colspan="2"><font size=1><b> 2001 </b></font></td>
<td width="8"></td>
<td align=center valign=bottom width="58" colspan="2"><font size=1><b> 2002 </b></font></td>
<td width="8"></td>
<td align=center valign=bottom width="72" colspan="2"><font size=1><b> Year-to-Date </b><br><b> Change </b></font></td>
<td width="8"></td>
<td align=center valign=bottom width="58" colspan="2"><font size=1><b> 2001 </b></font></td>
<td width="8"></td> </tr>
<tr>
<td><HR noshade align=Left width="45" size=2 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Operating revenues:</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Local</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="54"><font size=2>44,798</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="87"><font size=2>(2.2</font></td>
<td valign=bottom width="21"><font size=2>)%</font></td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="54"><font size=2>45,814</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="54"><font size=2>89,973</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="68"><font size=2>(0.5</font></td>
<td valign=bottom width="21"><font size=2>)%</font></td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="54"><font size=2>90,413</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Classified</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>55,612</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="87"><font size=2>(1.1</font></td>
<td valign=bottom width="21"><font size=2>)%</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>56,242</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>109,830</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="68"><font size=2>(3.3</font></td>
<td valign=bottom width="21"><font size=2>)%</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>113,552</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;National</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>8,209</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="87"><font size=2>(7.5</font></td>
<td valign=bottom width="21"><font size=2>)%</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>8,871</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>16,065</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="68"><font size=2>(2.1</font></td>
<td valign=bottom width="21"><font size=2>)%</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>16,402</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Preprint and other</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>24,342</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="87"><font size=2>8.4</font></td>
<td valign=bottom width="21"><font size=2>%</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>22,446</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>47,417</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="68"><font size=2>9.7</font></td>
<td valign=bottom width="21"><font size=2>%</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>43,206</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Newspaper advertising</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>132,961</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="87"><font size=2>(0.3</font></td>
<td valign=bottom width="21"><font size=2>)%</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>133,373</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>263,285</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="68"><font size=2>(0.1</font></td>
<td valign=bottom width="21"><font size=2>)%</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>263,573</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Circulation</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>34,396</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="87"><font size=2>1.0</font></td>
<td valign=bottom width="21"><font size=2>%</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>34,058</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>69,819</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="68"><font size=2>0.5</font></td>
<td valign=bottom width="21"><font size=2>%</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>69,460</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Share of joint operating <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;agency profits</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>11,351</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="87"><font size=2>2.7</font></td>
<td valign=bottom width="21"><font size=2>%</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>11,051</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>21,193</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="68"><font size=2>1.3</font></td>
<td valign=bottom width="21"><font size=2>%</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>20,927</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Other</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>2,839</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="87"><font size=2>5.8</font></td>
<td valign=bottom width="21"><font size=2>%</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>2,684</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>6,027</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="68"><font size=2>1.9</font></td>
<td valign=bottom width="21"><font size=2>%</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>5,914</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>Total operating revenues</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>181,547</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="87"><font size=2>0.2</font></td>
<td valign=bottom width="21"><font size=2>%</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>181,166</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>360,324</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="68"><font size=2>0.1</font></td>
<td valign=bottom width="21"><font size=2>%</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>359,874</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Expenses, excluding <br>&nbsp;&nbsp;&nbsp;depreciation and <br>&nbsp;&nbsp;&nbsp;amortization:</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Editorial and newspaper <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;content</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>21,942</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="87"><font size=2>0.3</font></td>
<td valign=bottom width="21"><font size=2>%</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>21,883</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>44,002</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="68"><font size=2>0.5</font></td>
<td valign=bottom width="21"><font size=2>%</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>43,772</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Newsprint and ink</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>15,671</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="87"><font size=2>(27.4</font></td>
<td valign=bottom width="21"><font size=2>)%</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>21,582</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>33,160</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="68"><font size=2>(24.6</font></td>
<td valign=bottom width="21"><font size=2>)%</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>43,972</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Other press and production</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>17,944</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="87"><font size=2>4.0</font></td>
<td valign=bottom width="21"><font size=2>%</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>17,249</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>35,387</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="68"><font size=2>2.9</font></td>
<td valign=bottom width="21"><font size=2>%</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>34,389</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Circulation and distribution</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>16,397</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="87"><font size=2>2.8</font></td>
<td valign=bottom width="21"><font size=2>%</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>15,948</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>32,773</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="68"><font size=2>3.1</font></td>
<td valign=bottom width="21"><font size=2>%</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>31,784</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Other advertising, internet <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and printing</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>8,063</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="87"><font size=2>9.2</font></td>
<td valign=bottom width="21"><font size=2>%</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>7,383</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>15,465</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="68"><font size=2>5.9</font></td>
<td valign=bottom width="21"><font size=2>%</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>14,598</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Advertising sales and <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;marketing</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>16,909</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="87"><font size=2>4.1</font></td>
<td valign=bottom width="21"><font size=2>%</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>16,246</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>33,653</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="68"><font size=2>4.3</font></td>
<td valign=bottom width="21"><font size=2>%</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>32,272</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;General and administrative</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>16,732</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="87"><font size=2>5.9</font></td>
<td valign=bottom width="21"><font size=2>%</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>15,801</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>34,268</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="68"><font size=2>4.8</font></td>
<td valign=bottom width="21"><font size=2>%</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>32,702</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>Total</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>113,658</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="87"><font size=2>(2.1</font></td>
<td valign=bottom width="21"><font size=2>)%</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>116,092</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>228,708</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="68"><font size=2>(2.0</font></td>
<td valign=bottom width="21"><font size=2>)%</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>233,489</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>EBITDA before equity-method <br>&nbsp;&nbsp;&nbsp;investments</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>67,889</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="87"><font size=2>4.3</font></td>
<td valign=bottom width="21"><font size=2>%</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>65,074</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>131,616</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="68"><font size=2>4.1</font></td>
<td valign=bottom width="21"><font size=2>%</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>126,385</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>Share of pre-tax earnings <br>&nbsp;&nbsp;&nbsp;(losses)of equity-method <br>&nbsp;&nbsp;&nbsp;investments</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>(120</font></td>
<td valign=bottom width="16"><font size=2>)</font></td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>(661</font></td>
<td valign=bottom width="16"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>(261</font></td>
<td valign=bottom width="16"><font size=2>)</font></td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>(1,431</font></td>
<td valign=bottom width="15"><font size=2>)</font></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>EBITDA</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>67,769</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="87"><font size=2>5.2</font></td>
<td valign=bottom width="21"><font size=2>%</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>64,413</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>131,355</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="68"><font size=2>5.1</font></td>
<td valign=bottom width="21"><font size=2>%</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>124,954</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>Depreciation and amortization</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>6,751</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="87"><font size=2>10.4</font></td>
<td valign=bottom width="21"><font size=2>%</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>6,115</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>12,811</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="68"><font size=2>3.5</font></td>
<td valign=bottom width="21"><font size=2>%</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>12,380</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Operating income before RMN</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>61,018</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="87"><font size=2>4.7</font></td>
<td valign=bottom width="21"><font size=2>%</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>58,298</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>118,544</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="68"><font size=2>5.3</font></td>
<td valign=bottom width="21"><font size=2>%</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>112,574</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>Rocky Mountain News</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>2,725</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>(4,480</font></td>
<td valign=bottom width="16"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>2,733</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>(11,779</font></td>
<td valign=bottom width="15"><font size=2>)</font></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Operating income</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="54"><font size=2>63,743</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="87"><font size=2>18.4</font></td>
<td valign=bottom width="21"><font size=2>%</font></td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="54"><font size=2>53,818</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="54"><font size=2>121,277</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="68"><font size=2>20.3</font></td>
<td valign=bottom width="21"><font size=2>%</font></td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="54"><font size=2>100,795</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td valign=bottom align=Left><font size=2><i> <u> Other Financial and Statistical <br>&nbsp;&nbsp;&nbsp;Data: </u> </i></font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Percent of operating revenues:</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;EBITDA</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>37.3</font></td>
<td valign=bottom width="16"><font size=2>%</font></td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>35.6</font></td>
<td valign=bottom width="16"><font size=2>%</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>36.5</font></td>
<td valign=bottom width="16"><font size=2>%</font></td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>34.7</font></td>
<td valign=bottom width="15"><font size=2>%</font></td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Operating income</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>33.6</font></td>
<td valign=bottom width="16"><font size=2>%</font></td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>32.2</font></td>
<td valign=bottom width="16"><font size=2>%</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>32.9</font></td>
<td valign=bottom width="16"><font size=2>%</font></td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>31.3</font></td>
<td valign=bottom width="15"><font size=2>%</font></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>Cash received greater than <br>&nbsp;&nbsp;&nbsp;share of profits of JOAs and <br>&nbsp;&nbsp;&nbsp;equity-method investments</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="54"><font size=2>4,707</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="54"><font size=2>13,754</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="54"><font size=2>6,159</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="54"><font size=2>22,843</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Capital expenditures</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>8,917</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>5,375</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>20,260</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>15,763</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>Business acquisitions and other <br>&nbsp;&nbsp;&nbsp;additions to long-lived assets</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>40</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>382</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>64</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>64,650</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td></tr></table> <br> <p align=left><font size=2>The demand for advertising improved in many of the Company&#146;s markets in the second quarter of 2002, although help wanted advertising volume remains below that of prior periods.
Newspaper advertising revenues are expected to be flat year-over-year in the third quarter. </font></p> <p align=left><font size=2>Newsprint and ink decreased in the quarter primarily due to a 30% decrease in year-over-year newsprint prices.</font>
</p> <p align=left><font size=2>Second quarter and year-to-date results at the Denver newspaper were substantially improved over 2001 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. The Company expects continued improvement in operating results in the Denver market, but expects the rate of improvement in
year-over-year results will be lower than that of the first and second quarters.</font></p> <p align="center"><font size=2>F-19</font> </p>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#CCEEFF" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <p align=left><font size=2>
<a name="hy_bm_77">SCRIPPS NETWORKS </a>&#150; Operating results, excluding unusual items, were as follows:</font></p>
<table width="100%" cellspacing=0 cellpadding=0>
<tr>
<td valign=bottom align=Left><font size=1><b> <i> (in thousands) </i> </b></font></td>
<td width="8"></td>
<td align=center valign=bottom width="57" colspan="2"><font size=1><b> 2002 </b></font></td>
<td width="8"></td>
<td align=center valign=bottom width="88" colspan="2"><font size=1><b> Quarterly Period </b><br><b> Change </b></font></td>
<td width="8"></td>
<td align=center valign=bottom width="44" colspan="2"><font size=1><b> 2001 </b></font></td>
<td width="8"></td>
<td align=center valign=bottom width="57" colspan="2"><font size=1><b> 2002 </b></font></td>
<td width="8"></td>
<td align=center valign=bottom width="73" colspan="2"><font size=1><b> Year-to-Date </b><br><b> Change </b></font></td>
<td width="8"></td>
<td align=center valign=bottom width="57" colspan="2"><font size=1><b> 2001 </b></font></td>
<td width="8"></td> </tr>
<tr>
<td><HR noshade align=Left width="45" size=2 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Operating revenues:</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Advertising</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="53"><font size=2>89,116</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="84"><font size=2>14.4</font></td>
<td valign=bottom width="21"><font size=2>%</font></td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="40"><font size=2>77,920</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="53"><font size=2>158,542</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="69"><font size=2>9.7</font></td>
<td valign=bottom width="20"><font size=2>%</font></td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="53"><font size=2>144,519</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Affiliate fees</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>20,348</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="84"><font size=2>42.4</font></td>
<td valign=bottom width="21"><font size=2>%</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="40"><font size=2>14,290</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>38,508</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="69"><font size=2>34.0</font></td>
<td valign=bottom width="20"><font size=2>%</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>28,748</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Other</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>1,503</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="84"><font size=2>13.3</font></td>
<td valign=bottom width="21"><font size=2>%</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="40"><font size=2>1,327</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>2,618</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="69"><font size=2>1.2</font></td>
<td valign=bottom width="20"><font size=2>%</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>2,588</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>Total operating revenues</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>110,967</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="84"><font size=2>18.6</font></td>
<td valign=bottom width="21"><font size=2>%</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="40"><font size=2>93,537</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>199,668</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="69"><font size=2>13.5</font></td>
<td valign=bottom width="20"><font size=2>%</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>175,855</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Operating expenses, excluding <br>&nbsp;&nbsp;&nbsp;depreciation and amortization:</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Programming and production</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>31,330</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="84"><font size=2>25.2</font></td>
<td valign=bottom width="21"><font size=2>%</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="40"><font size=2>25,025</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>60,226</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="69"><font size=2>22.7</font></td>
<td valign=bottom width="20"><font size=2>%</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>49,086</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Operations and distribution</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>7,801</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="84"><font size=2>(15.9</font></td>
<td valign=bottom width="21"><font size=2>)%</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="40"><font size=2>9,278</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>17,186</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="69"><font size=2>(9.2</font></td>
<td valign=bottom width="20"><font size=2>)%</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>18,917</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Sales and marketing</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>20,791</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="84"><font size=2>(1.1</font></td>
<td valign=bottom width="21"><font size=2>)%</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="40"><font size=2>21,012</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>36,741</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="69"><font size=2>(7.2</font></td>
<td valign=bottom width="20"><font size=2>)%</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>39,606</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;General and administrative</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>19,194</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="84"><font size=2>47.4</font></td>
<td valign=bottom width="21"><font size=2>%</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="40"><font size=2>13,021</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>34,590</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="69"><font size=2>24.1</font></td>
<td valign=bottom width="20"><font size=2>%</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>27,864</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Total</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>79,116</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="84"><font size=2>15.8</font></td>
<td valign=bottom width="21"><font size=2>%</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="40"><font size=2>68,336</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>148,743</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="69"><font size=2>9.8</font></td>
<td valign=bottom width="20"><font size=2>%</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>135,473</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>EBITDA before equity-method <br>&nbsp;&nbsp;&nbsp;investments</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>31,851</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="84"><font size=2>26.4</font></td>
<td valign=bottom width="21"><font size=2>%</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="40"><font size=2>25,201</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>50,925</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="69"><font size=2>26.1</font></td>
<td valign=bottom width="20"><font size=2>%</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>40,382</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Share of pre-tax earnings of <br>&nbsp;&nbsp;&nbsp;equity-method investments</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>1,125</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="40"><font size=2>1,392</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>1,925</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>2,032</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>EBITDA</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>32,976</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="84"><font size=2>24.0</font></td>
<td valign=bottom width="21"><font size=2>%</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="40"><font size=2>26,593</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>52,850</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="69"><font size=2>24.6</font></td>
<td valign=bottom width="20"><font size=2>%</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>42,414</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Depreciation and amortization</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>3,153</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="84"><font size=2>8.8</font></td>
<td valign=bottom width="21"><font size=2>%</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="40"><font size=2>2,899</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>5,882</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="69"><font size=2>2.8</font></td>
<td valign=bottom width="20"><font size=2>%</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>5,723</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>Operating income</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="53"><font size=2>29,823</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="84"><font size=2>25.9</font></td>
<td valign=bottom width="21"><font size=2>%</font></td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="40"><font size=2>23,694</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="53"><font size=2>46,968</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="69"><font size=2>28.0</font></td>
<td valign=bottom width="20"><font size=2>%</font></td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="53"><font size=2>36,691</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td valign=bottom align=Left><font size=2><i> <u> Other Financial and Statistical <br>&nbsp;&nbsp;&nbsp;Data: </u> </i></font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Percent of operating revenues:</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;EBITDA</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>29.7</font></td>
<td valign=bottom width="16"><font size=2>%</font></td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="40"><font size=2>28.4</font></td>
<td valign=bottom width="16"><font size=2>%</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>26.5</font></td>
<td valign=bottom width="17"><font size=2>%</font></td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>24.1</font></td>
<td valign=bottom width="17"><font size=2>%</font></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Operating income</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>26.9</font></td>
<td valign=bottom width="16"><font size=2>%</font></td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="40"><font size=2>25.3</font></td>
<td valign=bottom width="16"><font size=2>%</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>23.5</font></td>
<td valign=bottom width="17"><font size=2>%</font></td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>20.9</font></td>
<td valign=bottom width="17"><font size=2>%</font></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Payments for programming less <br>&nbsp;&nbsp;&nbsp;(greater)than amounts <br>&nbsp;&nbsp;&nbsp;recognized as expense</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="53"><font size=2>(3,827</font></td>
<td valign=bottom width="16"><font size=2>)</font></td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="40"><font size=2>(7,117</font></td>
<td valign=bottom width="16"><font size=2>)</font></td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="53"><font size=2>(13,825</font></td>
<td valign=bottom width="17"><font size=2>)</font></td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="53"><font size=2>(18,388</font></td>
<td valign=bottom width="17"><font size=2>)</font></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>Cash received for affiliate fees, net <br>&nbsp;&nbsp;&nbsp;of launch incentive payments, <br>&nbsp;&nbsp;&nbsp;greater (less) than amounts <br>&nbsp;&nbsp;&nbsp;recognized as affiliate fee
<br>&nbsp;&nbsp;&nbsp;revenue</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>(39,325</font></td>
<td valign=bottom width="16"><font size=2>)</font></td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="40"><font size=2>(352</font></td>
<td valign=bottom width="16"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>(63,133</font></td>
<td valign=bottom width="17"><font size=2>)</font></td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>3,945</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Cash received greater (less) than <br>&nbsp;&nbsp;&nbsp;share of earnings of equity-<br>&nbsp;&nbsp;&nbsp;method investments</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>(405</font></td>
<td valign=bottom width="16"><font size=2>)</font></td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="40"><font size=2>(612</font></td>
<td valign=bottom width="16"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>(1,205</font></td>
<td valign=bottom width="17"><font size=2>)</font></td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>909</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>Capital expenditures</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>4,144</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="40"><font size=2>3,650</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>5,918</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>5,289</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Business acquisitions and <br>&nbsp;&nbsp;&nbsp;investments</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>5,240</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>14,429</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Other information:</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Program assets capitalized in <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the period</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>36,755</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="40"><font size=2>22,110</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>71,647</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>60,834</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Launch incentives capitalized in <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the period</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>27,281</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="40"><font size=2>9,299</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>44,992</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>13,421</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td></tr></table> <BR> <p align=left><font size=2>According to the Nielsen Homevideo Index, HGTV was distributed to 78.6 million homes in June 2002, up 8.1&nbsp;million from June 2001 and 0.9 million in the quarter. Food Network was
distributed to 75.3 million homes in June 2002, up 14.9&nbsp;million from June 2001 and 1.5 million in the quarter. </font></p> <p align=left><font size=2>Affiliate fee revenue increased 36% for HGTV and 7% for Food Network in the year-to-date
period. The Company changed its estimate of the lives of certain network distribution contracts in the second quarter of 2002, increasing affiliate fee revenue by $1.7 million.</font></p> <p align=left><font size=2>Programming and production
expenses have increased as the Company improves the quality and variety of programming and expands the hours of original programming presented on its networks. Programming expense increased 16% for HGTV and 31% for Food Network in the year-to-date
period. </font></p> <p align=left><font size=2>Reduced marketing, advertising and promotional expenses led to the decrease in operations and distribution expense and sales and marketing expense. In the second quarter the Company increased its
allowance for uncollectible accounts receivable due to the bankruptcy of Adelphia Communications, reducing EBITDA by $2.5 million.<br> </font></p> <center> <font size=2>F-20</font> </center>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#CCEEFF" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
<BR> <p align=left><font size=2>The Company launched DIY in the fourth quarter of 1999 and launched Fine&nbsp;Living, its fourth network, in March 2002. Start-up losses associated with DIY and Fine Living reduced
EBITDA in the second quarter by $9.3&nbsp;million in 2002 compared to $4.9 million in the second quarter of 2001. For the year-to-date period, start-up losses reduced EBITDA by $21.4&nbsp;million in 2002 and $10.3 million in 2001. Full year start-up
losses are currently projected to reduce EBITDA by approximately $30 million to $35 million in 2002.</font></p> <p align=left><font size=2>Excluding the start-up expenses of the new networks, EBITDA increased 34% in the quarter and 41% year-to-date.
</font></p> <p align="center"><font size=2>F-21</font> </p>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#CCEEFF" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <p align=left><font size=2>
<a name="hy_bm_87">BROADCAST TELEVISION </a>&#150; Operating results, excluding unusual items, were as follows:</font></p>
<table width="100%" cellspacing=0 cellpadding=0>
<tr>
<td valign=bottom align=Left><font size=1><b> <i> ( in thousands ) </i> </b></font></td>
<td width="8"></td>
<td align=center valign=bottom width="57" colspan="2"><font size=1><b> 2002 </b></font></td>
<td width="8"></td>
<td align=center valign=bottom width="96" colspan="2"><font size=1><b> Quarterly Period </b><br><b> Change </b></font></td>
<td width="8"></td>
<td align=center valign=bottom width="56" colspan="2"><font size=1><b> 2001 </b></font></td>
<td width="8"></td>
<td align=center valign=bottom width="56" colspan="2"><font size=1><b> 2002 </b></font></td>
<td width="8"></td>
<td align=center valign=bottom width="72" colspan="2"><font size=1><b> Year-to-Date </b><br><b> Change </b></font></td>
<td width="8"></td>
<td align=center valign=bottom width="56" colspan="2"><font size=1><b> 2001 </b></font></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Operating revenues:</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Local</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="53"><font size=2>44,900</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=Right valign=bottom width="92"><font size=2>3.0%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="52"><font size=2>43,585</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="52"><font size=2>85,100</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=Right valign=bottom width="68"><font size=2>3.1%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="52"><font size=2>82,538</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;National</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>26,365</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=Right valign=bottom width="92"><font size=2>0.4%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="52"><font size=2>26,266</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="52"><font size=2>47,702</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=Right valign=bottom width="68"><font size=2>(2.8) %&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="52"><font size=2>49,069</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Political</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>705</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="52"><font size=2>304</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="52"><font size=2>983</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="52"><font size=2>304</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Network compensation</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>1,968</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=Right valign=bottom width="92"><font size=2>(20.8) %&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="52"><font size=2>2,486</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="52"><font size=2>3,909</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=Right valign=bottom width="68"><font size=2>(27.0) %&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="52"><font size=2>5,354</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Other</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>1,783</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=Right valign=bottom width="92"><font size=2>14.4%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="52"><font size=2>1,558</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="52"><font size=2>3,548</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=Right valign=bottom width="68"><font size=2>24.3%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="52"><font size=2>2,855</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Total operating revenues</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>75,721</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=Right valign=bottom width="92"><font size=2>2.1%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="52"><font size=2>74,199</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="52"><font size=2>141,242</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=Right valign=bottom width="68"><font size=2>0.8%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="52"><font size=2>140,120</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Operating expenses, <br>&nbsp;&nbsp;&nbsp;excluding depreciation and <br>&nbsp;&nbsp;&nbsp;amortization:</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Programming and station <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;operations</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>34,917</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=Right valign=bottom width="92"><font size=2>2.8%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="52"><font size=2>33,976</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="52"><font size=2>69,656</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=Right valign=bottom width="68"><font size=2>1.3%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="52"><font size=2>68,731</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Sales and marketing</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>9,628</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=Right valign=bottom width="92"><font size=2>3.4%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="52"><font size=2>9,308</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="52"><font size=2>18,207</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=Right valign=bottom width="68"><font size=2>1.0%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="52"><font size=2>18,027</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;General and administrative</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>6,366</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=Right valign=bottom width="92"><font size=2>12.5%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="52"><font size=2>5,660</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="52"><font size=2>12,602</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=Right valign=bottom width="68"><font size=2>4.8%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="52"><font size=2>12,020</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Total</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>50,911</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=Right valign=bottom width="92"><font size=2>4.0%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="52"><font size=2>48,944</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="52"><font size=2>100,465</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=Right valign=bottom width="68"><font size=2>1.7%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="52"><font size=2>98,778</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>EBITDA</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>24,810</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=Right valign=bottom width="92"><font size=2>(1.8) %&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="52"><font size=2>25,255</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="52"><font size=2>40,777</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=Right valign=bottom width="68"><font size=2>(1.4) %&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="52"><font size=2>41,342</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Depreciation and <br>&nbsp;&nbsp;&nbsp;amortization</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>4,921</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=Right valign=bottom width="92"><font size=2>(3.5) %&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="52"><font size=2>5,101</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="52"><font size=2>9,480</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=Right valign=bottom width="68"><font size=2>(5.4) %&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="52"><font size=2>10,019</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>Operating income</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="53"><font size=2>19,889</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=Right valign=bottom width="92"><font size=2>(1.3) %&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="52"><font size=2>20,154</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="52"><font size=2>31,297</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=Right valign=bottom width="68"><font size=2>(0.1) %&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="52"><font size=2>31,323</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=4 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td valign=bottom align=Left><font size=2><u> Other Financial and </u> <u> <br>&nbsp;&nbsp;&nbsp;Statistical Data </u>:</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Percent of operating <br>&nbsp;&nbsp;&nbsp;revenues:</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;EBITDA</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>32.8</font></td>
<td valign=bottom width="17"><font size=2>%</font></td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="52"><font size=2>34.0</font></td>
<td valign=bottom width="16"><font size=2>%</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="52"><font size=2>28.9</font></td>
<td valign=bottom width="16"><font size=2>%</font></td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="52"><font size=2>29.5</font></td>
<td valign=bottom width="17"><font size=2>%</font></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Operating income</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>26.3</font></td>
<td valign=bottom width="17"><font size=2>%</font></td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="52"><font size=2>27.2</font></td>
<td valign=bottom width="16"><font size=2>%</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="52"><font size=2>22.2</font></td>
<td valign=bottom width="16"><font size=2>%</font></td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="52"><font size=2>22.4</font></td>
<td valign=bottom width="17"><font size=2>%</font></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=2 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Payments for programming <br>&nbsp;&nbsp;&nbsp;greater (less) than amounts <br>&nbsp;&nbsp;&nbsp;recognized as expense</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="53"><font size=2>939</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="52"><font size=2>1,437</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="52"><font size=2>186</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="52"><font size=2>1,364</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>Capital expenditures</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>1,901</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="52"><font size=2>4,816</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="52"><font size=2>8,008</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="52"><font size=2>7,344</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Business acquisitions and <br>&nbsp;&nbsp;&nbsp;other additions to <br>&nbsp;&nbsp;&nbsp;long-lived assets</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="52"><font size=2>27</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="52"><font size=2>20</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="52"><font size=2>27</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Other information:</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Program assets capitalized <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in the period</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>2,116</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="52"><font size=2>230</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="52"><font size=2>5,368</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="52"><font size=2>886</font></td>
<td width="8">&nbsp;</td></tr></table> <br> <p align=left><font size=2>Improved demand for advertising and additional advertising in the Company&#146;s Detroit market tied to the Stanley Cup playoffs led to the increase in advertising revenues in
the second quarter. </font></p> <p align=left><font size=2>The Company continues to be affected by its relatively high exposure to the ABC television network, for which audience levels have generally declined in recent years. Six of the
Company&#146;s 10 television stations are ABC </font><font size=2>affiliates. Excluding the effects of the Stanley Cup playoffs, revenues at the ABC affiliates decreased approximately 1% year-over-year in the second quarter.</font></p> <p
align=left><font size=2>Revenue for the Company&#146;s three NBC affiliates increased 5.7% year-over-year in the second quarter.</font></p> <p align=left><font size=2>In 2001 the Company renegotiated and extended its affiliation agreements with NBC,
which were originally scheduled to expire in 2004. Network compensation is sharply reduced under the new agreements, which expire in 2009. The Company&#146;s ABC affiliation agreements expire on various dates during the period 2004 through 2006.
</font></p> <p align="center"><font size=2>F-22</font> </p>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#CCEEFF" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <p align=left><font size=2><b>
<a name="hy_bm_6">LIQUIDITY AND CAPITAL RESOURCES</a> </b></font></p> <p align=left><font size=2>The Company&#146;s primary source of liquidity is cash flow from operating activities. Advertising provides 70% to 80% of the Company&#146;s total
revenues, so the Company&#146;s cash flow from operating activities is adversely affected during recessionary periods. The Company&#146;s cash flow from operating activities in the first half of the year was $101 million in 2002 and
$123&nbsp;million in 2001. Increased launch incentive payments to expand distribution of Scripps Networks was the primary cause of the decrease. The Company expects to continue to increase the distribution of Scripps Networks. </font></p> <p
align=left><font size=2>Cash flow from operating activities exceeded capital expenditures and cash dividends by $39 million in the first six months and is expected to substantially exceed the total of its capital expenditure requirements and cash
dividends in 2002, as it has each year since 1992. </font></p> <p align=left><font size=2>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 align=left><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 1.7 million shares.</font></p> <p align=left><font size=2>Net debt (borrowings less cash equivalents and other short-term investments) decreased
$53 million in the first six months of&nbsp;2002, to $669 million at June 30, 2002. Net debt includes commercial paper borrowings totaling $455 million, with average maturities of 90 days or less. Commercial paper borrowings are supported by bank
credit facilities which permit maximum borrowings of $675 million and expire in September 2002. The facility is expected to be replaced with a similar facility prior to expiration. The Company&#146;s access to commercial paper markets can be
affected by macroeconomic factors outside of its control. In addition to macroeconomic factors, the Company&#146;s access to commercial paper markets and its borrowing costs are affected by short and long-term debt ratings assigned by independent
rating agencies. </font></p> <p align=left><font size=2>The Company issued $200 million of 5.75% notes due in 2012 in July. The proceeds from the notes will be used to repay the Company&#146;s 6.375% notes due in October 2002 and to reduce the
Company&#146;s commercial paper borrowings.</font></p> <p align="center"><font size=2>F-23</font> </p>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#CCEEFF" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <p align=left><font size=2><b> </b></font><font size=2><b>
<a name="hy_bm_95">MARKET RISK</a> </b></font></p> <p align=left><font size=2>The Company&#146;s earnings and cash flow can be affected by, among other things, economic conditions, interest rate changes, foreign currency fluctuations (primarily in
the exchange rate for the Japanese yen) and changes in the price of newsprint. The Company is also exposed to changes in the market value of its investments. The information disclosed in Market Risk in the Company&#146;s Annual Report on Form 10-K
for the year ended December 31, 2001, has not changed materially unless otherwise disclosed herein.</font></p> <p align=left><font size=2>The Company held no foreign currency or newsprint derivative financial instruments at June 30, 2002, or at
December&nbsp;31,&nbsp;2001.</font></p> <p align=left><font size=2>The following table presents additional information about the Company&#146;s market-risk-sensitive financial instruments:</font></p>
<table cellspacing=0 cellpadding=0 width="100%">
<tr>
<td valign=bottom align=Left><font size=1><b> <i> ( in thousands, except share data ) </i> </b></font></td>
<td></td>
<td align=center valign=bottom colspan="5"><font size=1><b> As of June 30, 2002 </b></font></td>
<td></td>
<td></td>
<td align=center valign=bottom colspan="5"><font size=1><b> As of December 31, 2001 </b></font></td>
<td></td> </tr>
<tr>
<td></td>
<td></td>
<td colspan="5"> <HR noshade align=center width="100%" size=2 color="#000000"> </td>
<td></td>
<td></td>
<td colspan="5"> <HR noshade align=center width="100%" size=2 color="#000000"> </td>
<td></td> </tr>
<tr>
<td></td>
<td></td>
<td align=center valign=bottom colspan="2"><font size=1><b> Cost </b><br> <b> Basis </b></font></td>
<td></td>
<td align=center valign=bottom colspan="2"><font size=1><b> Fair </b><br> <b> Value </b></font></td>
<td></td>
<td></td>
<td align=center valign=bottom colspan="2"><font size=1><b> Cost </b><br> <b> Basis </b></font></td>
<td></td>
<td align=center valign=bottom colspan="2"><font size=1><b> Fair </b><br> <b> Value </b></font></td>
<td></td> </tr>
<tr>
<td></td>
<td></td>
<td colspan="2"> <HR noshade align=center width="100%" size=2 color="#000000"> </td>
<td></td>
<td colspan="2"> <HR noshade align=center width="100%" size=2 color="#000000"> </td>
<td></td>
<td></td>
<td colspan="2"> <HR noshade align=center width="100%" size=2 color="#000000"> </td>
<td></td>
<td colspan="2"> <HR noshade align=center width="100%" size=2 color="#000000"> </td>
<td></td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Financial instruments subject to interest rate risk:</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> </tr>
<tr>
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Variable rate credit facilities, including commercial <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;paper</font></td>
<td>&nbsp;</td>
<td valign=bottom><font size=2>$</font></td>
<td align=right valign=bottom> <div align="right"><font size=2>454,829</font></div> </td>
<td>&nbsp;</td>
<td valign=bottom><font size=2>$</font></td>
<td align=right valign=bottom> <div align="right"><font size=2>454,829</font></div> </td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td valign=bottom><font size=2>$</font></td>
<td align=right valign=bottom> <div align="right"><font size=2>513,855</font></div> </td>
<td>&nbsp;</td>
<td valign=bottom><font size=2>$</font></td>
<td align=right valign=bottom> <div align="right"><font size=2>513,855</font></div> </td>
<td>&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;$100 million, 6.375% note, due in 2002</font></td>
<td>&nbsp;</td>
<td valign=bottom>&nbsp;</td>
<td align=right valign=bottom> <div align="right"><font size=2>99,993</font></div> </td>
<td>&nbsp;</td>
<td valign=bottom>&nbsp;</td>
<td align=right valign=bottom> <div align="right"><font size=2>101,231</font></div> </td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td valign=bottom>&nbsp;</td>
<td align=right valign=bottom> <div align="right"><font size=2>99,983</font></div> </td>
<td>&nbsp;</td>
<td valign=bottom>&nbsp;</td>
<td align=right valign=bottom> <div align="right"><font size=2>102,685</font></div> </td>
<td>&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;$100 million, 6.625% note, due in 2007</font></td>
<td>&nbsp;</td>
<td valign=bottom>&nbsp;</td>
<td align=right valign=bottom> <div align="right"><font size=2>99,923</font></div> </td>
<td>&nbsp;</td>
<td valign=bottom>&nbsp;</td>
<td align=right valign=bottom> <div align="right"><font size=2>108,188</font></div> </td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td valign=bottom>&nbsp;</td>
<td align=right valign=bottom> <div align="right"><font size=2>99,916</font></div> </td>
<td>&nbsp;</td>
<td valign=bottom>&nbsp;</td>
<td align=right valign=bottom> <div align="right"><font size=2>104,376</font></div> </td>
<td>&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Other notes</font></td>
<td>&nbsp;</td>
<td valign=bottom>&nbsp;</td>
<td align=right valign=bottom> <div align="right"><font size=2>14,153</font></div> </td>
<td>&nbsp;</td>
<td valign=bottom>&nbsp;</td>
<td align=right valign=bottom> <div align="right"><font size=2>13,552</font></div> </td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td valign=bottom>&nbsp;</td>
<td align=right valign=bottom> <div align="right"><font size=2>10,090</font></div> </td>
<td>&nbsp;</td>
<td valign=bottom>&nbsp;</td>
<td align=right valign=bottom> <div align="right"><font size=2>9,084</font></div> </td>
<td>&nbsp;</td> </tr>
<tr>
<td></td>
<td></td>
<td align=center valign=top colspan="2"> <HR noshade align=center width="100%" size=2 color="#000000"> </td>
<td></td>
<td align=center valign=top colspan="2"> <HR noshade align=center width="100%" size=2 color="#000000"> </td>
<td></td>
<td></td>
<td align=center valign=top colspan="2"> <HR noshade align=center width="100%" size=2 color="#000000"> </td>
<td></td>
<td align=center valign=top colspan="2"> <HR noshade align=center width="100%" size=2 color="#000000"> </td>
<td></td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Total long-term debt including current portion</font></td>
<td>&nbsp;</td>
<td valign=bottom><font size=2>$</font></td>
<td align=right valign=bottom> <div align="right"><font size=2>668,898</font></div> </td>
<td>&nbsp;</td>
<td valign=bottom><font size=2>$</font></td>
<td align=right valign=bottom> <div align="right"><font size=2>677,800</font></div> </td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td valign=bottom><font size=2>$</font></td>
<td align=right valign=bottom> <div align="right"><font size=2>723,844</font></div> </td>
<td>&nbsp;</td>
<td valign=bottom><font size=2>$</font></td>
<td align=right valign=bottom> <div align="right"><font size=2>730,000</font></div> </td>
<td>&nbsp;</td> </tr>
<tr>
<td></td>
<td></td>
<td align=center valign=top colspan="2"> <HR noshade align=center width="100%" size=4 color="#000000"> </td>
<td></td>
<td align=center valign=top colspan="2"> <HR noshade align=center width="100%" size=4 color="#000000"> </td>
<td></td>
<td></td>
<td align=center valign=top colspan="2"> <HR noshade align=center width="100%" size=4 color="#000000"> </td>
<td></td>
<td align=center valign=top colspan="2"> <HR noshade align=center width="100%" size=4 color="#000000"> </td>
<td></td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Financial instruments subject to market value risk:</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;AOL Time Warner (2,017,000 common shares)</font></td>
<td>&nbsp;</td>
<td valign=bottom><font size=2>$</font></td>
<td align=right valign=bottom> <div align="right"><font size=2>29,667</font></div> </td>
<td>&nbsp;</td>
<td valign=bottom><font size=2>$</font></td>
<td align=right valign=bottom> <div align="right"><font size=2>29,667</font></div> </td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td valign=bottom><font size=2>$</font></td>
<td align=right valign=bottom> <div align="right"><font size=2>64,740</font></div> </td>
<td>&nbsp;</td>
<td valign=bottom><font size=2>$</font></td>
<td align=right valign=bottom> <div align="right"><font size=2>64,740</font></div> </td>
<td>&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Centra Software (700,500 common shares)</font></td>
<td>&nbsp;</td>
<td valign=bottom>&nbsp;</td>
<td align=right valign=bottom> <div align="right"><font size=2>1,427</font></div> </td>
<td>&nbsp;</td>
<td valign=bottom>&nbsp;</td>
<td align=right valign=bottom> <div align="right"><font size=2>1,303</font></div> </td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td valign=bottom>&nbsp;</td>
<td align=right valign=bottom> <div align="right"><font size=2>1,427</font></div> </td>
<td>&nbsp;</td>
<td valign=bottom>&nbsp;</td>
<td align=right valign=bottom> <div align="right"><font size=2>5,604</font></div> </td>
<td>&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Other available-for-sale securities</font></td>
<td>&nbsp;</td>
<td valign=bottom>&nbsp;</td>
<td align=right valign=bottom> <div align="right"><font size=2>921</font></div> </td>
<td>&nbsp;</td>
<td valign=bottom>&nbsp;</td>
<td align=right valign=bottom> <div align="right"><font size=2>3,731</font></div> </td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td valign=bottom>&nbsp;</td>
<td align=right valign=bottom> <div align="right"><font size=2>597</font></div> </td>
<td>&nbsp;</td>
<td valign=bottom>&nbsp;</td>
<td align=right valign=bottom> <div align="right"><font size=2>4,213</font></div> </td>
<td>&nbsp;</td> </tr>
<tr>
<td></td>
<td></td>
<td align=center valign=top colspan="2"> <HR noshade align=center width="100%" size=2 color="#000000"> </td>
<td></td>
<td align=center valign=top colspan="2"> <HR noshade align=center width="100%" size=2 color="#000000"> </td>
<td></td>
<td></td>
<td align=center valign=top colspan="2"> <HR noshade align=center width="100%" size=2 color="#000000"> </td>
<td></td>
<td align=center valign=top colspan="2"> <HR noshade align=center width="100%" size=2 color="#000000"> </td>
<td></td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Total investments in publicly-traded companies</font></td>
<td>&nbsp;</td>
<td valign=bottom>&nbsp;</td>
<td align=right valign=bottom> <div align="right"><font size=2>32,015</font></div> </td>
<td>&nbsp;</td>
<td valign=bottom>&nbsp;</td>
<td align=right valign=bottom> <div align="right"><font size=2>34,701</font></div> </td>
<td> <div align="left"></div> </td>
<td>&nbsp;</td>
<td valign=bottom>&nbsp;</td>
<td align=right valign=bottom> <div align="right"><font size=2>66,764</font></div> </td>
<td>&nbsp;</td>
<td valign=bottom>&nbsp;</td>
<td align=right valign=bottom> <div align="right"><font size=2>74,557</font></div> </td>
<td> <div align="left"></div> </td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>&nbsp;&nbsp;&nbsp;Other equity investments</font></td>
<td>&nbsp;</td>
<td valign=bottom>&nbsp;</td>
<td align=right valign=bottom> <div align="right"><font size=2>23,629</font></div> </td>
<td>&nbsp;</td>
<td valign=bottom>&nbsp;</td>
<td align=right valign=bottom> <div align="right"><font size=2>(a</font></div> </td>
<td valign=bottom align="left"> <div align="left"><font size=2>)</font></div> </td>
<td valign=bottom align="left">&nbsp;</td>
<td valign=bottom>&nbsp;</td>
<td align=right valign=bottom> <div align="right"><font size=2>51,714</font></div> </td>
<td>&nbsp;</td>
<td valign=bottom>&nbsp;</td>
<td align=right valign=bottom> <div align="right"><font size=2>(a</font></div> </td>
<td valign=bottom align="left"> <div align="left"><font size=2>)</font></div> </td> </tr>
<tr>
<td></td>
<td></td>
<td align=center valign=top colspan="2"> <HR noshade align=center width="100%" size=4 color="#000000"> </td>
<td></td>
<td align=center valign=top colspan="2"> <HR noshade align=center width="100%" size=4 color="#000000"> </td>
<td></td>
<td></td>
<td align=center valign=top colspan="2"> <HR noshade align=center width="100%" size=4 color="#000000"> </td>
<td></td>
<td align=center valign=top colspan="2"> <HR noshade align=center width="100%" size=4 color="#000000"> </td>
<td></td> </tr> </table> <br> <p align=left><font size=2><b> ______________ </b></font></p>
<table width="100%" cellspacing=0 cellpadding=0 border=0>
<tr>
<td width="20">&nbsp;</td>
<td valign=top width="20"><font size=2>(a)</font></td>
<td width="10">&nbsp;</td>
<td valign=top><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. Management estimates the fair value of these securities approximates their
carrying value. However, many of the investees have not issued new equity in the past two years. There can be no assurance that the Company would realize the carrying value of these securities upon their sale.</font></td></tr></table><br> <p
align=left><font size=2>The Company manages interest rate risk primarily by maintaining a mix of fixed-rate and variable-rate debt. The Company may use interest rate swaps, forwards or other derivative financial instruments to manage its interest
rate risk. The Company did not hold such instruments at June&nbsp;30,&nbsp;2002. The weighted-average interest rate on borrowings under the Variable Rate Credit Facilities was 1.8% at June 30, 2002, and 2.0% at December 31, 2001.</font></p> <CENTER>
<font size=2>F-24</font> </CENTER>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#CCEEFF" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <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%" cellspacing=0 cellpadding=0>
<tr>
<td valign=bottom align=center width="80"><font size=2><b> Exhibit </b><br><b> <u> No. </u> </b></font></td>
<td>&nbsp;</td>
<td valign=bottom align=center width="423"><font size=2><b> <u> Item </u> </b></font></td>
<td valign=bottom align=center><font size=2><b> <u> Page </u> </b></font></td> </tr>
<tr>
<td valign=bottom align=center width="80"><font size=2>12&nbsp;&nbsp;</font></td>
<td>&nbsp;</td>
<td valign=bottom align=left width="423"><font size=2>Ratio of Earnings to Fixed Charges</font></td>
<td valign=bottom align=center><font size=2>E-2</font></td> </tr>
<tr>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td> </tr>
<tr>
<td valign=bottom align=center width="80"><font size=2>99(a)</font></td>
<td>&nbsp;</td>
<td valign=bottom align=left width="423"><font size=2>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</font></td>
<td valign=bottom align=center><font size=2>E-3</font></td> </tr>
<tr>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td> </tr>
<tr>
<td valign=bottom align=center width="80"><font size=2>99(b)</font></td>
<td>&nbsp;</td>
<td valign=bottom align=left width="423"><font size=2>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</font></td>
<td valign=bottom align=center><font size=2>E-4</font></td> </tr>
<tr>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td> </tr></table><br> <CENTER><font size=2>E-1</font></CENTER>
</BODY></HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-12
<SEQUENCE>3
<FILENAME>dex12.txt
<DESCRIPTION>RATION OF EARNINGS TO FIXED CHARGES
<TEXT>
<PAGE>


                                                                      Exhibit 12

RATIO OF EARNINGS TO FIXED CHARGES

<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------
                                                     Three months ended    Six months ended
                                                          June 30,              June 30,

(in thousands)                                        2002       2001       2002      2001
---------------------------------------------------------------------------------------------
<S>                                                  <C>       <C>        <C>        <C>
EARNINGS AS DEFINED:
Earnings from operations before income taxes after
   eliminating undistributed earnings of 20%-to
   50%-owned affiliates                              $41,233   $82,404    $110,456   $201,334
Fixed charges excluding capitalized interest and
   preferred stock dividends of majority-owned
   subsidiary companies                                8,199    12,202      16,348     26,035
---------------------------------------------------------------------------------------------

Earnings as defined                                  $49,432   $94,606    $126,804   $227,369
---------------------------------------------------------------------------------------------

FIXED CHARGES AS DEFINED:
Interest expense, including amortization of
   debt issue costs                                  $ 6,629   $10,859    $ 13,221   $ 23,320
Interest capitalized                                     185       181         344        412
Portion of rental expense representative
   of the interest factor                              1,570     1,343       3,127      2,715
Preferred stock dividends of majority-owned
   subsidiary companies                                   20        20          40         40
---------------------------------------------------------------------------------------------

Fixed charges as defined                             $ 8,404   $12,403    $ 16,732   $ 26,487
---------------------------------------------------------------------------------------------

RATIO OF EARNINGS TO FIXED CHARGES                      5.88      7.63        7.58       8.58
=============================================================================================
</TABLE>

                                       E-2

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.A
<SEQUENCE>4
<FILENAME>dex99a.txt
<DESCRIPTION>CERTIFICATION-CEO
<TEXT>
<PAGE>


                                                                   Exhibit 99(a)

     CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

     I, Kenneth W. Lowe, President and Chief Executive Officer of The E. W.
Scripps Company (the "Company"), hereby certify, pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002, that:

     (1)  The Quarterly Report on Form 10-Q of the Company for the period ended
          June 30, 2002 (the "Report"), which this certification accompanies,
          fully complies with the requirements of Section 13(a) of the
          Securities Exchange Act of 1934; and

     (2)  The information contained in the Report fairly presents, in all
          material respects, the financial condition and results of operations
          of the Company.


                               /s/ Kenneth W. Lowe
                               -------------------------------------------------
                               Kenneth W. Lowe
                               President and Chief Executive Officer

August 12, 2002

                                      E-3

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.B
<SEQUENCE>5
<FILENAME>dex99b.txt
<DESCRIPTION>CERTIFICATION-CFO
<TEXT>
<PAGE>


                                                                   Exhibit 99(b)

     CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

     I, Joseph G. NeCastro, Senior Vice President and Chief Financial Officer of
The E. W. Scripps Company (the "Company"), hereby certify, pursuant to Section
906 of the Sarbanes-Oxley Act of 2002, that:

     (1)  The Quarterly Report on Form 10-Q of the Company for the period ended
          June 30, 2002 (the "Report"), which this certification accompanies,
          fully complies with the requirements of Section 13(a) of the
          Securities Exchange Act of 1934; and

     (2)  The information contained in the Report fairly presents, in all
          material respects, the financial condition and results of operations
          of the Company.


                               /s/ Joseph G. NeCastro
                               -------------------------------------------------
                               Joseph G. NeCastro
                               Senior Vice President and Chief Financial Officer

August 12, 2002

                                      E-4

</TEXT>
</DOCUMENT>
</SUBMISSION>
