-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 KriWyWXU5rTTQZU2aPiX7+GCKNIzf6rfJbk5nl6QiMISRW+A/Z+18rMG9/NY0u98
 voPRdIlD3FVHntNjlB8TvA==

<SEC-DOCUMENT>0000950133-05-004183.txt : 20050919
<SEC-HEADER>0000950133-05-004183.hdr.sgml : 20050919
<ACCEPTANCE-DATETIME>20050919154932
ACCESSION NUMBER:		0000950133-05-004183
CONFORMED SUBMISSION TYPE:	S-4/A
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20050919
DATE AS OF CHANGE:		20050919

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Radio One Media Holdings, LLC
		CENTRAL INDEX KEY:			0001331205
		IRS NUMBER:				582455006
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-4/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-127258-02
		FILM NUMBER:		051091399

	BUSINESS ADDRESS:	
		STREET 1:		5900 PRINCESS GARDEN PARKWAY
		STREET 2:		7TH FLOOR
		CITY:			LANHAM
		STATE:			MD
		ZIP:			20706
		BUSINESS PHONE:		301-306-3111

	MAIL ADDRESS:	
		STREET 1:		5900 PRINCESS GARDEN PARKWAY
		STREET 2:		7TH FLOOR
		CITY:			LANHAM
		STATE:			MD
		ZIP:			20706

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Radio One of Dayton Licenses, LLC
		CENTRAL INDEX KEY:			0001331203
		IRS NUMBER:				311313021
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-4/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-127258-01
		FILM NUMBER:		051091401

	BUSINESS ADDRESS:	
		STREET 1:		5900 PRINCESS GARDEN PARKWAY
		STREET 2:		7TH FLOOR
		CITY:			LANHAM
		STATE:			MD
		ZIP:			20706
		BUSINESS PHONE:		301-306-3111

	MAIL ADDRESS:	
		STREET 1:		5900 PRINCESS GARDEN PARKWAY
		STREET 2:		7TH FLOOR
		CITY:			LANHAM
		STATE:			MD
		ZIP:			20706

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			RADIO ONE OF INDIANA LLC
		CENTRAL INDEX KEY:			0001165698
		IRS NUMBER:				521166660
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-4/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-127258-06
		FILM NUMBER:		051091404

	BUSINESS ADDRESS:	
		STREET 1:		5900 PRINCESS GARDEN PARKWAY 8TH FLOOR
		CITY:			LANHAM
		STATE:			MD
		ZIP:			20706
		BUSINESS PHONE:		301306111

	MAIL ADDRESS:	
		STREET 1:		5900 PRINCESS GARDEN PARKWAY 8TH FLOOR
		CITY:			LANHAM
		STATE:			MD
		ZIP:			20706

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			RADIO ONE OF BOSTON LICENSES LLC
		CENTRAL INDEX KEY:			0001165690
		IRS NUMBER:				522297366
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-4/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-127258-15
		FILM NUMBER:		051091413

	BUSINESS ADDRESS:	
		STREET 1:		5900 PRINCESS GARDEN PARKWAY 8TH FLOOR
		CITY:			LANHAM
		STATE:			MD
		ZIP:			20706
		BUSINESS PHONE:		301306111

	MAIL ADDRESS:	
		STREET 1:		5900 PRINCESS GARDEN PARKWAY 8TH FLOOR
		CITY:			LANHAM
		STATE:			MD
		ZIP:			20706

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			RADIO ONE OF CHARLOTTE LLC
		CENTRAL INDEX KEY:			0001165694
		IRS NUMBER:				571103928
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-4/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-127258-20
		FILM NUMBER:		051091418

	BUSINESS ADDRESS:	
		STREET 1:		5900 PRINCESS GARDEN PARKWAY 8TH FLOOR
		CITY:			LANHAM
		STATE:			MD
		ZIP:			20706
		BUSINESS PHONE:		301306111

	MAIL ADDRESS:	
		STREET 1:		5900 PRINCESS GARDEN PARKWAY 8TH FLOOR
		CITY:			LANHAM
		STATE:			MD
		ZIP:			20706

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			RADIO ONE OF TEXAS L P
		CENTRAL INDEX KEY:			0001165717
		IRS NUMBER:				522359336
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-4/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-127258-09
		FILM NUMBER:		051091407

	BUSINESS ADDRESS:	
		STREET 1:		5900 PRINCESS GARDEN PARKWAY 8TH FLOOR
		CITY:			LANHAM
		STATE:			MD
		ZIP:			20706
		BUSINESS PHONE:		301306111

	MAIL ADDRESS:	
		STREET 1:		5900 PRINCESS GARDEN PARKWAY 8TH FLOOR
		CITY:			LANHAM
		STATE:			MD
		ZIP:			20706

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLUE CHIP BROADCASTING LICENSES II LTD
		CENTRAL INDEX KEY:			0001165675
		IRS NUMBER:				311688377
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-4/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-127258-10
		FILM NUMBER:		051091408

	BUSINESS ADDRESS:	
		STREET 1:		5900 PRINCESS GARDEN PARKWAY 8TH FLOOR
		CITY:			LANHAM
		STATE:			MD
		ZIP:			20706
		BUSINESS PHONE:		301306111

	MAIL ADDRESS:	
		STREET 1:		5900 PRINCESS GARDEN PARKWAY 8TH FLOOR
		CITY:			LANHAM
		STATE:			MD
		ZIP:			20706

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLUE CHIP BROADCAST CO
		CENTRAL INDEX KEY:			0000919822
		IRS NUMBER:				311402186
		STATE OF INCORPORATION:			OH
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-4/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-127258-12
		FILM NUMBER:		051091410

	BUSINESS ADDRESS:	
		STREET 1:		5900 PRINCESS GARDEN PARKWAY 8TH FLOOR
		CITY:			LANHAM
		STATE:			MD
		ZIP:			20706
		BUSINESS PHONE:		3013061111

	MAIL ADDRESS:	
		STREET 1:		5900 PRINCESS GARDEN PARKWAY 8TH FLOOR
		CITY:			LANHAM
		STATE:			MD
		ZIP:			20706

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLUE CHIP MERGER SUBSIDIARY INC
		CENTRAL INDEX KEY:			0001165673
		IRS NUMBER:				522334006
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-4/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-127258-14
		FILM NUMBER:		051091412

	BUSINESS ADDRESS:	
		STREET 1:		5900 PRINCESS GARDEN PARKWAY 8TH FLOOR
		CITY:			LANHAM
		STATE:			MD
		ZIP:			20706
		BUSINESS PHONE:		301306111

	MAIL ADDRESS:	
		STREET 1:		5900 PRINCESS GARDEN PARKWAY 8TH FLOOR
		CITY:			LANHAM
		STATE:			MD
		ZIP:			20706

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			RADIO ONE OF NORTH CAROLINA LLC
		CENTRAL INDEX KEY:			0001165708
		IRS NUMBER:				521166660
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-4/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-127258-17
		FILM NUMBER:		051091415

	BUSINESS ADDRESS:	
		STREET 1:		5900 PRINCESS GARDEN PARKWAY 8TH FLOOR
		CITY:			LANHAM
		STATE:			MD
		ZIP:			20706
		BUSINESS PHONE:		301306111

	MAIL ADDRESS:	
		STREET 1:		5900 PRINCESS GARDEN PARKWAY 8TH FLOOR
		CITY:			LANHAM
		STATE:			MD
		ZIP:			20706

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ROA LICENSES LLC
		CENTRAL INDEX KEY:			0001165711
		IRS NUMBER:				521166660
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-4/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-127258-21
		FILM NUMBER:		051091419

	BUSINESS ADDRESS:	
		STREET 1:		5900 PRINCESS GARDEN PARKWAY 8TH FLOOR
		CITY:			LANHAM
		STATE:			MD
		ZIP:			20706
		BUSINESS PHONE:		301306111

	MAIL ADDRESS:	
		STREET 1:		5900 PRINCESS GARDEN PARKWAY 8TH FLOOR
		CITY:			LANHAM
		STATE:			MD
		ZIP:			20706

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			RADIO ONE OF DETROIT LLC
		CENTRAL INDEX KEY:			0001165696
		IRS NUMBER:				381537987
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-4/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-127258-23
		FILM NUMBER:		051091421

	BUSINESS ADDRESS:	
		STREET 1:		5900 PRINCESS GARDEN PARKWAY 8TH FLOOR
		CITY:			LANHAM
		STATE:			MD
		ZIP:			20706
		BUSINESS PHONE:		301306111

	MAIL ADDRESS:	
		STREET 1:		5900 PRINCESS GARDEN PARKWAY 8TH FLOOR
		CITY:			LANHAM
		STATE:			MD
		ZIP:			20706

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			RADIO ONE INC
		CENTRAL INDEX KEY:			0001041657
		STANDARD INDUSTRIAL CLASSIFICATION:	RADIO BROADCASTING STATIONS [4832]
		IRS NUMBER:				521166660
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-4/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-127258
		FILM NUMBER:		051091398

	BUSINESS ADDRESS:	
		STREET 1:		5900 PRINCESS GARDEN PARKWAY
		STREET 2:		8TH FL
		CITY:			LANHAM
		STATE:			MD
		ZIP:			20706
		BUSINESS PHONE:		3013061111

	MAIL ADDRESS:	
		STREET 1:		5900 PRINCESS GARDEN PARKWAY
		STREET 2:		8TH FL
		CITY:			LANHAM
		STATE:			MD
		ZIP:			20706

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			New Mableton Broadcasting CORP
		CENTRAL INDEX KEY:			0001331204
		IRS NUMBER:				582455006
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-4/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-127258-03
		FILM NUMBER:		051091400

	BUSINESS ADDRESS:	
		STREET 1:		5900 PRINCESS GARDEN PARKWAY
		STREET 2:		7TH FLOOR
		CITY:			LANHAM
		STATE:			MD
		ZIP:			20706
		BUSINESS PHONE:		301-306-3111

	MAIL ADDRESS:	
		STREET 1:		5900 PRINCESS GARDEN PARKWAY
		STREET 2:		7TH FLOOR
		CITY:			LANHAM
		STATE:			MD
		ZIP:			20706

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Hawes-Saunders Broadcast Properties, Inc.
		CENTRAL INDEX KEY:			0001331202
		IRS NUMBER:				311313021
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-4/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-127258-05
		FILM NUMBER:		051091402

	BUSINESS ADDRESS:	
		STREET 1:		5900 PRINCESS GARDEN PARKWAY
		STREET 2:		7TH FLOOR
		CITY:			LANHAM
		STATE:			MD
		ZIP:			20706
		BUSINESS PHONE:		301-306-3111

	MAIL ADDRESS:	
		STREET 1:		5900 PRINCESS GARDEN PARKWAY
		STREET 2:		7TH FLOOR
		CITY:			LANHAM
		STATE:			MD
		ZIP:			20706

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLUE CHIP BROADCASTING LTD
		CENTRAL INDEX KEY:			0001087012
		IRS NUMBER:				311459349
		STATE OF INCORPORATION:			OH
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-4/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-127258-13
		FILM NUMBER:		051091411

	BUSINESS ADDRESS:	
		STREET 1:		5900 PRINCESS GARDEN PARKWAY 8TH FLOOR
		CITY:			LANHAM
		STATE:			MD
		ZIP:			20706
		BUSINESS PHONE:		3013061111

	MAIL ADDRESS:	
		STREET 1:		5900 PRINCESS GARDEN PARKWAY 8TH FLOOR
		CITY:			LANHAM
		STATE:			MD
		ZIP:			20706

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BELL BROADCASTING CO
		CENTRAL INDEX KEY:			0001165682
		IRS NUMBER:				381537987
		STATE OF INCORPORATION:			MI
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-4/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-127258-24
		FILM NUMBER:		051091422

	BUSINESS ADDRESS:	
		STREET 1:		5900 PRINCESS GARDEN PARKWAY 8TH FLOOR
		CITY:			LANHAM
		STATE:			MD
		ZIP:			20706
		BUSINESS PHONE:		301306111

	MAIL ADDRESS:	
		STREET 1:		5900 PRINCESS GARDEN PARKWAY 8TH FLOOR
		CITY:			LANHAM
		STATE:			MD
		ZIP:			20706

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			RADIO ONE OF TEXAS I LLC
		CENTRAL INDEX KEY:			0001165713
		IRS NUMBER:				522359328
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-4/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-127258-19
		FILM NUMBER:		051091406

	BUSINESS ADDRESS:	
		STREET 1:		5900 PRINCESS GARDEN PARKWAY 8TH FLOOR
		CITY:			LANHAM
		STATE:			MD
		ZIP:			20706
		BUSINESS PHONE:		301306111

	MAIL ADDRESS:	
		STREET 1:		5900 PRINCESS GARDEN PARKWAY 8TH FLOOR
		CITY:			LANHAM
		STATE:			MD
		ZIP:			20706

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SATELLITE ONE LLC
		CENTRAL INDEX KEY:			0001166065
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-4/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-127258-04
		FILM NUMBER:		051091403

	BUSINESS ADDRESS:	
		STREET 1:		PRINCESS GARDEN PARKWAY
		STREET 2:		8TH FL
		CITY:			LANHAM
		STATE:			MD
		ZIP:			20706
		BUSINESS PHONE:		301 306 1111

	MAIL ADDRESS:	
		STREET 1:		5900 PRINCESS GARDEN PARKWAY
		STREET 2:		8TH FLOOR
		CITY:			LANHAM
		STATE:			MD
		ZIP:			20706

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			RADIO ONE OF INDIANA L P
		CENTRAL INDEX KEY:			0001165701
		IRS NUMBER:				522359338
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-4/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-127258-08
		FILM NUMBER:		051091420

	BUSINESS ADDRESS:	
		STREET 1:		5900 PRINCESS GARDEN PARKWAY 8TH FLOOR
		CITY:			LANHAM
		STATE:			MD
		ZIP:			20706
		BUSINESS PHONE:		301306111

	MAIL ADDRESS:	
		STREET 1:		5900 PRINCESS GARDEN PARKWAY 8TH FLOOR
		CITY:			LANHAM
		STATE:			MD
		ZIP:			20706

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			RADIO ONE OF BOSTON INC
		CENTRAL INDEX KEY:			0001165687
		IRS NUMBER:				522297366
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-4/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-127258-16
		FILM NUMBER:		051091414

	BUSINESS ADDRESS:	
		STREET 1:		5900 PRINCESS GARDEN PARKWAY 8TH FLOOR
		CITY:			LANHAM
		STATE:			MD
		ZIP:			20706
		BUSINESS PHONE:		301306111

	MAIL ADDRESS:	
		STREET 1:		5900 PRINCESS GARDEN PARKWAY 8TH FLOOR
		CITY:			LANHAM
		STATE:			MD
		ZIP:			20706

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			RADIO ONE LICENSES LLC
		CENTRAL INDEX KEY:			0001165704
		IRS NUMBER:				521166660
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-4/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-127258-25
		FILM NUMBER:		051091423

	BUSINESS ADDRESS:	
		STREET 1:		5900 PRINCESS GARDEN PARKWAY 8TH FLOOR
		CITY:			LANHAM
		STATE:			MD
		ZIP:			20706
		BUSINESS PHONE:		301306111

	MAIL ADDRESS:	
		STREET 1:		5900 PRINCESS GARDEN PARKWAY 8TH FLOOR
		CITY:			LANHAM
		STATE:			MD
		ZIP:			20706

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			RADIO ONE OF TEXAS II LLC
		CENTRAL INDEX KEY:			0001165715
		IRS NUMBER:				522359333
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-4/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-127258-07
		FILM NUMBER:		051091405

	BUSINESS ADDRESS:	
		STREET 1:		5900 PRINCESS GARDEN PARKWAY 8TH FLOOR
		CITY:			LANHAM
		STATE:			MD
		ZIP:			20706
		BUSINESS PHONE:		301306111

	MAIL ADDRESS:	
		STREET 1:		5900 PRINCESS GARDEN PARKWAY 8TH FLOOR
		CITY:			LANHAM
		STATE:			MD
		ZIP:			20706

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			RADIO ONE OF ATLANTA LLC
		CENTRAL INDEX KEY:			0001165677
		IRS NUMBER:				521166660
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-4/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-127258-22
		FILM NUMBER:		051091424

	BUSINESS ADDRESS:	
		STREET 1:		5900 PRINCESS GARDEN PARKWAY 8TH FLOOR
		CITY:			LANHAM
		STATE:			MD
		ZIP:			20706
		BUSINESS PHONE:		301306111

	MAIL ADDRESS:	
		STREET 1:		5900 PRINCESS GARDEN PARKWAY 8TH FLOOR
		CITY:			LANHAM
		STATE:			MD
		ZIP:			20706

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLUE CHIP BROADCASTING LICENSES LTD
		CENTRAL INDEX KEY:			0001165684
		IRS NUMBER:				311402186
		STATE OF INCORPORATION:			OH
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-4/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-127258-11
		FILM NUMBER:		051091409

	BUSINESS ADDRESS:	
		STREET 1:		5900 PRINCESS GARDEN PARKWAY 8TH FLOOR
		CITY:			LANHAM
		STATE:			MD
		ZIP:			20706
		BUSINESS PHONE:		301306111

	MAIL ADDRESS:	
		STREET 1:		5900 PRINCESS GARDEN PARKWAY 8TH FLOOR
		CITY:			LANHAM
		STATE:			MD
		ZIP:			20706

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			RADIO ONE OF AUGUSTA LLC
		CENTRAL INDEX KEY:			0001165680
		IRS NUMBER:				521166660
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-4/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-127258-26
		FILM NUMBER:		051091417

	BUSINESS ADDRESS:	
		STREET 1:		5900 PRINCESS GARDEN PARKWAY 8TH FLOOR
		CITY:			LANHAM
		STATE:			MD
		ZIP:			20706
		BUSINESS PHONE:		301306111

	MAIL ADDRESS:	
		STREET 1:		5900 PRINCESS GARDEN PARKWAY 8TH FLOOR
		CITY:			LANHAM
		STATE:			MD
		ZIP:			20706

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CHARLOTTE BROADCASTING LLC
		CENTRAL INDEX KEY:			0001165692
		IRS NUMBER:				521166660
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-4/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-127258-18
		FILM NUMBER:		051091416

	BUSINESS ADDRESS:	
		STREET 1:		5900 PRINCESS GARDEN PARKWAY 8TH FLOOR
		CITY:			LANHAM
		STATE:			MD
		ZIP:			20706
		BUSINESS PHONE:		301306111

	MAIL ADDRESS:	
		STREET 1:		5900 PRINCESS GARDEN PARKWAY 8TH FLOOR
		CITY:			LANHAM
		STATE:			MD
		ZIP:			20706
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-4/A
<SEQUENCE>1
<FILENAME>w11131a2sv4za.htm
<DESCRIPTION>RADIO ONE, INC.
<TEXT>
<HTML>
<HEAD>
<TITLE>sv4za</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="right" style="font-size: 10pt;">
<B>Registration No.&nbsp;333-127258</B>
</DIV>

<DIV align="center" style="font-size: 6pt;">
<DIV style="width: 100%; border-top: 2.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 3pt;">
<DIV style="width: 100%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 14pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>UNITED STATES SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt;">
<B>Washington,&nbsp;D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 3pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<DIV style="width: 26%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center" style="font-size: 12pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Amendment No.&nbsp;2 to</B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center" style="font-size: 16pt;">
<B>Form&nbsp;S-4</B>
</DIV>

<DIV align="center" style="font-size: 12pt;">
<B>REGISTRATION STATEMENT</B>
</DIV>

<DIV align="center" style="font-size: 12pt;">
<B>UNDER</B>
</DIV>

<DIV align="center" style="font-size: 12pt;">
<B>THE SECURITIES ACT OF 1933</B>
</DIV>

<DIV align="center" style="font-size: 3pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<DIV style="width: 26%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Radio One, Inc.</B>
</DIV>

<DIV align="center" style="font-size: 8pt;">
<I>(Exact Name of Registrant as Specified in Its Charter)</I>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 3pt; ">

<TR style="font-size: 1pt;">
    <TD width="33%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="29%">&nbsp;</TD>
</TR>

<TR>
    <TD align="center" valign="top">
    <B>Delaware</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    <B>4832</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    <B>52-1166660</B></TD>
</TR>

<TR>
    <TD align="center" valign="top">
    <I>(State or Other Jurisdiction of<BR>
    Incorporation or Organization)</I></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    <I>(Primary Standard Industrial<BR>
    Classification Code Number)</I></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    <I>(I.R.S. Employer<BR>
    Identification Number)</I></TD>
</TR>

</TABLE>
</CENTER>

<DIV align="center" style="font-size: 13pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Subsidiary Guarantors Listed on Schedule&nbsp;A Hereto</B>
</DIV>

<DIV align="center" style="font-size: 8pt;">
<I>(Exact Name of Registrant as Specified in its Charter)</I>
</DIV>

<DIV align="center" style="font-size: 3pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<DIV style="width: 26%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>5900 Princess Garden Parkway</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>7th Floor</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>Lanham, Maryland 20706</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>(301)&nbsp;306-1111</B>
</DIV>

<DIV align="center" style="font-size: 8pt;">
<I>(Address, Including Zip Code, and Telephone Number,</I>
</DIV>

<DIV align="center" style="font-size: 8pt;">
<I>Including Area Code, of registrant&#146;s Principal Executive
Offices)</I>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Alfred C. Liggins,&nbsp;III</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>President and Chief Executive Officer</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>Radio One, Inc.</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>5900 Princess Garden Parkway</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>7th Floor</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>Lanham, MD 20706</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>(301)&nbsp;429-4659</B>
</DIV>

<DIV align="center" style="font-size: 8pt;">
<I>(Name, Address, Including Zip Code, and Telephone Number,</I>
</DIV>

<DIV align="center" style="font-size: 8pt;">
<I>Including Area Code, of Agent for Service)</I>
</DIV>

<DIV align="center" style="font-size: 3pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<DIV style="width: 26%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B><I>Copy to:</I></B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>David H. Engvall</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>Covington&nbsp;&#38; Burling</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>1201 Pennsylvania Ave. N.W.</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>Washington, DC 20004</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>(202) 662-6000</B>
</DIV>

<DIV align="center" style="font-size: 3pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<DIV style="width: 26%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 8pt; margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;
<B>Approximate date of commencement of proposed sale to the
public:</B> As soon as practicable after this registration
statement becomes effective.
</DIV>

<DIV align="left" style="font-size: 8pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;
If the securities being registered on this form are being
offered in connection with the formation of a holding company
and there is compliance with General Instruction G, check the
following
box.&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="wingdings">&#111;
</FONT>
</DIV>

<DIV align="left" style="font-size: 8pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;
If this Form is filed to register additional securities for an
offering pursuant to Rule&nbsp;462(b) under the Securities Act,
check the following box and list the Securities Act registration
statement number of the earlier effective registration statement
for the same
offering.&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="wingdings">&#111;
</FONT>
</DIV>

<DIV align="left" style="font-size: 8pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;
If this Form is a post-effective amendment filed pursuant to
Rule&nbsp;462(d) under the Securities Act, check the following
box and list the Securities Act registration statement number of
the earlier effective registration statement for the same
offering.&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="wingdings">&#111;
</FONT>
</DIV>

<DIV align="left" style="font-size: 8pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;
<B>The Registrant hereby amends this Registration Statement on
such date or dates as may be necessary to delay its effective
date until the Registrant shall file a further amendment which
specifically states that this Registration Statement shall
thereafter become effective in accordance with Section&nbsp;8(a)
of the Securities Act or until the Registration Statement shall
become effective on such date as the Commission, acting pursuant
to said Section&nbsp;8(a) may determine.</B>
</DIV>

<DIV align="center" style="font-size: 3pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<DIV style="width: 100%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 4pt;">
<DIV style="width: 100%; border-top: 2.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>SCHEDULE A</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>SUBSIDIARY GUARANTORS</B>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 12pt; ">

<TR style="font-size: 1pt;">
    <TD width="62%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>State of</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>I.R.S. Employer</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Incorporation or</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Identification</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD align="left" nowrap><B>Registrant</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Organization</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Number</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Radio One Licenses, LLC</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>DE</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>52-1166660</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Bell Broadcasting Company</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>MI</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>38-1537987</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Radio One Of Detroit, LLC</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>DE</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>38-1537987</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Radio One Of Atlanta, LLC</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>DE</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>52-1166660</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    ROA Licenses, LLC</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>DE</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>52-1166660</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Radio One Of Charlotte, LLC</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>DE</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>57-1103928</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Radio One Of Augusta, LLC</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>DE</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>52-1166660</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Charlotte Broadcasting, LLC</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>DE</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>52-1166660</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Radio One Of North Carolina, LLC</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>DE</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>52-1166660</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Radio One Of Boston, Inc.&nbsp;</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>DE</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>52-2297366</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Radio One Of Boston Licenses, LLC</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>DE</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>52-2297366</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Blue Chip Merger Subsidiary, Inc.&nbsp;</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>DE</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>52-2334006</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Blue Chip Broadcast Company</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>OH</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>31-1402186</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Blue Chip Broadcasting, LTD.&nbsp;</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>OH</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>31-1459349</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Blue Chip Broadcasting Licenses, LTD.&nbsp;</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>OH</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>31-1402186</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Blue Chip Broadcasting Licenses&nbsp;II, LTD.&nbsp;</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>NV</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>31-1688377</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Radio One Of Texas, LP</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>DE</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>52-2359936</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Radio One Of Indiana, LP</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>DE</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>52-2359338</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Radio One Of Texas&nbsp;I, LLC</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>DE</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>52-2359328</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Radio One Of Texas&nbsp;II, LLC</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>DE</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>52-2359333</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Radio One Of Indiana, LLC</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>DE</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>52-1166660</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Satellite One, L.L.C</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>DE</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>52-1166660</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Hawes-Saunders Broadcast Properties, Inc.&nbsp;</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>DE</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>31-1313021</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Radio One Of Dayton Licenses, LLC</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>DE</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>31-1313021</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    New Mableton Broadcasting Corporation</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>DE</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>58-2455006</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Radio One Media Holdings, LLC</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>DE</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>20-2180640</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The address, including zip code, and telephone number, including
area code, of each of the Subsidiary Guarantors&#146; principal
executive offices is c/o&nbsp;Radio One, Inc., 5900 Princess
Garden Parkway, 7th Floor, Lanham, Maryland 20706,
(301)&nbsp;306-1111.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The primary standard industrial classification code number for
each of the Subsidiary Guarantors is 4832.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The name, address, including zip code, and telephone number,
including area code, of agent for service for each of the
Subsidiary Guarantors is John W. Jones, General Counsel, Radio
One, Inc., 5900&nbsp;Princess Garden Parkway, 7th Floor, Lanham,
Maryland 20706, (301)&nbsp;306-1111.
</DIV>

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

<TABLE width="100%" cellpadding="5" style="border: 3pt double #000000; margin-bottom: 6pt; font-size: 10pt"><TR><TD>
<FONT style="font-size: 8pt" color="#E8112D" face="helvetica,arial">The
information in this prospectus is not complete and may be
changed. We may not sell these securities until the registration
statement filed with the Securities and Exchange Commission is
effective. This prospectus is not an offer to sell these
securities and it is not soliciting an offer to buy these
securities in any state where the offer or sale is not
permitted.</FONT><FONT style="font-size: 8pt" face="helvetica,arial">
<BR>


</FONT>
</TD></TR></TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 1pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B><FONT color="#E8112D" face="helvetica,arial">SUBJECT TO
COMPLETION, DATED SEPTEMBER&nbsp;19, 2005</FONT></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B><FONT color="#E8112D" face="helvetica,arial">PROSPECTUS</FONT></B>
</DIV>

<DIV align="center" style="font-size: 24pt;">
<B><FONT face="helvetica,arial">Radio One, Inc.</FONT></B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<IMG src="w11131a2w1113100.gif" alt="(PERFORMANCE GRAPH)">
</DIV>

<DIV align="center" style="font-size: 14pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B><FONT face="helvetica,arial">OFFER TO EXCHANGE</FONT></B>
</DIV>

<DIV align="center" style="font-size: 12pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B><FONT face="helvetica,arial">$200,000,000
6<FONT style="font-size: 70%"><SUP>3</SUP></FONT>/<FONT style="font-size: 60%">8</FONT>%&nbsp;Senior
Subordinated Notes due 2013 that have been registered</FONT></B>
</DIV>

<DIV align="center" style="font-size: 12pt;">
<B><FONT face="helvetica,arial">under the Securities Act of 1933
for $200,000,000 outstanding unregistered</FONT></B>
</DIV>

<DIV align="center" style="font-size: 12pt;">
<B><FONT face="helvetica,arial">6<FONT style="font-size: 70%"><SUP>3</SUP></FONT>/<FONT style="font-size: 60%">8</FONT>%&nbsp;Senior
Subordinated Notes due 2013</FONT></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We are offering to exchange $200,000,000 in aggregate principal
amount of our
6<FONT style="font-size: 70%"><SUP>3</SUP></FONT>/<FONT style="font-size: 60%">8</FONT>%&nbsp;Senior
Subordinated Notes due 2013, which we refer to as the original
notes. We refer collectively to the exchange notes and the
original notes that remain outstanding following the exchange
offer as the notes. The terms of the exchange notes will be
identical in all material respects to the terms of the original
notes except that the exchange notes will be registered under
the Securities Act of 1933, as amended (the &#147;Securities
Act&#148;), and, therefore, the transfer restrictions applicable
to the original notes will not be applicable to the exchange
notes.
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Our offer to exchange original notes for exchange notes will be
    open until 5:00&nbsp;p.m., New York City time,
    on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
    2005, unless we extend the offer.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    We will exchange all outstanding original notes that are validly
    tendered and not validly withdrawn prior to the expiration date
    of the exchange offer. You should carefully review the
    procedures for tendering the original notes beginning on
    page&nbsp;19 of this prospectus.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    If you fail to tender your original notes, you will continue to
    hold unregistered securities and your ability to transfer them
    could be adversely affected. The exchange of original notes for
    exchange notes pursuant to the exchange offer generally will not
    be a taxable event for U.S.&nbsp;federal income tax purposes.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    We will not receive any proceeds from the exchange offer.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    No public market currently exists for the outstanding notes or
    the exchange notes. We do not intend to list the exchange notes
    on any national securities exchange or the Nasdaq Stock Market.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Each broker-dealer that receives exchange notes for its own
    account pursuant to the exchange offer must acknowledge that it
    will deliver a prospectus in connection with any resale of such
    exchange notes. The letter of transmittal to be used in
    connection with the exchange offer states that by so
    acknowledging and by delivering a prospectus, a broker-dealer
    will not be deemed to admit that it is an
    &#147;underwriter&#148; within the meaning of the Securities
    Act. This prospectus, as it may be amended or supplemented from
    time to time, may be used by a broker-dealer in connection with
    resales of exchange notes received in exchange for original
    notes where such original notes were acquired by such
    broker-dealer as a result of market-making activities or other
    trading activities. We have agreed that, for a period of
    180&nbsp;days after the consummation of the exchange offer, we
    will make this prospectus available to any broker-dealer for use
    in connection with any such resale. See &#147;Plan of
    Distribution&#148; starting on page&nbsp;78 of this prospectus.</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

</TABLE>

<DIV align="left" style="font-size: 12pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>INVESTING IN THE EXCHANGE NOTES&nbsp;INVOLVES RISKS. SEE
&#147;RISK FACTORS&#148; BEGINNING ON PAGE 11 OF THIS
PROSPECTUS.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>WE ARE NOT ASKING YOU FOR A PROXY AND YOU ARE REQUESTED NOT
TO SEND US A PROXY.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>NEITHER THE SECURITIES AND EXCHANGE COMMISSION (THE
&#147;SEC&#148;) NOR ANY STATE SECURITIES COMMISSION HAS
APPROVED OR DISAPPROVED OF THESE SECURITIES OR DETERMINED IF
THIS PROSPECTUS IS TRUTHFUL OR COMPLETE. ANY REPRESENTATION TO
THE CONTRARY IS A CRIMINAL OFFENSE.</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
THE DATE OF THIS PROSPECTUS
IS &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2005.
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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

</DIV>

<DIV align="left" style="font-size: 10pt;">
<!-- TOC -->
</DIV>

<DIV align="left" style="font-size: 10pt;">
<A name="tocpage"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>TABLE OF CONTENTS</B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 12pt; ">

<TR style="font-size: 1pt;">
    <TD width="93%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#101'>Incorporation of Documents by Reference</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>ii</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#102'>Cautionary Note&nbsp;Regarding
    Forward-Looking Statements</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>ii</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#103'>Summary</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#104'>Selected Consolidated Financial Data</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>7</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#105'>Risk Factors</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>11</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#106'>Use of Proceeds</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>19</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#107'>Ratio of Earnings to Fixed Charges</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>19</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#108'>The Exchange Offer</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>19</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#109'>Description of Exchange Notes</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>31</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#110'>Description of Other Indebtedness</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>72</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#111'>Material United States Federal Income Tax
    Consequences</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>74</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#112'>Plan of Distribution</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>78</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#113'>Legal Matters</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>79</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#114'>Independent Registered Public Accounting
    Firm</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>79</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#115'>Where You Can Find Additional
    Information</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>79</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10pt;">
<!-- /TOC -->
</DIV>

<DIV align="center" style="font-size: 3pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<DIV style="width: 26%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>YOU SHOULD RELY ONLY ON THE INFORMATION CONTAINED IN THIS
PROSPECTUS. WE HAVE NOT AUTHORIZED ANYONE TO PROVIDE YOU WITH
DIFFERENT OR ADDITIONAL INFORMATION. IF ANYONE PROVIDES YOU WITH
DIFFERENT OR ADDITIONAL INFORMATION, YOU SHOULD NOT RELY ON IT.
YOU SHOULD ASSUME THAT THE INFORMATION CONTAINED IN THIS
PROSPECTUS IS ACCURATE AS OF THE DATE ON THE FRONT COVER OF THIS
PROSPECTUS OR THE DATE OF THE DOCUMENT INCORPORATED BY
REFERENCE. OUR BUSINESS, FINANCIAL CONDITION, RESULTS OF
OPERATIONS AND PROSPECTS MAY HAVE CHANGED SINCE THEN. WE ARE NOT
MAKING AN OFFER TO SELL THE SECURITIES OFFERED BY THIS
PROSPECTUS IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT
PERMITTED.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>THIS PROSPECTUS INCORPORATES IMPORTANT BUSINESS AND FINANCIAL
INFORMATION THAT IS NOT INCLUDED IN OR DELIVERED WITH THIS
DOCUMENT. WE WILL PROVIDE A COPY OF THE DOCUMENTS WE INCORPORATE
BY REFERENCE, AT NO COST, TO ANY PERSON WHO RECEIVES THIS
PROSPECTUS. TO REQUEST A COPY OF ANY OR ALL OF THESE DOCUMENTS,
YOU SHOULD WRITE OR TELEPHONE US AT: RADIO ONE, INC., 5900
PRINCESS GARDEN PARKWAY, 7TH FLOOR, LANHAM, MARYLAND&nbsp;20706,
(301)&nbsp;306-1111, ATTENTION: CORPORATE SECRETARY. IN ORDER TO
OBTAIN TIMELY DELIVERY OF THE DOCUMENTS, YOU MUST REQUEST THE
INFORMATION NO LATER THAN FIVE BUSINESS DAYS BEFORE THE
EXPIRATION DATE OF THE EXCHANGE OFFER. THE EXCHANGE OFFER WILL
EXPIRE AT 5:00&nbsp;P.M., NEW YORK CITY TIME,
ON &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2005. SEE &#147;INCORPORATION OF DOCUMENTS BY REFERENCE&#148;
AND &#147;THE EXCHANGE OFFER&#148; FOR ADDITIONAL
INFORMATION.</B>
</DIV>

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<DIV align="left" style="font-size: 10pt;">
<A name='101'></A>
</DIV>

<!-- link1 "INCORPORATION OF DOCUMENTS BY REFERENCE" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>INCORPORATION OF DOCUMENTS BY REFERENCE</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Important business and financial information about Radio One,
Inc. is &#147;incorporated by reference&#148; into this
prospectus. This means that we are disclosing important
information to you by referring you to certain documents we have
filed with the SEC rather than including the information in this
prospectus. The information in the documents incorporated by
reference is considered to be part of this prospectus. We
incorporate by reference the documents listed below and any
future filings we may make with the SEC under
Sections&nbsp;13(a), 13(c), 14 or 15(d) of the Securities
Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;)
prior to the termination or expiration of this exchange offer:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    our annual report on Form&nbsp;10-K/ A for the fiscal year ended
    December&nbsp;31, 2004;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    our quarterly reports on Form&nbsp;10-Q for the quarters ended
    March&nbsp;31, 2005 and June&nbsp;30, 2005;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    our current reports on Form&nbsp;8-K dated June&nbsp;9, 2005 and
    June&nbsp;17, 2005.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Information contained in this prospectus supplements, modifies
or supersedes, as applicable, the information contained in
earlier-dated documents incorporated by reference. Information
in documents that we file with the SEC after the date of this
prospectus will automatically update and supersede information
in this prospectus or in earlier-dated documents incorporated by
reference.
</DIV>

<DIV align="left" style="font-size: 10pt;">
<A name='102'></A>
</DIV>

<!-- link1 "CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>CAUTIONARY NOTE&nbsp;REGARDING FORWARD-LOOKING STATEMENTS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
This prospectus contains statements about future events and
expectations, or forward-looking statements. We have based these
forward-looking statements on our current expectations and
projections about future results. When we use words in this
document such as &#147;anticipates,&#148; &#147;intends,&#148;
&#147;plans,&#148; &#147;believes,&#148; &#147;estimates,&#148;
&#147;expects,&#148; &#147;targets,&#148; &#147;projects&#148;
and similar expressions, we do so to identify forward-looking
statements. We cannot guarantee that we will achieve these
plans, intentions or expectations. These statements are based on
our management&#146;s beliefs and assumptions, which in turn are
based on currently available information. These assumptions
could prove inaccurate. See &#147;Risk Factors.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
You should keep in mind that any forward-looking statement made
by us in this prospectus or elsewhere speaks only as of the date
on which we make it. New risks and uncertainties come up from
time to time, and it is impossible for us to predict these
events or how they may affect us. In any event, these and other
important factors may cause actual results to differ materially
from those indicated by our forward-looking statements. We have
no duty to, and do not intend to, update or revise the
forward-looking statements in this prospectus after the date of
this prospectus, except as may be required by law. In light of
these risks and uncertainties, you should keep in mind that any
forward-looking statement made in this prospectus or elsewhere
might not occur.
</DIV>

<P align="center" style="font-size: 10pt;">ii
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<DIV align="left" style="font-size: 10pt;">
<A name='103'></A>
</DIV>

<!-- link1 "SUMMARY" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>SUMMARY</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>This summary highlights certain information concerning our
business and the exchange offer. You should carefully read the
entire prospectus and should consider, among other things, the
matters set forth in &#147;Risk Factors&#148; before deciding
whether to participate in the exchange offer. When used in this
prospectus, the terms &#147;Radio One,&#148; &#147;we,&#148;
&#147;our,&#148; and &#147;us&#148; refer to Radio One, Inc. and
its consolidated subsidiaries, unless otherwise specified.</I>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Radio One, Inc.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We are one of the largest radio broadcasting companies in the
United States and the leading radio broadcasting company
primarily targeting African-Americans. Founded in 1980, we own
and/or operate 69&nbsp;radio stations in 22 markets. Of these
stations, 39 (29&nbsp;FM and 10&nbsp;AM) are in 14 of the top
20&nbsp;African-American markets.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We are led by our Chairperson and co-founder, Catherine L.
Hughes, and her son, Alfred C. Liggins,&nbsp;III, our Chief
Executive Officer and President, who together have approximately
50&nbsp;years of operating experience in radio broadcasting.
Ms.&nbsp;Hughes, Mr.&nbsp;Liggins and our strong management team
have successfully implemented a strategy of acquiring and
turning around underperforming radio stations. Our strategy for
our radio broadcasting business is to continue to expand within
our existing markets and into new markets that have a
significant African-American presence. We will achieve this
strategy through acquisitions of new radio stations and organic
growth of our existing radio stations. We believe radio
broadcasting primarily targeting African-Americans continues to
have significant growth potential and that we have a competitive
advantage in the African-American market and the radio industry
in general, due to our focus on urban formats, our skill in
programming and marketing these formats, and our turnaround
expertise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We believe that our experience in the African-American market
and our substantial radio listener base provides us with a
competitive advantage in other complementary media businesses,
such as cable television networks, programming content
development and Internet-based services. Together with an
affiliate of Comcast Corporation, we launched TV One, an
African-American targeted cable television network, in January
2004. We also currently program one channel on XM Satellite
Radio. In February 2005, we completed the acquisition of 51% of
the common stock of Reach Media, Inc. (&#147;Reach Media&#148;).
Reach Media commenced operations in 2003 and was formed by Tom
Joyner, its Chairman, and David Kantor, its Chief Executive
Officer, to operate the Tom Joyner Morning Show and related
businesses. Mr.&nbsp;Joyner is a leading, nationally-syndicated
radio personality.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Recent Developments</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Stock Repurchase Program</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On June&nbsp;6, 2005, we announced that our board of directors
had authorized a stock repurchase program for up to
$150.0&nbsp;million of our Class&nbsp;A and Class&nbsp;D common
stock over an 18-month period, with the amount and timing of
repurchases based on stock price, general economic and market
conditions, certain restrictions contained in agreements
governing our bank credit facilities and subordinated debt and
certain other factors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>New Credit Facility</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On June&nbsp;13, 2005, we entered into a new credit facility.
The total amount available under the facility is
$800.0&nbsp;million, consisting of a $500.0&nbsp;million
revolving facility and a $300.0&nbsp;million term loan facility.
We may use the proceeds from the facilities for working capital
and capital expenditures made in the ordinary course of business
and other lawful corporate purposes, for our common stock
repurchases and for direct and indirect investments permitted
under the facility. Simultaneous with entering into the new
credit facility, we borrowed $437.5&nbsp;million under our new
facility to retire all outstanding obligations under our
previous credit facility.
</DIV>
</DIV>

<P align="center" style="font-size: 10pt;">1

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Radio One, Inc. is a Delaware corporation. The principal
executive offices of Radio One are located at: Radio One, Inc.,
5900 Princess Garden Parkway, 7th Floor, Lanham, Maryland 20706.
The phone number is (301)&nbsp;306-1111.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Summary Terms of the Exchange Offer</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On February&nbsp;10, 2005, we completed the offering of the
original notes. That offering was exempt from the registration
requirements of the Securities Act. In connection with that
offering, we entered into a registration rights agreement with
the initial purchasers of the original notes in which we agreed,
among other things, to deliver this prospectus to you and to use
our best efforts to commence the exchange offer no later than
October&nbsp;28, 2005.
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="28%"></TD>
    <TD width="1%"></TD>
    <TD width="71%"></TD>
</TR>

<TR>
    <TD valign="top">
    Exchange Offer</TD>
    <TD></TD>
    <TD valign="top">
    We are offering to exchange up to $200,000,000 in aggregate
    principal amount of
    6<FONT style="font-size: 70%"><SUP>3</SUP></FONT>/<FONT style="font-size: 60%">8</FONT>%&nbsp;Senior
    Subordinated Notes due 2013, which have been registered under
    the Securities Act, for an equal aggregate principal amount of
    our outstanding
    6<FONT style="font-size: 70%"><SUP>3</SUP></FONT>/<FONT style="font-size: 60%">8</FONT>%&nbsp;Senior
    Subordinated Notes due 2013, to satisfy our obligations under
    the registration rights agreement that we entered into when the
    original notes were sold in transactions under Rule&nbsp;144A
    and/or Regulation&nbsp;S under the Securities Act.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    Expiration Date</TD>
    <TD></TD>
    <TD valign="top">
    The exchange offer will expire at 5:00&nbsp;p.m., New York City
    time,
    on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
    2005, unless extended.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    Withdrawal; Non-Acceptance</TD>
    <TD></TD>
    <TD valign="top">
    You may withdraw any original notes tendered in the exchange
    offer at any time prior to 5:00&nbsp;p.m., New York City time,
    on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
    2005. If we decide for any reason not to accept any original
    notes tendered for exchange, the original notes will be returned
    to the registered holder at our expense promptly after the
    expiration or termination of the exchange offer. In the case of
    original notes tendered by book-entry transfer into the exchange
    agent&#146;s account at The Depository Trust Company, any
    withdrawn or unaccepted original notes will be credited to the
    tendering holder&#146;s account at The Depository Trust Company.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    For further information regarding the withdrawal of tendered
    original notes, see &#147;The Exchange Offer&nbsp;&#151; Terms
    of the Exchange Offer;&#148; &#147;&#151;&nbsp;Expiration Date;
    Extension; Termination; Amendment&#148; and
    &#147;&#151;&nbsp;Withdrawal Rights.&#148;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    Conditions to the Exchange Offer</TD>
    <TD></TD>
    <TD valign="top">
    The exchange offer is subject to customary conditions, which we
    may waive. See the discussion below under the caption &#147;The
    Exchange Offer&nbsp;&#151; Conditions to the Exchange
    Offer&#148; for more information regarding the conditions to the
    exchange offer.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    Exchange Agent</TD>
    <TD></TD>
    <TD valign="top">
    The Bank of New York is serving as exchange agent in connection
    with the exchange offer.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    Procedures for Tendering Original Notes</TD>
    <TD></TD>
    <TD valign="top">
    If you wish to participate in the exchange offer, you must
    either:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    &#149;&nbsp;complete, sign and date an original or faxed letter
    of transmittal in accordance with the instructions in the letter
    of transmittal accompanying this prospectus;&nbsp;or</TD>
</TR>

</TABLE>
</DIV>

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<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="28%"></TD>
    <TD width="1%"></TD>
    <TD width="71%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    &#149;&nbsp;arrange for The Depository Trust Company to transmit
    required information to the exchange agent in connection with a
    book- entry transfer.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    Then you must mail, fax or deliver all required documentation to
    The Bank of New York, which is acting as the exchange agent for
    the exchange offer. The exchange agent&#146;s address appears on
    the letter of transmittal. By tendering your original notes in
    either of these manners, you will represent to and agree with us
    that:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    &#149;&nbsp;you are acquiring the exchange notes in the ordinary
    course of your business;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    &#149;&nbsp;you are not engaged in, and you do not intend to
    engage in, the distribution (within the meaning of the federal
    securities laws) of the exchange notes;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    &#149;&nbsp;you have no arrangement or understanding with anyone
    to participate in a distribution of the exchange notes;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    &#149;&nbsp;you are not an &#147;affiliate,&#148; as defined in
    Rule&nbsp;405 under the Securities Act, of the Company.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    See &#147;The Exchange Offer&nbsp;&#151; Procedures for
    Tendering Original Notes&#148; and &#147;&#151;&nbsp;The
    Depository Trust Company Book-Entry Transfer.&#148;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    Each broker-dealer that receives exchange notes for its own
    account in exchange for original notes, where such original
    notes were acquired by such broker-dealer as a result of
    market-making activities or other trading activities, must
    acknowledge that it will deliver a prospectus in connection with
    any resale of such exchange notes. See &#147;Plan of
    Distribution.&#148;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    Special Procedures for Beneficial Owners</TD>
    <TD></TD>
    <TD valign="top">
    If you are a beneficial owner of original notes that are held by
    or registered in the name of a broker, dealer, commercial bank,
    trust company or other nominee or custodian and you wish to
    tender your original notes, you should contact your intermediary
    entity promptly and instruct it to tender the exchange notes on
    your behalf.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    Guaranteed Delivery Procedures</TD>
    <TD></TD>
    <TD valign="top">
    If you desire to tender original notes in the exchange offer and:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    &#149;&nbsp;the original notes are not immediately available;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    &#149;&nbsp;time will not permit delivery of the original notes
    and all required documents to the exchange agent on or prior to
    the expiration date;&nbsp;or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    &#149;&nbsp;the procedures for book-entry transfer cannot be
    completed on a timely basis,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    you may nevertheless tender the original notes, provided that
    you comply with all of the guaranteed delivery procedures set
    forth in &#147;The Exchange Offer&nbsp;&#151; Guaranteed
    Delivery Procedures.&#148;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    Resales of Exchange Notes</TD>
    <TD></TD>
    <TD valign="top">
    Based on an interpretation by the staff of the SEC set forth in
    no-action letters issued to third parties, we believe that you
    can</TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt;">3

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

<TR>
    <TD width="28%"></TD>
    <TD width="1%"></TD>
    <TD width="71%"></TD>
</TR>

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    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    resell and transfer your exchange notes without compliance with
    the registration and prospectus delivery requirements of the
    Securities Act, if you can make the representations that appear
    above under the heading &#147;The Exchange Offer&nbsp;&#151;
    Procedures for Tendering Original Notes.&#148;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    We cannot guarantee that the SEC would make a similar decision
    about the exchange offer. If our belief is wrong, or if you
    cannot truthfully make the representations appearing above, and
    you transfer any exchange note without delivering a prospectus
    meeting the requirements of the Securities Act or without an
    exemption from registration of your exchange notes from such
    requirements, you may incur liability under the Securities Act.
    We are not indemnifying you against this liability.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    Accrued Interest on the Exchange Notes and the Original Notes</TD>
    <TD></TD>
    <TD valign="top">
    The exchange notes will bear interest from the most recent date
    to which interest has been paid on the original notes. If your
    original notes are accepted for exchange, then you will receive
    interest on the exchange notes and not on the original notes.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    Material United States Federal Income Tax Consequences</TD>
    <TD></TD>
    <TD valign="top">
    The exchange of original notes for exchange notes in the
    exchange offer will not be a taxable transaction for United
    States federal income tax purposes. See the discussion below
    under the caption &#147;Material United States Federal Income
    Tax Consequences&#148; for more information regarding the tax
    consequences to you of the exchange offer.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    Consequences of Failure to Exchange Original Notes</TD>
    <TD></TD>
    <TD valign="top">
    All untendered original notes will remain subject to the
    restrictions on transfer provided for in the original notes and
    in the indenture. Generally, the original notes that are not
    exchanged for exchange notes pursuant to the exchange offer will
    remain restricted securities and may not be offered or sold,
    unless registered under the Securities Act, except pursuant to
    an exemption from, or in a transaction not subject to, the
    Securities Act and applicable state securities laws. Other than
    in connection with the exchange offer, we do not currently
    anticipate that we will register the original notes under the
    Securities Act.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    Because we anticipate that most holders of the original notes
    will elect to exchange their original notes, we expect that the
    liquidity of the markets, if any, for any original notes
    remaining after the completion of the exchange offer will be
    substantially limited.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    Use of Proceeds</TD>
    <TD></TD>
    <TD valign="top">
    We will not receive any proceeds from the issuance of exchange
    notes in the exchange offer. We will pay all registration and
    other expenses incidental to the exchange offer.</TD>
</TR>

</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Summary Terms of the Exchange Notes</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following is a summary of the terms of the exchange notes.
The terms of the exchange notes are the same in all material
respects as the terms of the original notes, except that the
exchange notes will be
</DIV>
</DIV>

<P align="center" style="font-size: 10pt;">4

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="width: 100%; border: 1px solid black; padding: 12px;">

<DIV align="left" style="font-size: 10pt;">
registered under the Securities Act and, therefore, the transfer
restrictions applicable to the original notes will not be
applicable to the exchange notes and the exchange notes will not
bear any legends restricting their transfer. The exchange notes
will evidence the same debt as the original notes, and both the
original notes and the exchange notes are governed by the same
indenture. The original notes and the exchange notes will be
treated as a single class of notes should any original notes
remain outstanding following the exchange offer.
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="28%"></TD>
    <TD width="1%"></TD>
    <TD width="71%"></TD>
</TR>

<TR>
    <TD valign="top">
    Issuer</TD>
    <TD></TD>
    <TD valign="top">
    Radio One, Inc.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    Securities</TD>
    <TD></TD>
    <TD valign="top">
    $200.0&nbsp;million of
    6<FONT style="font-size: 70%"><SUP>3</SUP></FONT>/<FONT style="font-size: 60%">8</FONT>%&nbsp;Senior
    Subordinated Notes due 2013.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    Maturity</TD>
    <TD></TD>
    <TD valign="top">
    February&nbsp;15, 2013.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    Interest Rate</TD>
    <TD></TD>
    <TD valign="top">
    6<FONT style="font-size: 70%"><SUP>3</SUP></FONT>/<FONT style="font-size: 60%">8</FONT>%&nbsp;per
    annum.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    Interest Payment Dates</TD>
    <TD></TD>
    <TD valign="top">
    February 15 and August&nbsp;15, commencing August&nbsp;15, 2005.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    Ranking</TD>
    <TD></TD>
    <TD valign="top">
    The exchange notes will rank:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    &#149;&nbsp;senior to any of our and our guarantors&#146; future
    debt that expressly provides that it is subordinated to the
    exchange notes;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    &#149;&nbsp;on a parity with our existing
    8<FONT style="font-size: 70%"><SUP>7</SUP></FONT>/<FONT style="font-size: 60%">8</FONT>%&nbsp;senior
    subordinated notes due 2011 and any of our and our
    guarantors&#146; future senior subordinated obligations that do
    not expressly provide that they are subordinated to the exchange
    notes;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    &#149;&nbsp;junior to all of our and our guarantors&#146;
    existing and future senior debt.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    As of March&nbsp;31, 2005, there was approximately
    $437.5&nbsp;million of our senior debt outstanding, as well as
    $200.0&nbsp;million of original notes and $300.0&nbsp;million of
    our
    8<FONT style="font-size: 70%"><SUP>7</SUP></FONT>/<FONT style="font-size: 60%">8</FONT>%&nbsp;senior
    subordinated notes due 2011 outstanding.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    Guarantees</TD>
    <TD></TD>
    <TD valign="top">
    The exchange notes will be unconditionally guaranteed on a
    senior subordinated basis by each of our existing and future
    domestic restricted subsidiaries. If we cannot make payments on
    the exchange notes when they are due, our guarantors must make
    them instead.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    Optional Redemption</TD>
    <TD></TD>
    <TD valign="top">
    On or after February&nbsp;15, 2009, we may, at our option,
    redeem the exchange notes at any time in whole, or from time to
    time in part, at a redemption price equal to 103.188% of the
    principal amount to be redeemed, declining ratably annually to
    100% of the principal amount to be redeemed beginning on
    February&nbsp;15, 2011, plus accrued and unpaid interest up to
    but not including the date of redemption. See &#147;Description
    of Exchange Notes&nbsp;&#151; Optional Redemption.&#148;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    In addition, prior to February&nbsp;15, 2008, we may, at our
    option, redeem up to 35% of the original principal amount of the
    exchange notes, at any time or from time to time, at a
    redemption price equal to 106.375% of the principal amount to be
    redeemed, plus accrued and unpaid interest up to but not
    including the date of redemption using the proceeds of certain
    offerings of our common stock. See &#147;Description of Exchange
    Notes&nbsp;&#151; Optional Redemption.&#148;</TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt;">5

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<DIV style="width: 100%; border: 1px solid black; padding: 12px;">

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="28%"></TD>
    <TD width="1%"></TD>
    <TD width="71%"></TD>
</TR>

<TR>
    <TD valign="top">
    Repurchase at Option of the Holder Upon a Change of Control Offer</TD>
    <TD></TD>
    <TD valign="top">
    Upon a change of control of Radio One, each holder may require
    us to repurchase all or a portion of the holder&#146;s exchange
    notes for cash at a price equal to 101% of the principal amount
    of the exchange notes plus accrued and unpaid interest up to,
    but not including, the repurchase date. See &#147;Description of
    Exchange Notes&nbsp;&#151; Repurchase at the Option of
    Holders&nbsp;&#151; Change of Control.&#148;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    Asset Sales</TD>
    <TD></TD>
    <TD valign="top">
    We may be obligated to purchase the exchange notes at a
    redemption price of 100% of the principal amount thereof plus
    accrued and unpaid interest to the date of purchase with the net
    proceeds of certain sales or other dispositions of assets. See
    &#147;Description of Exchange Notes&nbsp;&#151; Repurchase at
    the Option of Holders&nbsp;&#151; Asset Sales.&#148;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    Certain Covenants</TD>
    <TD></TD>
    <TD valign="top">
    The indenture governing the exchange notes will, among other
    things, restrict our ability and the ability of our subsidiaries
    to:</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    &#149;&nbsp;incur or guarantee additional indebtedness;</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    &#149;&nbsp;pay dividends or distributions on, or redeem or
    repurchase, capital stock;</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    &#149;&nbsp;make certain investments;</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    &#149;&nbsp;issue or sell capital stock of our subsidiaries;</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    &#149;&nbsp;engage in transactions with affiliates;</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    &#149;&nbsp;create liens;</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    &#149;&nbsp;restrict dividend or other payments to us from our
    subsidiaries;</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    &#149;&nbsp;transfer or sell assets;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    &#149;&nbsp;consolidate, merge or transfer all or substantially
    all of our assets.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    These covenants are subject to important exceptions and
    qualifications, which are described in the &#147;Description of
    Exchange Notes&nbsp;&#151; Certain Covenants.&#148;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    Registration Rights</TD>
    <TD></TD>
    <TD valign="top">
    Concurrently with the closing of the original notes, we entered
    into, together with the guarantors of the original notes, an
    agreement with the initial purchaser of the original notes under
    which we are obligated to file a registration statement with
    respect to an offer to exchange the notes for a new issue of
    identical exchange notes registered under the Securities Act on
    or prior to 180&nbsp;days after the date of the original
    issuance of the notes. We are also obligated to use our best
    efforts to cause the registration statement to be declared
    effective on or prior to 260&nbsp;days after the date of the
    original issuance of the original notes.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    If we fail to satisfy these obligations, we may required to pay
    you additional interest. See &#147;Description of Exchange
    Notes&nbsp;&#151; Registration Rights; Additional Interest.&#148;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    These registration rights applicable to the original notes are
    not applicable to the exchange notes.</TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt;">6

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="width: 100%; border: 1px solid black; padding: 12px;">

<DIV align="left" style="font-size: 10pt;">
<A name='104'></A>
</DIV>

<!-- link1 "SELECTED CONSOLIDATED FINANCIAL DATA" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>SELECTED CONSOLIDATED FINANCIAL DATA</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following table contains the selected historical financial
information derived from our audited consolidated financial
statements for each of the years ended December&nbsp;31, 2000,
2001, 2002, 2003 and 2004 and our unaudited financial statements
for the six months ended June&nbsp;30, 2004 and June&nbsp;30,
2005. The financial data below is only a summary. It should be
read in conjunction with our historical consolidated financial
statements, including the notes thereto, and
&#147;Management&#146;s Discussion and Analysis of Financial
Condition and Results of Operations&#148; contained in the
annual and quarterly reports filed by us with the SEC. See
&#147;Where You Can Find Additional Information.&#148;
</DIV>



<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 9pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="3%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>


<TR style="font-size: 7pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="19">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>Six Months</B></TD><TD></TD>
</TR>

<TR style="font-size: 7pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="18" align="center" nowrap><B>Year Ended December&nbsp;31,(1)</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>Ended June&nbsp;30,</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="18" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR style="font-size: 7pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2000</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2001</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2002</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2003</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2004</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2004</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2005</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>


<TR style="font-size: 7pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="26" align="center" nowrap><B>(In thousands, except per share amounts)</B></TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>Statements of Operations:</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Net broadcast revenue</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>155,666</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>243,804</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>295,851</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>303,150</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>319,761</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>155,872</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>178,534</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Programming and technical expenses</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>23,971</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>40,791</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>49,582</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>51,496</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>53,358</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>27,733</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>33,450</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Selling, general and administrative expenses</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>53,309</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>79,672</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>94,884</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>92,157</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>91,517</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>46,703</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>52,326</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Corporate expenses</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>6,303</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>10,065</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>13,765</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>14,334</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>16,658</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>7,878</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>11,324</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Depreciation and amortization</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>63,207</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>129,723</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>17,640</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>18,078</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>16,934</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>8,991</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>6,616</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Operating income (loss)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>8,876</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(16,447</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>119,980</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>127,085</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>141,294</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>64,567</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>74,818</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Interest expense(2)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>32,407</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>63,358</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>59,143</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>41,438</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>39,611</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>19,723</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>29,669</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Equity in net loss of affiliated company</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,123</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3,905</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3,798</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>763</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Gain on sale of assets, net</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4,224</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>133</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Other income, net</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>20,084</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>991</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,213</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,721</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,541</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,451</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>866</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Income tax benefit (provision)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(804</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>24,550</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(25,282</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(32,462</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(38,717</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(16,247</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(15,095</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Income (loss) before extraordinary item and cumulative effect of
    accounting change</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(4,251</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(50,040</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>36,901</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>53,783</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>61,602</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>26,250</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>30,157</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Minority interest in income of subsidiary</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>625</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Extraordinary loss, net of tax</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5,207</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Cumulative effect of a change in accounting principle, net of tax</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>29,847</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Net income (loss)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(4,251</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(55,247</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>7,054</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>53,783</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>61,602</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>26,250</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>29,532</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Preferred stock dividend</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(9,236</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(20,140</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(20,140</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(20,140</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(20,140</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>10,070</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,761</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Net income (loss) applicable to common stockholders</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>(13,487</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>(75,387</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>(13,086</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>33,643</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>41,462</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>16,180</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>26,771</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Net income (loss) per common share&nbsp;&#151; basic:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Income (loss) before extraordinary item and cumulative effect of
    a change in accounting principle(3)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(0.16</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(0.78</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0.16</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0.32</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0.40</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0.15</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0.25</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Extraordinary item</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(0.05</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Cumulative effect of a change in accounting principle</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(0.29</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Net income (loss) applicable to common stockholders per share</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(0.16</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(0.83</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(0.13</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0.32</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0.40</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0.15</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0.25</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

</DIV>

<P align="center" style="font-size: 10pt;">7

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="width: 100%; border: 1px solid black; padding: 12px;">


<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 9pt; ">

<TR style="font-size: 1pt;">
    <TD width="3%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>


<TR style="font-size: 7pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="19">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>Six Months</B></TD><TD></TD>
</TR>

<TR style="font-size: 7pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="18" align="center" nowrap><B>Year Ended December&nbsp;31,(1)</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>Ended June&nbsp;30,</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="18" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR style="font-size: 7pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2000</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2001</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2002</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2003</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2004</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2004</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2005</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>


<TR style="font-size: 7pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="26" align="center" nowrap><B>(In thousands, except per share amounts)</B></TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Net income (loss) per common share&nbsp;&#151; diluted:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Income (loss) before extraordinary item and cumulative effect of
    a change in accounting principle(3)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(0.16</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(0.78</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0.16</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0.32</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0.39</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0.15</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0.25</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Extraordinary item</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(0.05</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Cumulative effect of a change in accounting principle</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(0.29</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Net income (loss) applicable to common stockholders per share</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(0.16</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(0.83</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(0.13</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0.32</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0.39</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0.15</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0.25</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>Pro Forma Amounts:</B>(4)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Net income</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>37,539</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>21,302</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>36,901</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>53,783</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>61,602</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>26,250</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>29,532</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Net income applicable to common stockholders</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>28,303</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,162</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>16,761</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>33,643</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>41,462</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>16,180</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>26,771</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Net income per share applicable to common
    stockholders&nbsp;&#151; basic</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0.33</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0.01</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0.16</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0.32</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0.40</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0.15</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0.25</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Net income per share applicable to common
    stockholders&nbsp;&#151; diluted</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0.33</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0.01</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0.16</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0.32</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0.39</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0.15</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0.25</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>Statement of Cash Flows:</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Cash flows from (used in)&nbsp;&#151;<BR>
    Operating activities</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>55,686</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>59,783</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>70,821</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>109,720</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>123,719</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>49,707</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>44,796</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Investing activities</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(1,220,023</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(146,928</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(105,277</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(44,357</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(155,498</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(36,826</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(22,929</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Financing activities</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,178,995</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>98,381</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>47,756</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(72,768</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4,160</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(35,859</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(16,123</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>Other Data:</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Cash interest expense(5)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>28,581</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>61,371</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>57,089</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>39,743</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>37,909</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>18,874</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>14,537</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Capital expenditures</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3,665</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>9,283</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>10,971</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>11,382</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>12,979</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3,927</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>8,291</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    EBITDA(6)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>72,083</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>110,670</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>106,534</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>143,173</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>154,340</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>69,904</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>80,169</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Station Operating Income(7)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>78,386</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>123,341</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>151,385</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>159,497</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>175,690</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>82,149</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>92,811</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Station Operating Income Margin(8)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>50</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>51</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>51</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>53</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>55</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>53</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>52</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>Balance Sheet Data (at period end):</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Cash and cash equivalents</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>20,879</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>32,115</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>45,415</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>38,010</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>10,391</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>15,032</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>16,135</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Short term investments</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>40,700</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>40,700</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>10,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>32,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Intangible assets, net</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,637,180</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,776,201</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,776,626</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,782,258</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,931,045</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,813,612</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,005,188</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Total assets</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,765,218</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,923,915</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,984,360</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,001,461</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,111,141</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,023,166</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,199,019</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Total debt (including current portion)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>646,956</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>780,022</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>650,001</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>597,535</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>620,028</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>571,280</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>937,523</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Total liabilities</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>708,149</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>870,968</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>740,337</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>723,042</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>782,696</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>725,454</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,135,409</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Total stockholders&#146; equity</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,057,069</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,052,947</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,244,023</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,278,419</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,328,445</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,297,712</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,062,088</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>


<DIV align="left" style="font-size: 3pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<DIV style="width: 18%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>(1)&nbsp;</TD>
    <TD align="left">
    Year-to-year comparisons are significantly affected by Radio
    One&#146;s acquisition of various radio stations during the
    periods covered.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(2)&nbsp;</TD>
    <TD align="left">
    Interest expense includes non-cash interest, such as the
    accretion of principal, the amortization of discounts on debt
    and the amortization of deferred financing costs.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(3)&nbsp;</TD>
    <TD align="left">
    Income (loss) before extraordinary item and cumulative effect of
    a change in accounting principle is the reported amount, less
    dividends paid on Radio One&#146;s preferred securities.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(4)&nbsp;</TD>
    <TD align="left">
    The pro forma amounts summarize the effect of
    SFAS&nbsp;No.&nbsp;142 as of the beginning of the periods
    presented. For 2000-2001, the net loss is adjusted to eliminate
    the amortization expense recognized in those periods related to
    goodwill and FCC licenses, as these indefinite-lived assets are
    no longer amortized under SFAS&nbsp;No.&nbsp;142. The adjusted
    amounts do not include any adjustments for potential impairment
    of Radio One&#146;s indefinite-lived assets that could have
    resulted if Radio One had adopted</TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt;">8

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="width: 100%; border: 1px solid black; padding: 12px;">

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

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD align="left">
    SFAS&nbsp;No.&nbsp;142 as of the beginning of the years
    presented and performed the required impairment test under this
    standard.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(5)&nbsp;</TD>
    <TD align="left">
    Cash interest expense is calculated as interest expense less
    non-cash interest, including the accretion of principal, the
    amortization of discounts on debt and the amortization of
    deferred financing costs, for the indicated period.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(6)&nbsp;</TD>
    <TD align="left">
    Net income or loss before interest income, interest expense,
    income taxes, change in accounting principle, depreciation and
    amortization is commonly referred to in our business as
    &#147;EBITDA.&#148; EBITDA is not a measure of financial
    performance under generally accepted accounting principles. We
    believe EBITDA is often a useful measure of a company&#146;s
    operating performance and is a significant basis used by our
    management to measure the operating performance of our business
    because EBITDA excludes charges for depreciation, amortization,
    change in accounting principle and interest expense that have
    resulted from our acquisitions and debt financings, and our
    interest income and income tax provision or benefit.
    Accordingly, we believe that EBITDA provides helpful information
    about the operating performance of our business, apart from the
    expenses associated with our physical plant or capital
    structure. EBITDA is frequently used as one of the bases for
    comparing businesses in our industry, although our measure of
    EBITDA may not be comparable to similarly titled measures of
    other companies. EBITDA does not purport to represent operating
    loss or cash flow from operating activities, as those terms are
    defined under generally accepted accounting principles, and
    should not be considered as an alternative to those measurements
    as an indicator of our performance.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The reconciliation of net income to EBITDA is as follows:
</DIV>


<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 9pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="32%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>


<TR style="font-size: 7pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="19">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>Six Months</B></TD><TD></TD>
</TR>

<TR style="font-size: 7pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="18" align="center" nowrap><B>Year Ended December&nbsp;31,</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>Ended June&nbsp;30,</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="18" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR style="font-size: 7pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2000</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2001</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2002</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2003</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2004</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2004</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2005</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>


<TR style="font-size: 7pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="26" align="center" nowrap><B>(In thousands)</B></TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Net income (loss) as reported</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>(4,251</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>(55,247</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>7,054</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>53,783</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>61,602</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>26,250</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>29,532</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Add back non-EBITDA items included in net income (loss):</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Interest income</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(20,084</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(2,614</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(2,585</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(2,588</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(2,524</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(1,307</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(743</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Interest expense</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>32,407</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>63,358</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>59,143</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>41,438</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>39,611</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>19,723</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>29,669</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Provision (benefit) for income taxes</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>804</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(24,550</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>25,282</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>32,462</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>38,717</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>16,247</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>15,095</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Depreciation and amortization</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>63,207</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>129,723</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>17,640</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>18,078</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>16,934</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>8,991</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>6,616</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    EBITDA</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>72,083</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>110,670</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>106,534</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>143,173</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>154,340</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>69,904</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>80,169</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>


<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>(7)&nbsp;</TD>
    <TD align="left">
    Net income before depreciation and amortization, income taxes,
    interest income, interest expense, equity in net loss of
    affiliated company, other expense, corporate expenses and
    non-cash compensation expenses is commonly referred to in our
    business as &#147;station operating income.&#148; Station
    operating income is not a measure of financial performance under
    generally accepted accounting principles. Nevertheless we
    believe station operating income is often a useful measure of a
    broadcasting company&#146;s operating performance and is a
    significant basis used by our management to measure the
    operating performance of our stations within the various markets
    because station operating income provides helpful information
    about our results of operations apart from expenses associated
    with our physical plant, income tax provision or benefit,
    investments, debt financings, overhead and non-cash
    compensation. Station operating income is frequently used as one
    of the bases for comparing businesses in our industry, although
    our measure of station operating income may not be comparable to
    similarly titled measures of other companies. Station operating
    income does not purport to represent operating loss or cash flow
    from operating activities, as those terms are defined under
    generally accepted accounting principles, and should not be
    considered as an alternative to those measurements as an
    indicator of our performance.</TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt;">9

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="width: 100%; border: 1px solid black; padding: 12px;">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The reconciliation of net income to station operating income is
as follows:
</DIV>


<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 9pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="32%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>


<TR style="font-size: 7pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="19">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>Six Months</B></TD><TD></TD>
</TR>

<TR style="font-size: 7pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="18" align="center" nowrap><B>Year Ended December&nbsp;31,</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>Ended June&nbsp;30,</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="18" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR style="font-size: 7pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2000</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2001</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2002</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2003</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2004</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2004</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2005</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>


<TR style="font-size: 7pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="26" align="center" nowrap><B>(In thousands)</B></TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Net income (loss) as reported</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>(4,251</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>(55,247</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>7,054</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>53,783</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>61,602</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>26,250</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>29,532</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Add back non-station operating income items included in net
    income (loss):</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Interest income</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(20,084</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(2,614</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(2,585</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(2,588</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(2,524</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(1,307</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(743</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Interest expense</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>32,407</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>63,358</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>59,143</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>41,438</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>39,611</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>19,723</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>29,669</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Provision (benefit) for income taxes</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>804</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(24,550</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>25,282</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>32,462</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>38,717</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>16,247</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>15,095</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Change in accounting principle</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>29,847</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Extraordinary loss, net of tax</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5,207</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Corporate expenses, excluding non-cash compensation</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>6,115</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>9,114</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>12,351</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>12,589</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>15,049</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>7,074</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>10,468</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Non-cash compensation</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>188</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>951</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,414</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,745</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,413</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,517</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>909</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Gain on sale of asset, net</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(4,224</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Equity in net loss of affiliated company</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,123</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3,905</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3,798</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>763</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Other (income) expense</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,623</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,239</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(133</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(17</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(144</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(123</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Depreciation and amortization</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>63,207</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>129,723</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>17,640</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>18,078</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>16,934</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>8,991</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>6,616</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Minority interest in income of subsidiary</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>625</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Station operating income</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>78,386</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>123,341</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>151,385</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>159,497</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>175,690</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>82,149</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>92,811</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>


<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>(8)&nbsp;</TD>
    <TD align="left">
    &#147;Station operating income margin&#148; represents station
    operating income as a percentage of net broadcast revenue.
    Station operating income margin is not a measure of financial
    performance under generally accepted accounting principles.
    Nevertheless, we believe that station operating income margin is
    a useful measure of our performance because it provides helpful
    information about our profitability as a percentage of our net
    broadcasting revenue.</TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt;">10

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

<DIV align="left" style="font-size: 10pt;">
<A name='105'></A>
</DIV>

<!-- link1 "RISK FACTORS" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>RISK FACTORS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>You should carefully consider the risks described below in
addition to the other information contained in this prospectus
and the documents incorporated by reference into this prospectus
before deciding whether to participate in the exchange offer.
You should also carefully consider the information set forth in
our annual report on Form&nbsp;10-K/ A for the fiscal year ended
December&nbsp;31, 2004 under the heading &#147;Risk
Factors.&#148;</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Risks Related to Our Business</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our future operating results could be adversely affected by a
number of risks and uncertainties, certain of which are
described below. The risks and uncertainties described below are
not the only risks we face. Additional risks and uncertainties
not currently known to us or that we currently deem immaterial
may impair our business operations. If any of the risks
described below actually occur, our business, results of
operations and financial condition could be materially and
adversely affected.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Decreased spending by advertisers can adversely affect our
    revenue and operating results.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Substantially all of our revenue is derived from sales of
advertisements and program sponsorships on our stations to local
and national advertisers. Generally, advertising tends to
decline during economic recession or downturn. As a result, our
advertising revenue is likely to be adversely affected by a
recession or downturn in the United States economy, the economy
of an individual geographic market in which we own or operate
radio stations, or other events or circumstances that adversely
affect advertising activity.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>We may lose audience share and advertising revenue to
    competing radio stations or other types of media
    competitors.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We operate in a highly competitive industry. Our radio stations
compete for audiences and advertising revenue with other radio
stations and station groups, as well as with other media such as
broadcast television, newspapers, magazines, cable television,
satellite television, satellite radio, outdoor advertising, the
Internet and direct mail. Audience ratings and market shares are
subject to change. Any adverse change in a particular market, or
adverse change in the relative market positions of the stations
located in a particular market could have a material adverse
effect on our revenue or ratings, could require increased
promotion or other expenses in that market, and could adversely
affect our revenue in other markets. Other radio broadcasting
companies may enter the markets in which we operate or may
operate in the future. These companies may be larger and have
more financial resources than we have. Our radio stations may
not be able to maintain or increase their current audience
ratings and advertising revenue. In addition, from time to time,
other stations may change their format or programming, a new
station may adopt a format to compete directly with our stations
for audiences and advertisers, or stations might engage in
aggressive promotional campaigns. These tactics could result in
lower ratings and advertising revenue or increased promotion and
other expenses and, consequently, lower earnings and cash flow
for us. Audience preferences as to format or programming may
also shift due to demographic or other reasons. Any failure by
us to respond, or to respond as quickly as our competitors,
could have an adverse effect on our business and financial
performance. We cannot assure you that we will be able to
maintain or increase our current audience ratings and
advertising revenue.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>We must respond to the rapid changes in technology,
    services and standards which characterize our industry in order
    to remain competitive.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The radio broadcasting industry is subject to rapid
technological change, evolving industry standards and the
emergence of new media technologies, which may impact our
business. We cannot assure you that we will have the resources
to acquire new technologies or to introduce new services that
could compete
</DIV>

<P align="center" style="font-size: 10pt;">11

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<DIV align="left" style="font-size: 10pt;">
with these new technologies. Several new media technologies are
being, or have been, developed, including the following:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    satellite delivered digital audio radio service, which has
    resulted in the introduction of several new satellite radio
    services with sound quality equivalent to that of compact discs;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    audio programming by cable television systems, direct broadcast
    satellite systems, Internet content providers and other digital
    audio broadcast formats;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    digital audio and video content available for listening and/or
    viewing on the Internet and/or available to be downloaded to
    portable devices.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We cannot assure you that we will be able to adapt effectively
to these new media technologies.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>The loss of key personnel, including on-air talent, could
    disrupt the management and operations of our business.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our business depends upon the continued efforts, abilities and
expertise of our executive officers, including our chief
executive officer, chief financial officer, chief operating
officer and chief administrative officer, and other key
employees, including on-air personalities. We believe that the
unique combination of skills and experience possessed by our
executive officers could be difficult to replace, and that the
loss of any one of them could have a material adverse effect on
us, including the impairment of our ability to execute our
business strategy. Additionally, we employ or independently
contract with several on-air personalities and hosts of
syndicated radio programs with significant loyal audiences in
their respective broadcast areas. These on-air personalities are
sometimes significantly responsible for the ranking of a
station, and thus, the ability of the station to sell
advertising. We cannot be assured that these individuals will
remain with us or will retain their current audiences.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Our acquisition strategy could be hampered by a lack of
    attractive opportunities or other risks associated with
    integrating the operations, systems and management of the radio
    stations we acquire.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our acquisition strategy depends significantly on our ability to
identify underperforming radio stations or stick stations in
attractive markets, to purchase such stations at a reasonable
cost and to increase revenue, cash flow and ratings from such
radio stations. Some of the material risks that could hinder our
ability to implement this strategy include:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    increases in prices for radio stations due to increased
    competition for acquisition opportunities;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    reduction in the number of suitable acquisition targets;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    failure or unanticipated delays in completing acquisitions due
    to difficulties in obtaining required regulatory approval,
    including possible difficulties in obtaining antitrust approval
    for acquisitions in markets where we already own multiple
    stations or potential delays resulting from the uncertainty
    arising from legal challenges to the FCC&#146;s adoption of new
    broadcast ownership rules;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    difficulty in integrating operations and systems and managing a
    large and geographically diverse group of radio stations;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    failure of some acquisitions to prove profitable or generate
    sufficient cash flow;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    issuance of large amounts of common stock in order to purchase
    radio stations;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    need to finance acquisitions through funding from the credit or
    capital markets;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    inability to finance acquisitions on acceptable terms.</TD>
</TR>

</TABLE>

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

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<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Our business depends on maintaining our licenses with the
    FCC. We could be prevented from operating a radio station if we
    fail to maintain its license.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Radio broadcasters depend upon maintaining radio broadcasting
licenses issued by the FCC. These licenses are ordinarily issued
for a maximum term of eight years and are renewable. Our radio
broadcasting licenses expire at various times through
October&nbsp;1, 2012. Although we may apply to renew our FCC
licenses, interested third parties may challenge our renewal
applications. In addition, we are subject to extensive and
changing regulation by the FCC with respect to such matters as
programming, indecency standards, technical operations,
employment and business practices. If we or any of our
significant stockholders, officers, or directors violate the
FCC&#146;s rules and regulations or the Communications Act of
1934, or is convicted of a felony, the FCC may commence a
proceeding to impose fines or sanctions upon us. Examples of
possible sanctions include the imposition of fines, the renewal
of one or more of our broadcasting licenses for a term of fewer
than eight years or the revocation of our broadcast licenses. If
the FCC were to issue an order denying a license renewal
application or revoking a license, we would be required to cease
operating the radio station covered by the license only after we
had exhausted administrative and judicial review without success.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>There is significant uncertainty regarding the FCC&#146;s
    media ownership rules, and such rules could restrict our ability
    to acquire radio stations.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The radio broadcasting industry is subject to extensive and
changing federal regulation. Among other things, the
Communications Act and FCC rules and policies limit the number
of broadcasting properties that any person or entity may own
(directly or by attribution) in any market and require FCC
approval for transfers of control and assignments of licenses.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In June 2003, the FCC issued a media ownership decision which
substantially altered its television, radio and cross-media
ownership restrictions (the &#147;2003 rules&#148;). The
FCC&#146;s media ownership restrictions apply to parties that
hold &#147;attributable&#148; interests in broadcast station
licensees. With respect to radio, the 2003 rules, among other
things, (a)&nbsp;retained the pre-existing numerical limits on
the permissible number of radio stations in FCC-defined local
radio markets in which a party may co-own or have an
attributable interest; (b)&nbsp;redefined local radio markets to
rely on Arbitron Metro Survey Areas (Arbitron Metros) (in
portions of the country where they exist) in place of the
contour-overlap methodology previously used;
(c)&nbsp;grandfathered existing local radio combinations that
conflict with the 2003 rules based on the Arbitron Metro
definition of local radio markets until the combination is sold;
(d)&nbsp;provided that a contract to sell more than 15%&nbsp;per
week of the advertising time on another in-market radio station
(Joint Sales Agreement or JSA) constitutes an attributable
interest; and (e)&nbsp;replaced radio-TV and daily
newspaper-broadcast cross-ownership rules with a more relaxed
single set of new cross-media ownership restrictions. In
addition, the FCC instituted a rulemaking to determine how to
define local radio markets in areas outside Arbitron Metros.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The 2003 rules were challenged in court. The challenges were
consolidated before the U.S.&nbsp;Court of Appeals for the Third
Circuit, which initially issued a stay of the 2003 rules before
they became effective and subsequently remanded many of them to
the FCC for further proceedings, keeping the judicial stay in
place and retaining jurisdiction. As a result, the FCC continued
to apply the rules in effect before the stay. The FCC also filed
a petition to partially lift the judicial stay as it relates to
the new local radio ownership restrictions. The Third Circuit
lifted the stay as it relates to the FCC&#146;s decision to
(i)&nbsp;make JSAs an attributable interest, (ii)&nbsp;define
local radio markets based on Arbitron Metros, and
(iii)&nbsp;grandfather certain local radio combinations only
until the combination is sold. The court declined to lift the
stay as to &#147;matters pertaining to numerical limits on local
radio ownership and the AM &#147;subcap&#146;.&#148; In
response, the FCC revised its application forms for transfers of
control and assignments of licenses to incorporate these aspects
of the 2003 rules, and the FCC is now applying such revisions to
all pending and new applications.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The FCC&#146;s media ownership rules remain in flux and subject
to further agency and court proceedings. Certain of the parties
to the Third Circuit&#146;s decision have requested review by
the U.S.&nbsp;Supreme Court, which request was recently denied.
At the FCC, the 2003 rules are currently on remand from the Third
</DIV>

<P align="center" style="font-size: 10pt;">13

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<DIV align="left" style="font-size: 10pt;">
Circuit and the FCC has not yet instituted further proceedings.
Also, the FCC has not yet ruled on pending petitions for
reconsideration of the decision adopting the 2003 rules.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In addition to the FCC media ownership rules, the outside media
interests of our officers and directors could limit our ability
to acquire stations. The filing of petitions or complaints
against Radio One or any FCC licensee from which we are
acquiring a station could result in the FCC delaying the grant
of, or refusing to grant or imposing conditions on its consent
to the assignment or transfer of control of licenses. The
Communications Act and FCC rules and policies also impose
limitations on non-U.S.&nbsp;ownership and voting of our capital
stock.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Increased enforcement by FCC of its indecency rules
    against the broadcast industry.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The FCC has recently indicated that it is enhancing its
enforcement efforts relating to the regulation of indecency and
has threatened to initiate license revocation proceedings
against a broadcast licensee who commits a &#147;serious&#148;
indecency violation. Legislation that passed in the House and
will be offered in the Senate would dramatically increase the
penalties for broadcasting indecent programming and potentially
subject broadcasters to license revocation, renewal or
qualification proceedings in the event that they broadcast
indecent material. In addition, the FCC&#146;s heightened focus
on the indecency regulatory scheme, against the broadcast
industry generally, may encourage third parties to oppose our
license renewal applications or applications for consent to
acquire broadcast stations.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Two common stockholders have a majority voting interest in
    Radio One and have the power to control matters on which our
    common stockholders may vote, and their interests may conflict
    with yours.</I></B></TD>
</TR>

</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
As of June&nbsp;30, 2005, our Chairperson and her son, our
President and Chief Executive Officer (&#147;CEO&#148;),
collectively held approximately 56.6% of the outstanding voting
power of our common stock. As a result, our Chairperson and the
CEO will control most decisions involving us, including
transactions involving a change of control, such as a sale or
merger. In addition, certain covenants in our debt instruments
require that our Chairperson and the CEO maintain a specified
ownership and voting interest in us, and prohibit other
parties&#146; voting interests from exceeding specified amounts.
In addition, the TV One operating agreement provides for adverse
consequences to Radio One in the event our Chairperson and CEO
fail to maintain a specified ownership and voting interest in
us. Our Chairperson and the CEO have agreed to vote their shares
together in elections of members of the board of directors.
</DIV>


<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Our substantial level of debt could limit our ability to
    grow and compete.</I></B></TD>
</TR>

</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
As of June&nbsp;30, 2005, we had indebtedness of
$937.5&nbsp;million. Borrowings under the bank credit facility
are subject to compliance with provisions of our Credit
Agreement, including but not limited to the financial covenants.
Currently, we are permitted to borrow up to an additional
$143.0&nbsp;million under our new bank credit facility, taking
into consideration the covenants under the Credit Agreement. See
&#147;Summary&nbsp;&#151; Recent Developments&nbsp;&#151; New
Credit Facility.&#148; We may reborrow under our revolving
credit facility as needed to fund our working capital needs, for
general corporate purposes and to fund permitted acquisitions
and investments. A portion of our indebtedness bears interest at
variable rates. Our substantial level of indebtedness could
adversely affect us for various reasons, including limiting our
ability to:
</DIV>


<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    obtain additional financing for working capital, capital
    expenditures, acquisitions, debt payments or other corporate
    purposes;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    have sufficient funds available for operations, future business
    opportunities or other purposes;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    compete with competitors that have less debt than we do;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    react to changing market conditions, changes in our industry and
    economic downturns.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt;">14

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<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Risks Related to the Notes</B>
</DIV>

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<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Your right to receive payment on the notes and the
    guarantees is junior to all of our and the guarantors&#146;
    senior debt.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The notes are general unsecured obligations, junior in right of
payment to all of our existing and future senior debt and that
of each subsidiary-guarantor, including obligations under our
bank credit facility. The notes are not secured by any of our or
the guarantors&#146; assets, and as such will be effectively
subordinated to any secured debt that we or the guarantors have
now, including all of the borrowings under our credit
facilities, or may incur in the future to the extent of the
value of the assets securing that debt.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In the event that Radio One or a guarantor is declared bankrupt,
becomes insolvent or is liquidated or reorganized, any debt that
ranks ahead of the notes and the guarantees will be entitled to
be paid in full from our assets or the assets of the guarantors,
as applicable, before any payment may be made with respect to
the notes or the affected guarantees. In any of the foregoing
events, we cannot assure you that we would have sufficient
assets to pay amounts due on the notes. As a result, holders of
the notes may receive less, proportionally, than the holders of
debt senior to the notes and the guarantees. The subordination
provisions of the indenture governing the notes also provide
that we can make no payment to you during the continuance of
payment defaults on our senior debt, and payments to you may be
suspended for a period of up to 180&nbsp;days if a nonpayment
default exists under our senior debt. See &#147;Description of
Exchange Notes&nbsp;&#151; Subordination.&#148;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
As of June&nbsp;30, 2005, the original notes and the guarantees
were ranked junior to approximately $437.5&nbsp;million of
senior debt and on parity with $300.0&nbsp;million of our
existing
8<FONT style="font-size: 70%"><SUP>7</SUP></FONT>/<FONT style="font-size: 60%">8</FONT>%&nbsp;senior
subordinated notes due 2011. In addition, the indentures
governing the original notes and our
8<FONT style="font-size: 70%"><SUP>7</SUP></FONT>/<FONT style="font-size: 60%">8</FONT>%&nbsp;senior
subordinated notes due 2011, and the credit agreement governing
our bank credit facility permit, subject to specified
limitations, the incurrence of additional debt, some or all of
which may be senior debt. See &#147;Description of Exchange
Notes&nbsp;&#151; Certain Covenants&#148; and &#147;Description
of Other Indebtedness.&#148;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We may not have the ability to repay the notes at maturity or
repurchase the notes if you exercise your repurchase right upon
a change of control.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In the event of a change of control of our company, you have the
right to require us to repurchase all or any of your notes at a
price equal to 101% of the principal amount, plus accrued and
unpaid interest, as described in &#147;Description of Exchange
Notes&nbsp;&#151; Repurchase at the Option of
Holders&nbsp;&#151; Change of Control.&#148; In addition, at
maturity, we will be obligated to repay all of your notes at a
price equal to 100% of the principal amount, plus accrued and
unpaid interest, as described in &#147;Description of Exchange
Notes&nbsp;&#151; Principal, Maturity and Interest.&#148; Upon a
change of control or at maturity, we may not have sufficient
funds or may be unable to arrange for financing to pay the
amount due. Moreover, certain events that would be a change of
control could also constitute an event of default under our bank
credit facility and could require us to make an offer to
repurchase our
8<FONT style="font-size: 70%"><SUP>7</SUP></FONT>/<FONT style="font-size: 60%">8</FONT>%&nbsp;senior
subordinated notes due 2011. In addition, our bank credit
facility and the indenture governing our
8<FONT style="font-size: 70%"><SUP>7</SUP></FONT>/<FONT style="font-size: 60%">8</FONT>%
senior subordinated notes due 2011 contain provisions
restricting our ability to make payments in respect of the
notes, such as the repurchase of the notes. Any future credit
agreements or other agreements relating to our indebtedness may
contain provisions prohibiting repurchase of the notes under
some circumstances or expressly prohibit our repurchase of the
notes upon a change of control or may provide that a change of
control constitutes an event of default under that agreement. If
a change of control or the maturity date occurs at a time when
we are prohibited from repurchasing notes, we could seek the
consent of our relevant lenders to repurchase the notes or
attempt to refinance such debt. If we do not obtain such consent
or refinance such debt, we may not be able to repurchase the
notes.
</DIV>

<P align="center" style="font-size: 10pt;">15

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<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>The terms of the notes and our other debt restrict us from
    engaging in many activities and require us to satisfy various
    financial tests, and these restrictions may make it more
    difficult to pursue our acquisition strategy.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The indenture governing the notes, as well as our bank credit
facility and the indenture governing our
8<FONT style="font-size: 70%"><SUP>7</SUP></FONT>/<FONT style="font-size: 60%">8</FONT>%&nbsp;senior
subordinated notes due 2011, contain covenants that restrict,
among other things, our ability&nbsp;to:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    incur or guarantee additional debt,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    pay cash dividends,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    purchase our capital stock,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    make capital expenditures,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    make certain investments or other restricted payments,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    swap or sell assets,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    engage in transactions with related parties,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    secure non-senior debt with our assets,&nbsp;or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    merge, consolidate or sell all or substantially all of our
    assets.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In addition, our bank credit facility requires that we obtain
our banks&#146; consent for acquisitions that do not meet
specific criteria. Our bank credit facility also requires that
we maintain specific financial ratios, which could be affected
by events beyond our control. These restrictions may make it
more difficult to pursue our acquisition strategy.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The loans under our bank credit facility will be due on the
earliest to occur of (i)&nbsp;June&nbsp;30, 2012 and
(ii)&nbsp;six months prior to the scheduled maturity of our
8<FONT style="font-size: 70%"><SUP>7</SUP></FONT>/<FONT style="font-size: 60%">8</FONT>%&nbsp;senior
subordinated notes, unless those senior subordinated notes have
been refinanced or repurchased prior to such date. Our
8<FONT style="font-size: 70%"><SUP>7</SUP></FONT>/<FONT style="font-size: 60%">8</FONT>%&nbsp;senior
subordinated notes will be due in July 2011. A breach of any of
the covenants contained in our bank credit facility could allow
our lenders to declare all amounts outstanding under our bank
credit facility to be immediately due and payable, and a breach
of any of the covenants contained in the indenture covering our
8<FONT style="font-size: 70%"><SUP>7</SUP></FONT>/<FONT style="font-size: 60%">8</FONT>%&nbsp;senior
subordinated notes due 2011 could allow the holders of those
notes to declare the notes immediately due and payable. If we
are unable to pay our obligations to our senior secured lenders
under the credit facility, they could proceed against any or all
of the collateral securing our indebtedness to them. The
collateral under our bank credit facility consists of
substantially all of our existing assets. In addition, a breach
of certain of these restrictions or covenants, or an
acceleration by our senior secured lenders of our obligations to
them, would cause a default under the notes. We may not have, or
be able to obtain, sufficient funds to make accelerated
payments, including payments on the notes, or to repay the notes
in full after we pay our senior secured lenders to the extent of
their collateral. See &#147;Description of Other
Indebtedness&#148; and &#147;Description of Exchange Notes.&#148;
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Our substantial indebtedness could adversely affect our
    financial position and prevent us from fulfilling our
    obligations under the notes.</I></B></TD>
</TR>

</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
As of June&nbsp;30, 2005, we had total indebtedness of
$937.5&nbsp;million, including $300.0&nbsp;million of our
8<FONT style="font-size: 70%"><SUP>7</SUP></FONT>/<FONT style="font-size: 60%">8</FONT>%&nbsp;senior
subordinated notes due 2011 and $200.0&nbsp;million of the
original notes. On June&nbsp;13, 2005, we borrowed
$437.5&nbsp;million under our new credit facility to retire all
outstanding obligations under our previous credit facility. As
of the date of this prospectus, we are permitted to borrow up to
an additional $143.0&nbsp;million under our new credit facility,
taking into consideration the covenants under the credit
agreement.
</DIV>


<P align="center" style="font-size: 10pt;">16

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our substantial indebtedness could have important consequences
to you. For example, it could:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    impair our ability to meet one or more of the financial ratios
    contained in our debt agreements or to generate cash sufficient
    to pay interest or principal, including periodic principal
    amortization payments, which events could result in an
    acceleration of some or all of our outstanding debt as a result
    of cross-default provisions;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    increase our vulnerability to general adverse economic and
    industry conditions;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    limit our ability to borrow additional amounts for working
    capital, capital expenditures, acquisitions, debt service
    requirements, execution of our growth strategy or other purposes;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    require us to dedicate a substantial portion of our cash flow to
    pay principal and interest on our debt, which will reduce the
    funds available for working capital, capital expenditures,
    acquisitions and other general corporate purposes;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    limit our flexibility in planning for and reacting to changes in
    our business and our industry that could make us more vulnerable
    to adverse changes in general economic, industry and competitive
    conditions and adverse changes in government regulation;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    place us at a disadvantage compared to our competitors that have
    less debt.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>To service our indebtedness, we will require a significant
    amount of cash. Our ability to generate cash depends on many
    factors beyond our control.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our ability to pay the principal of and interest on the notes,
to service our other debt and to finance indebtedness when
necessary depends on our financial and operating performance,
each of which is subject to prevailing economic conditions and
to financial, business, legislative and regulatory factors and
other factors beyond our control.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We cannot assure you that we will generate sufficient cash flow
from operations or that we will be able to obtain sufficient
funding to satisfy all of our obligations, including the notes.
If we are unable to pay our debts, we will be required to pursue
one or more alternative strategies, such as selling assets,
refinancing or restructuring our indebtedness or selling
additional debt or equity securities. In addition, the ability
to borrow funds under our bank credit facility in the future
will depend on our meeting the financial covenants in the
agreements governing this facility, including a minimum interest
coverage test and a maximum leverage ratio test. We cannot
assure you that our business will generate cash flow from
operations or that future borrowings will be available to us
under our bank credit facility, in an amount sufficient to
enable us to pay our debt or to fund other liquidity needs. As a
result, we may need to refinance all or a portion of our debt on
or before maturity. However, we cannot assure you that any
alternative strategies will be feasible at the time or prove
adequate. Also, some alternative strategies will require the
consent of our lenders before we engage in those strategies. See
&#147;Description of Exchange Notes&#148; and &#147;Description
of Other Indebtedness.&#148;
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Federal and state statutes allow courts, under specific
    circumstances, to void guarantees, subordinate claims in respect
    of the notes and require holders to return payments received
    from guarantors.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Under federal bankruptcy law and comparable provisions of state
fraudulent transfer laws, a guarantee could be voided, or claims
in respect of the notes or a guarantee could be subordinated to
all of our other debts or all other debts of a guarantor if,
among other things, we or the guarantor was insolvent or
rendered insolvent by reason of such incurrence, or we or the
guarantor were engaged in a business or transaction for which
our or the guarantors&#146; remaining assets constituted
unreasonably small capital, or we or the guarantor intended to
incur or believed that we or it would incur, debts beyond our or
its ability to pay those debts as they mature. In addition, any
payment by us or that guarantor in accordance with its guarantee
could be voided and required to be returned to us or the
guarantor, or to a fund for the benefit of our creditors or the
creditors of the guarantors.
</DIV>

<P align="center" style="font-size: 10pt;">17

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The measures of insolvency for purposes of these fraudulent
transfer laws will vary depending upon the law applied in any
proceeding to determine whether a fraudulent transfer has
occurred. Generally, however, a guarantor would be considered
insolvent if the sum of its debts, including contingent
liabilities, were greater than the fair saleable value of all of
its assets, or if the present fair saleable value of its assets
were less than the amount that would be required to pay its
probable liability on its existing debts, including contingent
liabilities, as they become absolute and mature, or it could not
pay its debts as they become due.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On the basis of historical financial information, recent
operating history and other factors, we believe that we and each
guarantor, after giving effect to its guarantee of the notes,
will not be insolvent, will not have unreasonably small capital
for the business in which we and they are engaged and will not
have incurred debts beyond our or their ability to pay the debts
as they mature. We cannot assure you, however, as to what
standard a court would apply in making these determinations or
that a court would agree with our conclusions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Risks Related to the Exchange Offer</B>
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>If you do not properly tender your original notes for
    exchange notes, you will continue to hold unregistered notes
    that are subject to transfer restrictions.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We will only issue exchange notes in exchange for original notes
that are timely received by the exchange agent together with all
required documents. Therefore, you should allow sufficient time
to ensure timely delivery of the original notes and you should
carefully follow the instructions on how to tender your original
notes set forth under &#147;The Exchange Offer&nbsp;&#151;
Procedures for Tendering Original Notes&#148; and in the letter
of transmittal that you will receive with this prospectus.
Neither we nor the exchange agent are required to tell you of
any defects or irregularities with respect to your tender of the
original notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If you do not tender your original notes or if we do not accept
your original notes because you did not tender your original
notes properly, then you will continue to hold original notes
that are subject to the existing transfer restrictions. In
addition, if you tender your original notes for the purpose of
participating in a distribution of the exchange notes, you will
be required to comply with the registration and prospectus
delivery requirements of the Securities Act in connection with
any resale of the exchange notes. If you continue to hold any
original notes after the exchange offer is completed, you may
have difficulty selling them because of the restrictions on
transfer and because there will be fewer original notes
outstanding. In addition, if a large amount of original notes
are not tendered or are tendered improperly, the limited amount
of exchange notes that would be issued and outstanding after we
complete the exchange offer could lower the market price of the
exchange notes.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>If an active trading market does not develop for the
    exchange notes, you may be unable to sell the exchange notes or
    to sell them at a price you deem sufficient.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The exchange notes will be new securities for which there is no
established trading market. We do not intend to list the
exchange notes on any national securities exchange or Nasdaq. We
cannot give you any assurance as to:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the liquidity of any trading market that may develop;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the ability of holders to sell their exchange notes;&nbsp;or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the price at which holders would be able to sell their exchange
    notes.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Even if a trading market develops, the exchange notes may trade
at higher or lower prices than their principal amount or
purchase price, depending on many factors, including:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    prevailing interest rates;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the number of holders of the exchange notes;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the interest of securities dealers in making a market for the
    exchange notes;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt;">18

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<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the market for similar exchange notes;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    our operating performance and financial condition.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Moreover, the market for non-investment grade debt has
historically been subject to disruptions that have caused
volatility in prices. It is possible that the market for the
notes will be subject to disruptions. A disruption may have a
negative effect on you as a holder of the notes, regardless of
our prospects or performance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Finally, if a large number of holders of original notes do not
tender original notes or tender original notes improperly, the
limited amount of exchange notes that would be issued and
outstanding after we complete the exchange offer could adversely
affect the development of a market for the exchange notes.
</DIV>

<DIV align="left" style="font-size: 10pt;">
<A name='106'></A>
</DIV>

<!-- link1 "USE OF PROCEEDS" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>USE OF PROCEEDS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We will not receive any cash proceeds from the exchange offer.
In consideration for issuing the exchange notes as contemplated
in this prospectus, we will receive outstanding original notes
in like principal amount, the terms of which are identical in
all material respects to the exchange notes. The original notes
surrendered in exchange for the exchange notes will be retired
and cancelled and cannot be reissued. Accordingly, issuance of
the exchange notes will not result in any increase in our
indebtedness. We have agreed to bear the expenses of the
exchange offer. No underwriter is being used in connection with
the exchange offer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We used the net proceeds from the sale of the original notes,
which were approximately $195.5&nbsp;million, to redeem a
portion of our outstanding
6<FONT style="font-size: 70%"><SUP>1</SUP></FONT>/<FONT style="font-size: 60%">2</FONT>%
Convertible Preferred Securities, Remarketable Term Income
Deferrable Equity Securities, or HIGH TIDES.
</DIV>

<DIV align="left" style="font-size: 10pt;">
<A name='107'></A>
</DIV>

<!-- link1 "RATIO OF EARNINGS TO FIXED CHARGES" -->


<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>RATIO OF EARNINGS TO FIXED CHARGES</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following table shows our ratio of earnings to fixed charges
for each of the years ended December&nbsp;31, 2000, 2001, 2002,
2003 and 2004, and for the six months ended June&nbsp;30, 2004
and 2005.
</DIV>



<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
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    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>


<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>Six Months</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="19">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>Ended</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="18" align="center" nowrap><B>Year Ended December&nbsp;31,</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>June&nbsp;30,</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="18" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2000</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2001</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2002</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2003</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2004</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2004</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2005</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>Ratio of earnings to fixed charges</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0.90</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(0.16</TD>
    <TD align="left" valign="bottom" nowrap>) <SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2.03</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3.03</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3.46</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3.09</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2.49</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>


<DIV align="left" style="font-size: 3pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<DIV style="width: 18%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD><SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP>&nbsp;</TD>
    <TD align="left">
    In 2001, earnings were insufficient to cover fixed charges in
    the amount of $75,636,000.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We have calculated the ratio of earnings to fixed charges
according to a formula the SEC requires us to use. The formula
defines earnings generally as our pre-tax earnings from
continuing operations, plus interest expense and defines fixed
charges generally as interest expense and amortization of
premiums, discounts and capitalized expenses related to
indebtedness.
</DIV>

<DIV align="left" style="font-size: 10pt;">
<A name='108'></A>
</DIV>

<!-- link1 "THE EXCHANGE OFFER" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>THE EXCHANGE OFFER</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>General</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We are offering to exchange up to $200,000,000 in aggregate
principal amount of exchange notes for the same aggregate
principal amount of original notes, properly tendered before the
expiration date and not withdrawn. We are making the exchange
offer for all of the original notes. Your participation in the
exchange offer is voluntary, and you should carefully consider
whether to accept this offer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On the date of this prospectus, $200,000,000 in aggregate
principal amount of original notes are outstanding. Our
obligations to accept original notes for exchange notes pursuant
to the exchange offer are
</DIV>

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

<DIV align="left" style="font-size: 10pt;">
limited by the conditions listed below under
&#147;&#151;&nbsp;Conditions to the Exchange Offer.&#148; We
currently expect that each of the conditions will be satisfied
and that no waivers will be necessary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Purpose of the Exchange Offer</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We issued and sold $200,000,000 in aggregate principal amount of
the original notes on February&nbsp;10, 2005 in a transaction
exempt from the registration requirements of the Securities Act.
The initial purchaser of the notes subsequently resold the
original notes in reliance on Rule&nbsp;144A and
Regulation&nbsp;S under the Securities Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Because the sale of the original notes was exempt from
registration under the Securities Act, a holder may reoffer,
resell or otherwise transfer the original notes only if the
original notes are registered under the Securities Act or if an
applicable exemption from the registration and prospectus
delivery requirements of the Securities Act is available.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In connection with the issuance and sale of the original notes,
we entered into the registration rights agreement, pursuant to
which we agreed, among other things, to (i)&nbsp;file a
registration statement with the SEC by August&nbsp;9, 2005,
which is within 180&nbsp;days after the issue date of the
original notes, pertaining to an exchange offer to enable
holders to exchange the original notes for publicly registered
exchange notes with substantially identical terms, (ii)&nbsp;use
our best efforts to cause the registration statement to become
effective by October&nbsp;28, 2005, which is within
260&nbsp;days after the issue date of the original notes, and
(iii)&nbsp;keep the registration statement effective for at
least 30&nbsp;days (or longer, if required by applicable law)
after the date notice of the exchange offer is mailed to holders
of original notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If there is a change in SEC policy that in the reasonable
opinion of our counsel raises a substantial question as to
whether the exchange offer is permitted by applicable federal
law, we will seek a favorable decision from the staff of the SEC
allowing us to consummate the exchange offer. In addition, there
are circumstances under which we are required to file a shelf
registration statement with respect to resales of the original
notes. We have filed a copy of the registration rights agreement
as an exhibit to the registration statement on Form&nbsp;S-4
with respect to the exchange notes offered by this prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We are making the exchange offer to satisfy our obligations
under the registration rights agreement. Holders of original
notes that do not tender their original notes or whose original
notes are tendered but not accepted will have to rely on
exemptions to registration requirements under the securities
laws, including the Securities Act, if they wish to sell their
original notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Each broker-dealer that receives exchange notes for its own
account in exchange for original notes, where such original
notes were acquired by such broker-dealer as a result of
market-making activities or other trading activities, must
acknowledge that it will deliver a prospectus in connection with
any resale of such exchange notes. See &#147;Plan of
Distribution.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Resale of Exchange Notes</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We have not requested, and do not intend to request, an
interpretation by the staff of the SEC as to whether the
exchange notes issued pursuant to the exchange offer in exchange
for the original notes may be offered for sale, resold or
otherwise transferred by any holder without compliance with the
registration and prospectus delivery provisions of the
Securities Act. Instead, based on an interpretation by the staff
in a series of no-action letters issued to third parties, we
believe that exchange notes issued pursuant to the exchange
offer in exchange for original notes may be offered for sale,
resold and otherwise transferred by any holder of exchange notes
if:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the holder is not our affiliate within the meaning of
    Rule&nbsp;405 under the Securities Act;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the holder is not a broker-dealer who purchases such exchange
    notes directly from us to resell pursuant to Rule&nbsp;144A or
    any other available exception under the Securities Act;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the exchange notes are acquired in the ordinary course of the
    holder&#146;s business;&nbsp;and</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt;">20

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

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the holder does not intend to participate in a distribution of
    the exchange notes.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Any holder who exchanges original notes in the exchange offer
with the intention of participating in any manner in a
distribution of the exchange notes must comply with the
registration and prospectus delivery requirements of the
Securities Act in connection with a secondary resale transaction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Because the SEC has not considered our exchange offer in the
context of a no-action letter, we cannot assure you that the
staff would make a similar determination with respect to the
exchange offer. Any holder that is an affiliate of ours or that
tenders in the exchange offer for the purpose of participating
in a distribution of the exchange notes will be deemed to have
received restricted securities and will not be allowed to rely
on this interpretation by the staff and must comply with the
registration and prospectus delivery requirements of the
Securities Act in connection with any resale transaction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If you participate in the exchange offer, you must acknowledge,
among other things, that you are not participating in, and do
not intend to participate in, a distribution of exchange notes.
If you are a broker-dealer that receives exchange notes for your
own account in exchange for original notes, and you acquired
your original notes as a result of your market-making activities
or other trading activities, you must acknowledge that you will
deliver a prospectus in connection with any resale of the
exchange notes. Please refer to the section in this prospectus
entitled &#147;Plan of Distribution.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Terms of the Exchange Offer</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Upon the terms and subject to the conditions set forth in this
prospectus and in the letter of transmittal, we will accept for
exchange any original notes properly tendered and not withdrawn
before expiration of the exchange offer. The date of acceptance
for exchange of the original notes and completion of the
exchange offer, is the exchange date, which will be the first
business day following the expiration date unless we extend the
date as described in this prospectus. We will issue $1,000
principal amount of exchange notes in exchange for each $1,000
principal amount of the original notes surrendered under the
exchange offer. The original notes may be tendered only in
integral multiples of $1,000. The exchange notes will be
delivered on the earliest practicable date following the
exchange date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The form and terms of the exchange notes will be substantially
identical to the form and terms of the original notes, except
the exchange notes:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    will be registered under the Securities Act;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    will not bear legends restricting their transfer.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The exchange notes will evidence the same debt as the original
notes. The exchange notes will be issued under and entitled to
the benefits of the indenture that authorized the issuance of
the original notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The exchange offer is not conditioned upon any minimum aggregate
principal amount of original notes being tendered for exchange.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
As of the date of this prospectus, $200,000,000 in aggregate
principal amount of the original notes is outstanding. This
prospectus and the letter of transmittal are being sent to all
registered holders of original notes. There will be no fixed
record date for determining registered holders of original notes
entitled to participate in the exchange offer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We intend to conduct the exchange offer in accordance with the
applicable requirements of the Securities Act, the Exchange Act
and the rules and regulations of the SEC. Original notes that
are not exchanged in the exchange offer will remain outstanding
and continue to accrue interest and will be entitled to the
rights and benefits their holders have under the indenture
relating to the original notes and the exchange notes. Holders
of original notes do not have any appraisal or dissenters rights
under the indenture or otherwise in connection with the exchange
offer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We will be deemed to have accepted for exchange properly
tendered original notes when we have given oral or written
notice of the acceptance to the exchange agent. The exchange
agent will act as agent for the holders of original notes who
surrender them in the exchange offer for the purposes of
receiving the
</DIV>

<P align="center" style="font-size: 10pt;">21

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<DIV align="left" style="font-size: 10pt;">
exchange notes from us and delivering the exchange notes to
their holders. The exchange agent will make the exchange as
promptly as practicable on or after the date of acceptance for
exchange of the original notes. We expressly reserve the right
to amend or terminate the exchange offer, and not to accept for
exchange any original notes not previously accepted for
exchange, upon the occurrence of any of the conditions specified
below under &#147;&#151;&nbsp;Conditions to the Exchange
Offer.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Holders who tender original notes in the exchange offer will not
be required to pay brokerage commissions or fees or, subject to
the instructions in the letter of transmittal, transfer taxes
with respect to the exchange of original notes. We will pay all
charges and expenses, other than applicable taxes described
below, in connection with the exchange offer. It is important
that you read &#147;&#151;&nbsp;Solicitation of Tenders; Fees
and Expenses&#148; and &#147;&#151;&nbsp;Transfer Taxes&#148;
below for more details regarding fees and expenses incurred in
the exchange offer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Expiration Date; Extension; Termination; Amendment</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The exchange offer will expire at 5:00&nbsp;p.m., New York City
time,
on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2005, unless we have extended the period of time that the
exchange offer is open. The expiration date will be at least
20&nbsp;business days after the beginning of the exchange offer
as required by Rule&nbsp;14e-1(a) under the Exchange Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We reserve the right to extend the period of time that the
exchange offer is open, and delay acceptance for exchange of any
original notes, by giving oral or written notice to the exchange
agent and by timely public announcement no later than
9:00&nbsp;a.m., New York City time, on the next business day
after the previously scheduled expiration date. During any
extension, all original notes previously tendered will remain
subject to the exchange offer unless properly withdrawn.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We also reserve the right to:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    end or amend the exchange offer and not to accept for exchange
    any original notes not previously accepted for exchange upon the
    occurrence of any of the events specified below under
    &#147;&#151;&nbsp;Conditions to the Exchange Offer&#148; that
    have not been waived by us;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    amend the terms of the exchange offer in any manner that, in our
    good faith judgment, is advantageous to you, whether before or
    after any tender of the original notes.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If any termination or amendment occurs, we will notify the
exchange agent and will either issue a press release or give
oral or written notice to you as promptly as practicable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Procedures for Tendering Original Notes</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We have forwarded to you, along with this prospectus, a letter
of transmittal relating to the exchange offer. Because all of
the original notes are held in book-entry accounts maintained by
the exchange agent at The Depository Trust Company, Euroclear or
Clearstream, a holder need not submit a letter of transmittal if
the holder tenders original notes in accordance with the
procedures mandated by The Depository Trust Company&#146;s
Automated Tender Offer Program (&#147;ATOP&#148;) or by
Euroclear or Clearstream, as the case may be. To tender original
notes without submitting a letter of transmittal, the electronic
instructions sent to The Depository Trust Company, Euroclear or
Clearstream and transmitted to the exchange agent must contain
your acknowledgment of receipt of and your agreement to be bound
by and to make all of the representations contained in the
letter of transmittal. In all other cases, a letter of
transmittal must be manually executed and delivered as described
in this prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Only a holder of record of original notes may tender original
notes in the exchange offer. To tender in the exchange offer, a
holder must comply with the procedures of The Depository Trust
Company, Euroclear or Clearstream, as applicable, and either:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    complete, sign and date the letter of transmittal, or a
    facsimile of the letter of transmittal, have the signature on
    the letter of transmittal guaranteed if the letter of
    transmittal so requires and deliver the letter of transmittal or
    facsimile to the exchange agent prior to the expiration date; or
    in lieu of</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt;">22
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<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD></TD>
    <TD align="left">
    delivering a letter of transmittal, instruct The Depository
    Trust Company, Euroclear or Clearstream, as the case may be, to
    transmit on behalf of the holder a computer-generated message to
    the exchange agent in which the holder of the original notes
    acknowledges and agrees to be bound by the terms of the letter
    of transmittal, which computer-generated message shall be
    received by the exchange agent prior to 5:00&nbsp;p.m., New York
    City time, on the expiration date.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
In addition, either:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    with respect to the original notes, the exchange agent must
    receive, before expiration of the exchange offer, timely
    confirmation of book-entry transfer of the original notes into
    the exchange agent&#146;s account at The Depository Trust
    Company, according to the procedure for book-entry transfer
    described below;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    with respect to the original notes, the exchange agent must
    receive, before the expiration date, timely confirmation from
    Euroclear or Clearstream that the securities account to which
    the original notes are credited has been blocked from and
    including the day on which the confirmation is delivered to the
    exchange agent and that no transfers will be effected in
    relation to such original notes at any time after such
    date;&nbsp;or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the holder must comply with the guaranteed delivery procedures
    described below.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
To be tendered effectively, the exchange agent must receive any
physical delivery of the letter of transmittal and other
required documents at the address set forth below under
&#147;&#151;&nbsp;Exchange Agent&#148; before expiration of the
exchange offer. To receive confirmation of valid tender of
original notes, a holder should contact the exchange agent at
the telephone number listed under &#147;&#151;&nbsp;Exchange
Agent.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The tender by a holder that is not withdrawn before expiration
of the exchange offer will constitute an agreement between that
holder and us in accordance with the terms and subject to the
conditions set forth in this prospectus and in the letter of
transmittal. Only a registered holder of original notes may
tender the original notes in the exchange offer. If a holder
completing a letter of transmittal tenders less than all of the
original notes held by this holder, this tendering holder should
fill in the applicable box of the letter transmittal. The amount
of original notes delivered to the exchange agent will be deemed
to have been tendered unless otherwise indicated.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If original notes, the letter of transmittal or any other
required documents are physically delivered to the exchange
agent, the method of delivery is at the holder&#146;s election
and risk. Rather than mail these items, we recommend that
holders use an overnight or hand delivery service. In all cases,
holders should allow sufficient time to assure delivery to the
exchange agent before expiration of the exchange offer. Holders
should not send the letter of transmittal or original notes to
us. Holders may request their respective brokers, dealers,
commercial banks, trust companies or other nominees to effect
the above transactions for them.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Any beneficial owner whose original notes are registered in the
name of a broker, dealer, commercial bank, trust company or
other nominee and who wishes to tender should contact the
registered holder promptly and instruct it to tender on the
owner&#146;s behalf. If the beneficial owner wishes to tender on
its own behalf, it must, prior to completing and executing the
letter of transmittal and delivering its original notes, either:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    make appropriate arrangements to register ownership of the
    original notes in the owner&#146;s name;&nbsp;or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    obtain a properly completed bond power from the registered
    holder of original notes.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
The transfer of registered ownership may take considerable time
and may not be completed prior to the expiration date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If the applicable letter of transmittal is signed by the record
holder(s) of the original notes tendered, the signature must
correspond with the name(s) written on the face of the original
note without alteration, enlargement or any change whatsoever.
If the applicable letter of transmittal is signed by a
participant in
</DIV>

<P align="center" style="font-size: 10pt;">23

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<DIV align="left" style="font-size: 10pt;">
The Depository Trust Company, or Euroclear or Clearstream, as
applicable, the signature must correspond with the name as it
appears on the security position listing as the holder of the
original notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A signature on a letter of transmittal or a notice of withdrawal
must be guaranteed by an eligible guarantor institution.
Eligible guarantor institutions include banks, brokers, dealers,
municipal securities dealers, municipal securities brokers,
government securities dealers, government securities brokers,
credit unions, national securities exchanges, registered
securities associations, clearing agencies and savings
associations. The signature need not be guaranteed by an
eligible guarantor institution if the original notes are
tendered:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    by a registered holder who has not completed the box entitled
    &#147;Special Issuance Instructions&#148; or &#147;Special
    Delivery Instructions&#148; on the letter of transmittal;&nbsp;or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    for the account of an eligible institution.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If the letter of transmittal is signed by a person other than
the registered holder of any original notes, the original notes
must be endorsed or accompanied by a properly completed bond
power. The bond power must be signed by the registered holder as
the registered holder&#146;s name appears on the original notes
and an eligible institution must guarantee the signature on the
bond power.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If the letter of transmittal or any original notes or bond
powers are signed by trustees, executors, administrators,
guardians, attorneys-in-fact, officers of corporations or others
acting in a fiduciary or representative capacity, these persons
should so indicate when signing. Unless we waive this
requirement, they should also submit evidence satisfactory to us
of their authority to deliver the letter of transmittal.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We will determine in our sole discretion all questions as to the
validity, form, eligibility, including time of receipt,
acceptance and withdrawal of tendered original notes. Our
determination will be final and binding. We reserve the absolute
right to reject any original notes not properly tendered or any
original notes the acceptance of which would, in the opinion of
our counsel, be unlawful. We also reserve the right to waive any
defects, irregularities or conditions of tender as to particular
original notes. Our interpretation of the terms and conditions
of the exchange offer, including the instructions in the letter
of transmittal, will be final and binding on all parties.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Unless waived, any defects or irregularities in connection with
tenders of original notes must be cured within the time that we
determine. Although we intend to notify holders of defects or
irregularities with respect to tenders of original notes,
neither we, the exchange agent nor any other person will incur
any liability for failure to give notification. Tenders of
original notes will not be deemed made until those defects or
irregularities have been cured or waived. Any original notes
received by the exchange agent that are not properly tendered
and as to which the defects or irregularities have not been
cured or waived will be returned by the exchange agent without
cost to the tendering holder, unless otherwise provided in the
letter of transmittal, as soon as practicable following the
expiration date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In all cases, we will issue exchange notes for original notes
that we have accepted for exchange under the exchange offer only
after the exchange agent timely receives:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    original notes or a timely book-entry confirmation that original
    notes have been transferred into the exchange agent&#146;s
    account at The Depository Trust Company;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    a properly completed and duly executed letter of transmittal and
    all other required documents or a properly transmitted
    agent&#146;s message.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Holders should receive copies of the letter of transmittal with
the prospectus. A holder may obtain additional copies of the
letter of transmittal for the original notes from the exchange
agent at its offices listed under &#147;&#151;&nbsp;Exchange
Agent.&#148; By signing the letter of transmittal, or causing
The Depository Trust
</DIV>

<P align="center" style="font-size: 10pt;">24

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<DIV align="left" style="font-size: 10pt;">
Company, Euroclear or Clearstream, as applicable, to transmit an
agent&#146;s message to the exchange agent, each tendering
holder of original notes will represent to us that, among other
things:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    any exchange notes that the holder receives will be acquired in
    the ordinary course of its business;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the holder has no arrangement or understanding with any person
    or entity to participate in the distribution of the exchange
    notes;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    if the holder is not a broker-dealer, that it is not engaged in
    and does not intend to engage in the distribution of the
    exchange notes;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    if the holder is a broker-dealer that will receive exchange
    notes for its own account in exchange for original notes that
    were acquired as a result of market-making activities or other
    trading activities, that it will deliver a prospectus, as
    required by law, in connection with any resale of those exchange
    notes (see &#147;Plan of Distribution&#148;);&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the holder is not an &#147;affiliate,&#148; as defined in
    Rule&nbsp;405 of the Securities Act, of us or, if the holder is
    an affiliate, it will comply with any applicable registration
    and prospectus delivery requirements of the Securities Act.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>The Depository Trust Company Book-Entry Transfer</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The exchange agent has established an account with respect to
the original notes at The Depository Trust Company for purposes
of the exchange offer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
With respect to the original notes, the exchange agent and The
Depository Trust Company have confirmed that any financial
institution that is a participant in The Depository Trust
Company may utilize The Depository Trust Company ATOP procedures
to tender original notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
With respect to the original notes, any participant in The
Depository Trust Company may make book-entry delivery of
original notes by causing The Depository Trust Company to
transfer the original notes into the exchange agent&#146;s
account in accordance with The Depository Trust Company&#146;s
ATOP procedures for transfer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
However, the exchange for the original notes so tendered will be
made only after a book-entry confirmation of such book-entry
transfer of original notes into the exchange agent&#146;s
account, and timely receipt by the exchange agent of an
agent&#146;s message and any other documents required by the
letter of transmittal. The term &#147;agent&#146;s message&#148;
means a message, transmitted by The Depository Trust Company and
received by the exchange agent and forming part of a book-entry
confirmation, which states that The Depository Trust Company has
received an express acknowledgment from a participant tendering
original notes that are the subject of the book-entry
confirmation that the participant has received and agrees to be
bound by the terms of the letter of transmittal, and that we may
enforce that agreement against the participant.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Euroclear and Clearstream Procedures for Blocking
Instructions</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The registered holder of the original notes on the records of
Euroclear or Clearstream must instruct Euroclear or Clearstream
to block the securities in the account in Euroclear or
Clearstream to which such original notes are credited. In order
for the exchange offer to be accepted, the exchange agent must
have received, prior to the expiration date, a confirmation from
Euroclear or Clearstream that the securities account of original
notes tendered has been blocked from and including the day on
which the confirmation is delivered to the exchange agent and
that no transfers will be effected in relation to the original
notes at any time after such date. Original notes should be
blocked in accordance with the procedures of Euroclear or
Clearstream, as the case may be. The exchange of the original
notes so tendered will be made only after a timely receipt by
the exchange agent of an agent&#146;s message and any other
documents required by the letter of transmittal. The term
&#147;agent&#146;s message&#148; means a message, transmitted by
Euroclear or Clearstream and received by the exchange agent that
states that Euroclear or Clearstream has received an express
acknowledgment from a participant tendering original notes that
the participant has received and
</DIV>

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

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<DIV align="left" style="font-size: 10pt;">
agrees to be bound by the terms of the letter of transmittal,
and that we may enforce that agreement against the participant.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Guaranteed Delivery Procedures</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Holders wishing to tender their original notes but whose
original notes are not immediately available or who cannot
deliver their original notes, the letter of transmittal or any
other required documents to the exchange agent or cannot comply
with the applicable procedures described above before expiration
of the exchange offer may tender if:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the tender is made through an eligible guarantor institution;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    before expiration of the exchange offer, the exchange agent
    receives from the eligible guarantor institution either a
    properly completed and duly executed notice of guaranteed
    delivery, by facsimile transmission, mail or hand delivery, or a
    properly transmitted agent&#146;s message and notice of
    guaranteed delivery (i)&nbsp;setting forth the name and address
    of the holder and the registered number(s) and the principal
    amount of original notes tendered, (ii)&nbsp;stating that the
    tender is being made by guaranteed delivery and
    (iii)&nbsp;guaranteeing that, within three New York Stock
    Exchange trading days after expiration of the exchange offer,
    the letter of transmittal, or facsimile thereof, together with
    the original notes or a book-entry transfer confirmation, and
    any other documents required by the letter of transmittal will
    be deposited by the eligible guarantor institution with the
    exchange agent;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the exchange agent receives the properly completed and executed
    letter of transmittal, or facsimile thereof, as well as all
    tendered original notes in proper form for transfer or a
    book-entry transfer confirmation, and all other documents
    required by the letter of transmittal, within three New York
    Stock Exchange trading days after expiration of the exchange
    offer.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Upon request to the exchange agent, a notice of guaranteed
delivery will be sent to holders who wish to tender their
original notes according to the guaranteed delivery procedures
set forth above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Withdrawal Rights</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
You may withdraw your tender of original notes at any time
before 5:00&nbsp;p.m., New York City time, on the expiration
date. For a withdrawal to be effective, the exchange agent must
receive a computer generated notice of withdrawal, transmitted
by The Depository Trust Company, Euroclear or Clearstream on
behalf of the holder in accordance with the standard operating
procedure of The Depository Trust Company, or Euroclear or
Clearstream, or a written notice of withdrawal, sent by
facsimile transmission, receipt confirmed by telephone, or
letter, before the expiration date. Any notice of withdrawal
must:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    specify the name of the person that tendered the original notes
    to be withdrawn;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    identify the original notes to be withdrawn, including the
    certificate number or numbers and principal amount of such
    original notes;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    specify the principal amount of original notes to be withdrawn;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    include a statement that the holder is withdrawing its election
    to have the original notes exchanged;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    be signed by the holder in the same manner as the original
    signature on the letter of transmittal by which the original
    notes were tendered or as otherwise described above, including
    any required signature guarantees, or be accompanied by
    documents of transfer sufficient to have the trustee under the
    indentures register the transfer of the original notes into the
    name of the person withdrawing the tender;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    specify the name in which any of the original notes are to be
    registered, if different from that of the person that tendered
    the original notes.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt;">26

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The exchange agent will return the properly withdrawn original
notes promptly following receipt of notice of withdrawal. If
original notes have been tendered pursuant to the procedure for
book-entry transfer, any notice of withdrawal must specify the
name and number of the account at The Depository Trust Company,
Euroclear or Clearstream, as applicable, to be credited with the
withdrawn original notes or otherwise comply with The Depository
Trust Company&#146;s procedures.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Any original notes withdrawn will not have been validly tendered
for exchange for purposes of the exchange offer. Any original
notes that have been tendered for exchange but which are not
exchanged for any reason will be returned to the holder without
cost to the holder as soon as practicable after withdrawal,
rejection of tender or termination of the exchange offer. In the
case of original notes tendered by book-entry transfer into the
exchange agent&#146;s account at The Depository Trust Company
pursuant to its book-entry transfer procedures, the original
notes will be credited to an account with The Depository Trust
Company specified by the holder, as soon as practicable after
withdrawal, rejection of tender or termination of the exchange
offer. Properly withdrawn original notes may be re-tendered by
following one of the procedures described under
&#147;&#151;&nbsp;Procedures for Tendering Original Notes&#148;
above at any time on or before the expiration date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Acceptance of Original Notes for Exchange; Delivery of
Exchange Notes</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Upon satisfaction or waiver of all of the conditions to the
exchange offer, we will accept, promptly after the exchange
date, all original notes properly tendered and will issue the
exchange notes promptly after the acceptance. Please refer to
the section in this prospectus entitled
&#147;&#151;&nbsp;Conditions to the Exchange Offer&#148; below.
For purposes of the exchange offer, we will be deemed to have
accepted properly tendered original notes for exchange when we
give notice of acceptance to the exchange agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
For each original note accepted for exchange, the holder of the
original note will receive an exchange note having a principal
amount at maturity equal to that of the surrendered original
note.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In all cases, we will issue exchange notes for original notes
that are accepted for exchange pursuant to the exchange offer
only after the exchange agent timely receives certificates for
the original notes or a book-entry confirmation of the original
notes into the exchange agent&#146;s account at The Depository
Trust Company, a properly completed and duly executed letter of
transmittal and all other required documents.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Conditions to the Exchange Offer</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We will not be required to accept for exchange, or to issue
exchange notes in exchange for, any original notes and may
terminate or amend the exchange offer, by notice to the exchange
agent or by a timely press release, at any time before accepting
any of the original notes for exchange, if, in our reasonable
judgment:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the exchange notes to be received will not be tradeable by the
    holder without restriction under the Securities Act, the
    Exchange Act and without material restrictions under the blue
    sky or securities laws of substantially all of the states of the
    United States;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the exchange offer, or the making of any exchange by a holder of
    original notes, would violate applicable law or any applicable
    interpretation of the staff of the SEC; and/or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    any action or proceeding has been instituted or threatened in
    any court or by or before any governmental agency or regulatory
    authority with respect to the exchange offer that, in our
    judgment, would reasonably be expected to impair our ability to
    proceed with the exchange offer.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
In addition, we will not be obligated to accept for exchange the
original notes of any holder that has not made to us:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the representations described under &#147;&#151;&nbsp;Resale of
    Exchange Notes,&#148; &#147;&#151;&nbsp;Procedures for Tendering
    Original Notes&#148; and &#147;Plan of
    Distribution;&#148;&nbsp;and</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt;">27

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

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    such other representations as may be reasonably necessary under
    applicable SEC rules, regulations or interpretations to make
    available an appropriate form for registration of the exchange
    notes under the Securities Act.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We expressly reserve the right, at any time or at various times,
to extend the period of time during which the exchange offer is
open. Consequently, we may delay acceptance of any original
notes by giving oral or written notice of such extension to
their holders. During any such extensions, all original notes
previously tendered will remain subject to the exchange offer,
and we may accept them for exchange. We will return any original
notes that we do not accept for exchange for any reason without
expense to their tendering holders as promptly as practicable
after the expiration or termination of the exchange offer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In addition, we expressly reserve the right to amend or
terminate the exchange offer and to reject for exchange any
original notes not previously accepted for exchange, upon the
occurrence of any of the conditions of the exchange offer
specified above. We expressly reserve the right, at any time or
at various times, to waive any of the conditions of the exchange
offer, in whole or in part. We will give oral or written notice
of any extension, amendment, non-acceptance, termination or
waiver to the holders of the original notes as promptly as
practicable. In the case of any extension, such notice will be
issued no later than 9:00&nbsp;a.m., New York City time, on the
business day after the previously scheduled expiration date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
These conditions are for our sole benefit, and we may assert
them regardless of the circumstances that may give rise to them
or waive them in whole or in part at any or at various times in
our sole discretion. If we fail at any time to exercise any of
the foregoing rights, this failure will not constitute a waiver
of such right. Each such right will be deemed an ongoing right
that we may assert at any time or at various times.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In addition, we will not accept for exchange any original notes
tendered, and will not issue exchange notes in exchange for any
such original notes, if at such time any stop order will be
threatened or in effect with respect to the registration
statement of which this prospectus constitutes a part or the
qualification of any of the indentures under the Trust Indenture
Act of 1939.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The exchange offer is not conditioned upon any minimum principal
amount of original notes being tendered for exchange.
</DIV>

<P align="center" style="font-size: 10pt;">28

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

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Exchange Agent</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We have appointed The Bank of New York as the exchange agent for
the exchange offer. You should direct questions and requests for
assistance, requests for additional copies of this prospectus or
of the letter for transmittal and requests for the notice of
guaranteed delivery, as well as all executed letters of
transmittal to the exchange agent at the addresses listed below:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
By Hand or Overnight Delivery:
</DIV>

<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    The Bank of New York</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    Corporate Trust&nbsp;Operations</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    Reorganization Unit</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    101 Barclay Street&nbsp;&#151; 7 East</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    New York, N.Y. 10286</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    Attn: Mr.&nbsp;David A. Maeur</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
By Registered or Certified Mail:
</DIV>

<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    The Bank of New York</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    Corporate Trust&nbsp;Operations</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    Reorganization Unit</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    101 Barclay Street&nbsp;&#151; 7 East</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    New York, N.Y. 10286</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    Attn: Mr.&nbsp;David A. Maeur</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
By Facsimile Transmission:
</DIV>

<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    (212)&nbsp;298-1915</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
To Confirm by Telephone or for Information:
</DIV>

<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    (212)&nbsp;815-3687</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>DELIVERY TO AN ADDRESS OTHER THAN AS LISTED ABOVE, OR
TRANSMISSIONS OF INSTRUCTIONS TO A FACSIMILE NUMBER OTHER THAN
AS LISTED ABOVE, WILL NOT CONSTITUTE A VALID DELIVERY.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Solicitation of Tenders; Fees and Expenses</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We have not retained any dealer-manager in connection with the
exchange offer and will not make any payments to brokers,
dealers or others soliciting acceptances of the exchange offer.
However, we will pay the exchange agent reasonable and customary
fees for its services and will reimburse it for its reasonable
out-of-pocket expenses in connection with the exchange offer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We will pay the estimated cash expenses to be incurred in
connection with the exchange offer, including the following:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    fees and expenses of the exchange agent and trustee;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    SEC registration fees;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    accounting and legal fees;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    printing and mailing expenses.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt;">29

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

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Transfer Taxes</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We will pay all transfer taxes, if any, applicable to the
exchange of original notes under the exchange offer. The
tendering holder, however, will be required to pay any transfer
taxes, whether imposed on the registered holder or any other
person, if:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    certificates representing original notes for principal amounts
    not tendered or accepted for exchange are to be delivered to, or
    are to be issued in the name of, any person other than the
    registered holder of original notes tendered;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    exchange notes are to be delivered to, or issued in the name of,
    any person other than the registered holder of the original
    notes;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    tendered original notes are registered in the name of any person
    other than the person signing the letter of transmittal;&nbsp;or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    a transfer tax is imposed for any reason other than the exchange
    of original notes under the exchange offer.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If satisfactory evidence of payment of transfer taxes is not
submitted with the letter of transmittal, the amount of any
transfer taxes will be billed to the tendering holder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Accounting Treatment</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We will record the exchange notes at the same carrying value of
the original notes reflected in our accounting records on the
date the exchange offer is completed. Accordingly, we will not
recognize any gain or loss for accounting purposes upon the
exchange of exchange notes for original notes. We will amortize
the expenses incurred in connection with the issuance of the
exchange notes over the term of the exchange notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Consequences of Failure to Exchange</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If you do not exchange your original notes for exchange notes
pursuant to the exchange offer, you will continue to be subject
to the restrictions on transfer of the original notes as
described in the legend on the notes. In general, the original
notes may be offered or sold only if registered under the
Securities Act, except pursuant to an exemption from, or in a
transaction not subject to, the Securities Act and applicable
state securities laws. We do not currently anticipate that we
will register the original notes under the Securities Act,
except as may be required in the circumstances described under
&#147;Description of Exchange Notes&nbsp;&#151; Registration
Rights; Additional Interest.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Your participation in the exchange offer is voluntary, and you
should carefully consider whether to participate. We urge you to
consult your financial and tax advisors in making a decision
whether or not to tender your original notes. Please refer to
the section in this prospectus entitled &#147;Material United
States Federal Income Tax Consequences.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
As a result of the making of, and upon acceptance for exchange
of all validly tendered original notes pursuant to the terms of,
the exchange offer, we will have fulfilled a covenant contained
in the registration rights agreement. If you do not tender your
original notes in the exchange offer, you will be entitled to
all the rights and limitations applicable to the original notes
under the indenture, except for any rights under the
registration rights agreement that by their terms end or cease
to have further effectiveness as a result of the making of the
exchange offer. To the extent that original notes are tendered
and accepted in the exchange offer, the trading market for
untendered, or tendered but unaccepted, original notes could be
adversely affected. Please refer to the section in this
prospectus entitled &#147;Risk Factors&nbsp;&#151; Risks Related
to the Exchange Offer&nbsp;&#151; If you do not properly tender
your original notes for exchange notes, you will continue to
hold unregistered notes which are subject to transfer
restrictions.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We may in the future seek to acquire untendered original notes
in open market or privately negotiated transactions, through
subsequent exchange offers or otherwise. However, we have no
present plans to
</DIV>

<P align="center" style="font-size: 10pt;">30

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<DIV align="left" style="font-size: 10pt;">
acquire any original notes that are not tendered in the exchange
offer or to file a registration statement to permit resales of
any untendered original notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Holders of the original notes and exchange notes which remain
outstanding after consummation of the exchange offer will vote
together as a single class for purposes of determining whether
holders of the requisite percentage thereof have taken certain
actions or exercised certain rights under the indenture
governing the original notes and the exchange notes.
</DIV>

<DIV align="left" style="font-size: 10pt;">
<A name='109'></A>
</DIV>

<!-- link1 "DESCRIPTION OF EXCHANGE NOTES" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>DESCRIPTION OF EXCHANGE NOTES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
You can find the definitions of certain terms used in this
description under the subheading &#147;&#151;&nbsp;Certain
Definitions.&#148; In this description, the word &#147;Radio
One&#148; refers only to Radio One, Inc. and not to any of its
subsidiaries.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The terms of the exchange notes are the same in all material
respects as the terms of the original notes, except that the
exchange notes will be registered under the Securities Act and,
therefore, the transfer restrictions applicable to the original
notes will not be applicable to the exchange notes and the
exchange notes will not bear any legends restricting their
transfer. The exchange notes will evidence the same debt as the
original notes and both the original notes and the exchange
notes will be governed by the same indenture. The original notes
and the exchange notes will be treated as a single class of
notes should any original notes remain outstanding following the
exchange offer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The exchange notes will be issued, and the original notes were
issued, under one indenture among Radio One, the Guarantors and
The Bank of New York, as trustee. The terms of the notes include
those stated in the indenture and those made part of the
indenture by reference to the Trust Indenture Act of 1939, as
amended (the &#147;TIA&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following description is a summary of the material
provisions of the Indenture and the registration rights
agreement. It does not restate those agreements in their
entirety. We urge you to read the Indenture and the registration
rights agreement because they, and not this description, define
your rights as Holders of the Notes. Copies of the Indenture and
the registration rights agreement are available as set forth
below under &#147;&#151;&nbsp;Additional Information.&#148;
Certain defined terms used in this description but not defined
below under &#147;&#151;&nbsp;Certain Definitions&#148; have the
meanings assigned to them in the Indenture. References in this
description to Notes include the original notes, exchange notes
issued therefore, and Additional Notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The registered Holder of a Note will be treated as the owner of
it for all purposes. Only registered Holders will have rights
under the Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Brief Description of the Notes and the Guarantees</B>
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>The Notes</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Notes:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    are general unsecured obligations of Radio One;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    are subordinated in right of payment to all existing and future
    Senior Debt of Radio One;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    are pari passu in right of payment to Radio One&#146;s existing
    8<FONT style="font-size: 70%"><SUP>7</SUP></FONT>/<FONT style="font-size: 60%">8</FONT>%&nbsp;senior
    subordinated notes due 2011;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    are pari passu in right of payment to any future senior
    subordinated Indebtedness of Radio One;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    are fully and unconditionally guaranteed by the Guarantors;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    accrue interest at a rate of
    6<FONT style="font-size: 70%"><SUP>3</SUP></FONT>/<FONT style="font-size: 60%">8</FONT>%
    which is payable semi-annually;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    mature on February&nbsp;15, 2013.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt;">31

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<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>The Guarantees</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Notes are fully and unconditionally guaranteed on a joint
and several basis by each of Radio One&#146;s Restricted
Subsidiaries (as described below).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Each guarantee of the Notes is:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    a general unsecured obligation of the Guarantor;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    subordinated in right of payment to all existing and future
    Senior Debt of that Guarantor;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    pari passu in right of payment to the Guarantees with respect to
    Radio One&#146;s existing
    8<FONT style="font-size: 70%"><SUP>7</SUP></FONT>/<FONT style="font-size: 60%">8</FONT>%&nbsp;senior
    subordinated notes due 2011;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    pari passu in right of payment to any future senior subordinated
    Indebtedness of that Guarantor.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
As indicated above and as discussed in detail below under the
caption &#147;&#151;&nbsp;Subordination,&#148; payments on the
Notes and under these guarantees will be subordinated to the
payment of Senior Debt. The Indenture permits us and the
Guarantors to incur additional Senior Debt.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
As of the date of this prospectus, all of our subsidiaries,
except Home Plate Suites, LLC and Radio One Cable Holdings,
Inc., are &#147;Restricted Subsidiaries.&#148; However, under
the circumstances described below under the subheading
&#147;&#151;&nbsp;Certain Covenants&nbsp;&#151; Designation of
Restricted and Unrestricted Subsidiaries,&#148; we will be
permitted to designate certain of our subsidiaries as
&#147;Unrestricted Subsidiaries.&#148; Our Unrestricted
Subsidiaries will not be subject to many of the restrictive
covenants in the Indenture. Our Unrestricted Subsidiaries will
not guarantee the Notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Principal, Maturity and Interest</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Radio One issued the original notes initially with an aggregate
principal amount of $200.0&nbsp;million. Radio One may issue
Additional Notes from time to time. Any offering of Additional
Notes is subject to the covenant described below under the
caption &#147;&#151;&nbsp;Certain Covenants&nbsp;&#151;
Incurrence of Indebtedness and Issuance of Preferred
Stock.&#148; The original notes, the exchange notes and any
Additional Notes subsequently issued under the Indenture will be
treated as a single class for all purposes under the Indenture,
including, without limitation, waivers, amendments, redemptions
and offers to purchase. Radio One will issue Notes in
denominations of $1,000 and integral multiples of $1,000. The
Notes will mature on February&nbsp;15, 2013.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Interest on the Notes will accrue at the rate of
6<FONT style="font-size: 70%"><SUP>3</SUP></FONT>/<FONT style="font-size: 60%">8</FONT>%&nbsp;per
annum and will be payable in U.S.&nbsp;Dollars semi-annually in
arrears on February 15 and August&nbsp;15, commencing on
August&nbsp;15, 2005. Radio One will make each interest payment
to the Holders of record on the immediately preceding February 1
and August 1.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Interest on the Notes will accrue from the date of original
issuance or, if interest has already been paid, from the date it
was most recently paid. Interest will be computed on the basis
of a 360-day year comprised of twelve 30-day months.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Methods of Receiving Payments on the Notes</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If a Holder has given wire transfer instructions to Radio One,
Radio One will make all principal, interest and premium payments
and additional interest payments, if any, on that Holder&#146;s
Notes in accordance with those instructions. All other payments
on the Notes will be made at the office or agency of the paying
agent and registrar within the City and State of New York unless
Radio One elects to make interest payments by check mailed to
the Holders at their address set forth in the register of
Holders.
</DIV>

<P align="center" style="font-size: 10pt;">32

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<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Paying Agent and Registrar for the Notes</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The trustee will initially act as paying agent and registrar.
Radio One may change the paying agent or registrar without prior
notice to the Holders of the Notes, and Radio One or any of its
Subsidiaries may act as paying agent or registrar.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Transfer and Exchange</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A Holder may transfer or exchange Notes in accordance with the
Indenture. The registrar and the trustee may require a Holder to
furnish appropriate endorsements and transfer documents in
connection with a transfer of Notes. Holders will be required to
pay all taxes due on transfer. Radio One is not required to
transfer or exchange any Note selected for redemption. Also,
Radio One is not required to transfer or exchange any Note for a
period of 15&nbsp;days before a selection of Notes is to be
redeemed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Subsidiary Guarantees</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Notes will be guaranteed by each of Radio One&#146;s current
and future domestic Subsidiaries that are Restricted
Subsidiaries. These Subsidiary Guarantees will be joint and
several obligations of the Guarantors. Each Subsidiary Guarantee
will be subordinated to the prior payment in full of all Senior
Debt of that Guarantor and guarantees of that Guarantor of Radio
One&#146;s Senior Debt. The obligations of each Guarantor under
its Subsidiary Guarantee will be limited as necessary to prevent
that Subsidiary Guarantee from constituting a fraudulent
conveyance under applicable law. See &#147;Risk
Factors&nbsp;&#151; Risks Related to the Notes.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A Guarantor may not sell or otherwise dispose of all or
substantially all of its assets, or consolidate with or merge
with or into (whether or not such Guarantor is the surviving
Person), another Person, other than Radio One or another
Guarantor, unless:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (1)&nbsp;immediately after giving effect to that transaction, no
    Default or Event of Default exists;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (2)&nbsp;either:</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (a)&nbsp;the Person acquiring the property in any such sale or
    disposition or the Person formed by or surviving any such
    consolidation or merger (if other than such Guarantor) assumes
    all the obligations of that Guarantor under the Indenture, its
    Subsidiary Guarantee and the registration rights agreement
    pursuant to a supplemental Indenture satisfactory to the
    trustee;&nbsp;or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (b)&nbsp;the Net Proceeds of such sale or other disposition are
    applied in accordance with the applicable provisions of the
    Indenture.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Subsidiary Guarantee of a Guarantor will be released:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (1)&nbsp;in connection with any sale or other disposition of all
    or substantially all of the assets of that Guarantor (including
    by way of merger or consolidation) to a Person that is not
    (either before or after giving effect to such transaction) a
    Subsidiary of Radio One, if the sale or other disposition
    complies with the &#147;Asset Sale&#148; provisions of the
    Indenture;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (2)&nbsp;in connection with any sale of all of the Capital Stock
    of a Guarantor to a Person that is not (either before or after
    giving effect to such transaction) a Subsidiary of Radio One, if
    the sale complies with the &#147;Asset Sale&#148; provisions of
    the Indenture;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (3)&nbsp;if Radio One designates any Restricted Subsidiary that
    is a Guarantor as an Unrestricted Subsidiary in accordance with
    the applicable provisions of the Indenture; in connection with
    any transaction whereby a Guarantor is no longer a Restricted
    Subsidiary immediately after giving effect to such transaction
    if the transaction complies with the &#147;Asset Sale
    Provisions&#148; of the Indenture;&nbsp;or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (4)&nbsp;upon the discharge or release of all guarantees of such
    Guarantor, and all pledges of property or assets of such
    Guarantor securing all other Indebtedness of Radio One and its
    Restricted Subsidiaries.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt;">33

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
See &#147;&#151;&nbsp;Repurchase at the Option of
Holders&nbsp;&#151; Asset Sales.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Subordination</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The payment of principal, interest and premium and additional
interest, if any, on the Notes will be subordinated to the prior
payment in full of all Senior Debt of Radio One, including
Senior Debt incurred after the date of the Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The holders of Senior Debt will be entitled to receive payment
in full of all Obligations due in respect of Senior Debt
(including interest after the commencement of any bankruptcy
proceeding at the rate specified in the applicable Senior Debt
whether or not a claim for such interest would be allowed in
such proceeding) before the Holders of Notes will be entitled to
receive any payment or distribution of any kind or character
with respect to the Notes or on account of any purchase or
redemption or other acquisition on any Note (except that Holders
of Notes may receive and retain Permitted Junior Securities and
payments made from the trust described under
&#147;&#151;&nbsp;Legal Defeasance and Covenant Defeasance&#148;
so long as, on the date or dates the respective amounts were
paid into trust, such payments were made without violating the
subordination provisions described herein), in the event of any
distribution to creditors of Radio One or any Guarantor:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (1)&nbsp;in a liquidation or dissolution of Radio One or such
    Guarantor;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (2)&nbsp;in a bankruptcy, reorganization, insolvency,
    receivership or similar proceeding relating to Radio One or such
    Guarantor or its property;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (3)&nbsp;in an assignment for the benefit of creditors of Radio
    One or such Guarantor;&nbsp;or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (4)&nbsp;in any marshaling of Radio One&#146;s or such
    Guarantor&#146;s assets and liabilities.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Neither Radio One nor any Guarantor may make any payment or
distribution of any kind or character in respect of the Notes or
on account of any purchase or redemption or other acquisition of
any Note (except in Permitted Junior Securities or from the
trust described under &#147;&#151;&nbsp;Legal Defeasance and
Covenant Defeasance&#148; so long as, on the date or dates the
respective amounts were paid into trust, such payments were made
without violating the subordination provisions described herein)
if:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (5)&nbsp;a default in the payment of the principal of, or
    premium, if any, or interest on, or any fees or other amounts
    relating to Designated Senior Debt occurs and is continuing
    beyond any applicable grace period; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (6)&nbsp;any other default occurs and is continuing on any
    series of Designated Senior Debt that permits holders of that
    series of Designated Senior Debt to accelerate its maturity and
    the trustee receives a notice of such default (a &#147;Payment
    Blockage Notice&#148;) from Radio One or the holders of any
    Designated Senior Debt.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Payments on the Notes (including any missed payments) may and
will be resumed:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (1)&nbsp;in the case of a payment default, upon the date on
    which such default is cured or waived;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (2)&nbsp;in the case of a nonpayment default, upon the earlier
    of (i)&nbsp;the date on which such nonpayment default is cured
    or waived, (ii)&nbsp;179&nbsp;days after the date on which the
    applicable Payment Blockage Notice is received, or
    (iii)&nbsp;the date on which the trustee receives notice from or
    on behalf of the holders of Designated Senior Debt to terminate
    the applicable Payment Blockage Notice, unless the maturity of
    any Designated Senior Debt has been accelerated.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
No new Payment Blockage Notice may be delivered unless and until
360&nbsp;days have elapsed since the delivery of the immediately
prior Payment Blockage Notice.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
No nonpayment default that existed or was continuing on the date
of delivery of any Payment Blockage Notice to the trustee will
be, or be made, the basis for a subsequent Payment Blockage
Notice unless such default has been cured or waived for a period
of not less than 90 consecutive days.
</DIV>

<P align="center" style="font-size: 10pt;">34

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If the trustee or any Holder of the Notes receives a payment in
respect of the Notes (except in Permitted Junior Securities or
from the trust described under &#147;&#151;&nbsp;Legal
Defeasance and Covenant Defeasance&#148; so long as, on the date
or dates the respective amounts were paid into trust, such
payments were made without violating the subordination
provisions described herein) when the payment is prohibited by
these subordination provisions, the trustee or Holder, as the
case may be, will hold the payment in trust for the benefit of
the holders of Senior Debt. Upon the proper written request of
the holders of Senior Debt, the trustee or the Holder, as the
case may be, will deliver the amounts in trust to the holders of
Senior Debt or their proper representative.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Radio One must promptly notify holders of Senior Debt if payment
of the Notes is accelerated because of an Event of Default;
provided that any failure to give such notice shall have no
effect whatsoever on the subordination provision described
herein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
As a result of the subordination provisions described above, in
the event of a bankruptcy, liquidation or reorganization of
Radio One or any Guarantor, Holders of Notes may recover less
ratably than creditors of Radio One or such Guarantor who are
holders of Senior Debt. See &#147;Risk Factors&nbsp;&#151; Risks
Related to the Notes.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Optional Redemption</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
At any time prior to February&nbsp;15, 2008, Radio One may on
any one or more occasions redeem up to 35% of the aggregate
principal amount of Notes issued under the Indenture at a
redemption price of 106.375% of the principal amount thereof,
plus accrued and unpaid interest and additional interest, if
any, to the redemption date, with the net cash proceeds of one
or more Equity Offerings; provided that:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (1)&nbsp;at least 65% of the aggregate principal amount of Notes
    issued under the Indenture remains outstanding immediately after
    the occurrence of such redemption (excluding Notes held by Radio
    One and its Subsidiaries);&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (2)&nbsp;the redemption occurs within 180&nbsp;days of the date
    of the closing of such Equity Offering.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Except pursuant to the preceding paragraph, the Notes will not
be redeemable at Radio One&#146;s option prior to
February&nbsp;15, 2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On or after February&nbsp;15, 2009, Radio One may redeem all or
a part of the Notes upon not less than 30 nor more than
60&nbsp;days&#146; notice, at the redemption prices (expressed
as percentages of principal amount) set forth below plus accrued
and unpaid interest and additional interest, if any, on the
Notes redeemed, to the applicable redemption date, if redeemed
during the twelve-month period beginning on February 15 of the
years indicated below:
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="82%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD align="left" nowrap><B>Year</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Percentage</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    2009</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>103.188</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    2010</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>101.594</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    2011 and thereafter</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>100.000</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Mandatory Redemption</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Radio One is not required to make mandatory redemption or
sinking fund payments with respect to the Notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Repurchase at the Option of Holders</B>
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Change of Control</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If a Change of Control occurs, each Holder of Notes will have
the right to require Radio One to repurchase all or any part
(equal to $1,000 or an integral multiple of $1,000) of that
Holder&#146;s Notes at a price in cash equal to 101% of the
aggregate principal amount of Notes repurchased plus accrued and
unpaid interest and additional interest, if any, on the Notes
repurchased, to the date of purchase (the
</DIV>

<P align="center" style="font-size: 10pt;">35

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

<DIV align="left" style="font-size: 10pt;">
&#147;Change of Control Payment&#148;). Within 10&nbsp;days
following any Change of Control, Radio One will mail a notice to
each Holder describing the transaction or transactions that
constitute the Change of Control and offering to repurchase
Notes on the date specified in the notice (the &#147;Change of
Control Payment Date&#148;), which date will be no earlier than
30&nbsp;days and no later than 60&nbsp;days from the date such
notice is mailed, pursuant to the procedures required by the
Indenture and described in such notice. Radio One will comply
with the requirements of Rule&nbsp;14e-1 under the Exchange Act
and any other securities laws and regulations thereunder to the
extent those laws and regulations are applicable in connection
with the repurchase of the Notes as a result of a Change of
Control. To the extent that the provisions of any securities
laws or regulations conflict with the Change of Control
provisions of the Indenture, Radio One will comply with the
applicable securities laws and regulations and will not be
deemed to have breached its obligations under the Change of
Control provisions of the Indenture by virtue of such compliance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On the Change of Control Payment Date, Radio One will, to the
extent lawful:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (1)&nbsp;accept for payment all Notes or portions of Notes
    properly tendered pursuant to the Change of Control Offer;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (2)&nbsp;deposit with the paying agent an amount equal to the
    Change of Control Payment in respect of all Notes or portions of
    Notes properly tendered;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (3)&nbsp;deliver or cause to be delivered to the trustee the
    Notes properly accepted together with an officers&#146;
    certificate stating the aggregate principal amount of Notes or
    portions of Notes being purchased by Radio One.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The paying agent will promptly mail to each Holder of Notes
properly tendered the Change of Control Payment for such Notes,
and the trustee will promptly authenticate and mail (or cause to
be transferred by book entry) to each Holder a new note equal in
principal amount to any unpurchased portion of the Notes
surrendered, if any; provided that each new note will be in a
principal amount of $1,000 or an integral multiple of $1,000.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Prior to complying with any of the provisions of this
&#147;Change of Control&#148; covenant, but in any event within
90&nbsp;days following a Change of Control, Radio One will
either repay all outstanding Senior Debt or obtain the requisite
consents, if any, under all agreements governing outstanding
Senior Debt to permit the repurchase of Notes required by this
covenant. Radio One will publicly announce the results of the
Change of Control Offer on or as soon as practicable after the
Change of Control Payment Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The provisions described above that require Radio One to make a
Change of Control Offer following a Change of Control will be
applicable whether or not any other provisions of the Indenture
are applicable. Except as described above with respect to a
Change of Control, the Indenture does not contain provisions
that permit the Holders of the Notes to require that Radio One
repurchase or redeem the Notes in the event of a takeover,
recapitalization or similar transaction not covered by the
definition of Change of Control.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Radio One will not be required to make a Change of Control Offer
upon a Change of Control if a third party makes the Change of
Control Offer in the manner, at the times and otherwise in
compliance with the requirements set forth in the Indenture
applicable to a Change of Control Offer made by Radio One and
purchases all Notes properly tendered and not withdrawn under
the Change of Control Offer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The definition of Change of Control includes a phrase relating
to the direct or indirect sale, lease, transfer, conveyance or
other disposition of &#147;all or substantially all&#148; of the
properties or assets of Radio One and its Subsidiaries taken as
a whole. Although there is a limited body of case law
interpreting the phrase &#147;substantially all,&#148; there is
no precise established definition of the phrase under applicable
law. Accordingly, the ability of a Holder of Notes to require
Radio One to repurchase its Notes as a result of a sale, lease,
transfer, conveyance or other disposition of less than all of
the assets of Radio One and its Subsidiaries taken as a whole to
another Person or group may be uncertain.
</DIV>

<P align="center" style="font-size: 10pt;">36

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

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Asset Sales</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(A)&nbsp;Radio One will not, and will not permit any of its
Restricted Subsidiaries to, consummate an Asset Sale unless:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (1)&nbsp;Radio One (or the Restricted Subsidiary, as the case
    may be) receives consideration at the time of the Asset Sale at
    least equal to the fair market value of the assets or Equity
    Interests issued or sold or otherwise disposed of;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (2)&nbsp;the fair market value is determined by Radio One&#146;s
    Board of Directors and evidenced by a resolution of the Board of
    Directors set forth in an officers&#146; certificate delivered
    to the trustee;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (3)&nbsp;at least 75% of the consideration received in the Asset
    Sale by Radio One or such Restricted Subsidiary is in the form
    of cash or Cash Equivalents except to the extent Radio One is
    undertaking a Permitted Asset Swap. For purposes of this
    provision and the next paragraph, each of the following will be
    deemed to be cash:</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (a)&nbsp;any liabilities, as shown on Radio One&#146;s or such
    Restricted Subsidiary&#146;s most recent balance sheet, of Radio
    One or any Restricted Subsidiary (other than contingent
    liabilities and liabilities that are by their terms subordinated
    to the Notes or any Subsidiary Guarantee) that are assumed by
    the transferee of any such assets pursuant to a customary
    novation agreement that releases Radio One or such Restricted
    Subsidiary from further liability;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (b)&nbsp;any securities, notes or other obligations received by
    Radio One or any such Restricted Subsidiary from such transferee
    that are converted by Radio One or such Restricted Subsidiary
    within 90&nbsp;days after the date of the applicable Asset Sale
    into cash or Cash Equivalents, to the extent of the cash or Cash
    Equivalents received in that conversion.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The 75% limitation referred to in clause&nbsp;(3) above will not
apply to any Asset Sale in which the cash or Cash Equivalents
portion of the consideration received therefrom, determined in
accordance with the preceding provision, is equal to or greater
than what the after-tax proceeds would have been had such Asset
Sale complied with the aforementioned 75% limitation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notwithstanding the foregoing, Radio One or any Restricted
Subsidiary will be permitted to consummate an Asset Sale without
complying with the foregoing if:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (x)&nbsp;Radio One or such Restricted Subsidiary receives
    consideration at the time of such Asset Sale at least equal to
    the fair market value of the assets or other property sold,
    issued or otherwise disposed of;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (y)&nbsp;the fair market value is determined by Radio One&#146;s
    Board of Directors and evidenced by a resolution of the Board of
    Directors set forth in an officers&#146; certificate delivered
    to the trustee;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (z)&nbsp;at least 75% of the consideration for such Asset Sale
    constitutes a controlling interest in a Permitted Business,
    assets used or useful in a Permitted Business and/or cash;
    provided that any cash (other than any amount deemed cash under
    clause&nbsp;(3)(a) of the preceding paragraph) received by Radio
    One or such Restricted Subsidiary in connection with any Asset
    Sale permitted to be consummated under this paragraph shall
    constitute Net Proceeds subject to the provisions of the next
    paragraph.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(B)&nbsp;Within 360&nbsp;days after the receipt of any Net
Proceeds from an Asset Sale by Radio One or a Restricted
Subsidiary of Radio One, provided that (i)&nbsp;such Net
Proceeds either singularly or when aggregated with all other Net
Proceeds from all Asset Sales consummated since the date of the
Indenture exceed $10.0&nbsp;million; and (ii)&nbsp;the Leverage
Ratio as of the end of the fiscal quarter immediately prior to
the date on which such application of such Net Proceeds would
otherwise be required is greater than 6.00
</DIV>

<P align="center" style="font-size: 10pt;">37

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<DIV align="left" style="font-size: 10pt;">
to 1.00, and then only to the extent necessary to reduce the
Leverage Ratio to 6.00 to 1.00, Radio One or such Restricted
Subsidiary may apply those Net Proceeds at its option:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (1)&nbsp;to repay Senior Debt and, if the Senior Debt repaid is
    revolving credit Indebtedness, to correspondingly reduce
    commitments with respect thereto;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (2)&nbsp;to acquire all or substantially all of the assets of,
    or a majority of the Voting Stock of, another Permitted Business;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (3)&nbsp;to make capital expenditures;&nbsp;or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (4)&nbsp;to acquire other assets that are used or useful in a
    Permitted Business.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Pending the final application of any Net Proceeds, Radio One may
temporarily reduce revolving credit borrowings of Radio One or
its Restricted Subsidiaries or otherwise invest the Net Proceeds
in any manner that is not prohibited by the Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Any Net Proceeds from Asset Sales that are not applied or
invested as provided in the preceding paragraph will constitute
&#147;Excess Proceeds.&#148; When the aggregate amount of Excess
Proceeds exceeds $10.0&nbsp;million, Radio One will be required
to make an offer (the &#147;Asset Sale Offer&#148;) to all
Holders of Notes and all holders of other Indebtedness of Radio
One that is pari passu with the Notes containing provisions
similar to those set forth in the Indenture with respect to
offers to purchase or redeem with the proceeds of sales of
assets, to purchase the maximum principal amount of Notes and
such other pari passu Indebtedness that may be purchased out of
the Excess Proceeds. The offer price in any Asset Sale Offer
will be equal to 100% of principal amount plus accrued and
unpaid interest and additional interest, if any, to the date of
purchase, and will be payable in cash. If any Excess Proceeds
remain after consummation of an Asset Sale Offer, Radio One may
use those Excess Proceeds for any purpose not otherwise
prohibited by the Indenture. If the aggregate principal amount
of Notes and other pari passu Indebtedness tendered into such
Asset Sale Offer exceeds the amount of Excess Proceeds, the
trustee will select the Notes and such other pari passu
Indebtedness to be purchased on a pro rata basis. Upon
completion of each Asset Sale Offer, the amount of Excess
Proceeds will be reset at zero.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(C)&nbsp;Radio One will comply with the requirements of
Rule&nbsp;14e-1 under the Exchange Act and any other securities
laws and regulations thereunder to the extent those laws and
regulations are applicable in connection with each repurchase of
Notes pursuant to an Asset Sale Offer. To the extent that the
provisions of any securities laws or regulations conflict with
the Asset Sale provisions of the Indenture, Radio One will
comply with the applicable securities laws and regulations and
will not be deemed to have breached its obligations under the
Asset Sale provisions of the Indenture by virtue of such
compliance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The agreements governing Radio One&#146;s outstanding Senior
Debt currently prohibit Radio One from purchasing any Notes, and
also provides that certain change of control or asset sale
events with respect to Radio One would constitute a default
under these agreements. Any future credit agreements or other
agreements relating to Senior Debt to which Radio One becomes a
party may contain similar restrictions and provisions. In
addition, the indenture governing Radio One&#146;s
8<FONT style="font-size: 70%"><SUP>7</SUP></FONT>/<FONT style="font-size: 60%">8</FONT>%&nbsp;senior
subordinated notes due 2011 require Radio One to repurchase
those notes at the option of the holders of those notes upon the
occurrence of certain change of control or asset sale events. In
the event a Change of Control or Asset Sale occurs at a time
when Radio One is prohibited from purchasing Notes, Radio One
could seek the consent of its senior lenders to the purchase of
Notes or could attempt to refinance the borrowings that contain
such prohibition. If Radio One does not obtain such a consent or
repay such borrowings, Radio One will remain prohibited from
purchasing Notes. In such case, Radio One&#146;s failure to
purchase tendered Notes would constitute an Event of Default
under the Indenture which would, in turn, constitute a default
under such Senior Debt. In such circumstances, the subordination
provisions in the Indenture would likely restrict payments to
the Holders of Notes.
</DIV>

<P align="center" style="font-size: 10pt;">38

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<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Selection and Notice</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If less than all of the Notes are to be redeemed at any time,
the trustee will select notes for redemption as follows:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (1)&nbsp;if the Notes are listed on any national securities
    exchange, in compliance with the requirements of the principal
    national securities exchange, on which the Notes are
    listed;&nbsp;or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (2)&nbsp;if the Notes are not listed on any national securities
    exchange, on a pro rata basis, by lot or by such method as the
    trustee deems fair and appropriate.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
No Notes of $1,000 principal amount or less may be redeemed in
part. Notices of redemption will be mailed by first class mail
at least 30 but not more than 60&nbsp;days before the redemption
date to each Holder of Notes to be redeemed at its registered
address, except that redemption notices may be mailed more than
60&nbsp;days prior to a redemption date if the notice is issued
in connection with a defeasance of the Notes or a satisfaction
and discharge of the Indenture. Notices of redemption may not be
conditional.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If any Note is to be redeemed in part only, the notice of
redemption that relates to that Note will state the portion of
the principal amount of the Note that is to be redeemed. A new
Note in principal amount equal to the unredeemed portion of the
original Note presented for redemption will be issued in the
name of the Holder thereof upon cancellation of the original
Note. Notes called for redemption become due on the date fixed
for redemption. On and after the redemption date, interest will
cease to accrue on the Notes or portion thereof called for
redemption as long as Radio One has deposited with the paying
agent funds in satisfaction of the applicable redemption price
pursuant to the Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Certain Covenants</B>
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Restricted Payments</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Radio One will not, and will not permit any of its Restricted
Subsidiaries to, directly or indirectly:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (1)&nbsp;declare or pay any dividend or make any other payment
    or distribution on account of Radio One&#146;s or any of its
    Restricted Subsidiaries&#146; Equity Interests (including,
    without limitation, any payment in connection with any merger or
    consolidation involving Radio One or any of its Restricted
    Subsidiaries) or to the direct or indirect holders of Radio
    One&#146;s or any of its Restricted Subsidiaries&#146; Equity
    Interests in their capacity as such (other than dividends or
    distributions payable in Equity Interests (other than
    Disqualified Stock) of Radio One and other than dividends or
    distributions payable to Radio One or a Restricted Subsidiary of
    Radio One);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (2)&nbsp;purchase, redeem or otherwise acquire or retire for
    value (including, without limitation, in connection with any
    merger or consolidation involving Radio One) any Equity
    Interests of Radio One or any direct or indirect parent of Radio
    One (other than any such Equity Interests owned by Radio One or
    a Restricted Subsidiary);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (3)&nbsp;make any payment on or with respect to, or purchase,
    redeem, defease or otherwise acquire or retire for value any
    Indebtedness that is subordinated to the Notes or the Subsidiary
    Guarantees, except a payment of interest or principal at the
    Stated Maturity thereof (except for payments into a trust within
    one year of the stated maturity of any such Subordinated
    Indebtedness which payments effect a defeasance or discharge of
    such Indebtedness);&nbsp;or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (4)&nbsp;make any Restricted Investment (all such payments and
    other actions set forth in these clauses&nbsp;(1) through
    (4)&nbsp;above being collectively referred to as
    &#147;Restricted Payments&#148;),</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
unless, at the time of and after giving effect to such
Restricted Payment:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (1)&nbsp;no Default or Event of Default has occurred and is
    continuing or would occur as a consequence of such Restricted
    Payment;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (2)&nbsp;Radio One would, at the time of such Restricted Payment
    and after giving pro forma effect thereto as if such Restricted
    Payment had been made at the beginning of the applicable
    four-quarter</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt;">39

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    period, have been permitted to incur at least $1.00 of
    additional Indebtedness pursuant to the Leverage Ratio test set
    forth in the first paragraph of the covenant described below
    under the caption &#147;&#151;&nbsp;Incurrence of Indebtedness
    and Issuance of Preferred Stock;&#148;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (3)&nbsp;such Restricted Payment, together with the aggregate
    amount of all other Restricted Payments made by Radio One and
    its Restricted Subsidiaries after the date of the Indenture
    (excluding Restricted Payments permitted by clauses&nbsp;(1),
    (2), (3), (4), (5), (7), (8), (10), (12)&nbsp;and (13)&nbsp;of
    the next succeeding paragraph) is less than the sum, without
    duplication of:</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (a)&nbsp;(i)&nbsp;100% of the aggregate Consolidated Cash Flow
    of Radio One (or, in the event such Consolidated Cash Flow shall
    be a deficit, minus 100% of such deficit) accrued for the period
    beginning January&nbsp;1, 2005 and ending on the last day of
    Radio One&#146;s most recent calendar month for which financial
    information is available to Radio One at the time of such
    Restricted Payment, taken as one accounting period, less
    (ii)&nbsp;1.4 times Consolidated Interest Expense for the same
    period, plus</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (b)&nbsp;100% of the aggregate net proceeds (including the fair
    market value of property other than cash or Cash Equivalents)
    received by Radio One since January&nbsp;1, 2005 from the issue
    or sale of Equity Interests of Radio One (other than
    Disqualified Stock), or of Disqualified Stock or debt securities
    of Radio One that have been converted into such Equity Interests
    (other than Equity Interests (or Disqualified Stock or
    convertible debt securities) sold to a Restricted Subsidiary and
    other than Disqualified Stock or convertible debt securities
    that have been converted into Disqualified Stock), plus</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (c)&nbsp;to the extent that any Unrestricted Subsidiary is
    redesignated as a Restricted Subsidiary after the date of the
    Indenture, the fair market value of such Subsidiary as of the
    date of such redesignation, plus</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (d)&nbsp;the aggregate amount returned in cash with respect to
    Investments (other than Permitted Investments) made after the
    issue date whether through interest payments, principal
    payments, dividends or other distributions, plus</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (e)&nbsp;the net cash proceeds received by Radio One or any of
    its Restricted Subsidiaries from the disposition, retirement or
    redemption of all or any portion of such Investments referred to
    in clause&nbsp;(4) above (other than to a Restricted
    Subsidiary), plus</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (f)&nbsp;$25.0&nbsp;million.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The preceding provisions will not prohibit:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (1)&nbsp;the payment of any dividend within 60&nbsp;days after
    the date of declaration of the dividend, if at the date of
    declaration the dividend payment would have complied with the
    provisions of the Indenture;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (2)&nbsp;the redemption, repurchase, retirement, defeasance or
    other acquisition of any subordinated Indebtedness of Radio One
    or any Guarantor or of any Equity Interests of Radio One in
    exchange for, or out of the net cash proceeds of the
    substantially concurrent sale (other than to a Restricted
    Subsidiary of Radio One) of, Equity Interests of Radio One
    (other than Disqualified Stock); provided that the amount of any
    such net cash proceeds that are utilized for any such
    redemption, repurchase, retirement, defeasance or other
    acquisition will be excluded from clause&nbsp;(3) (b)&nbsp;of
    the preceding paragraph;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (3)&nbsp;the defeasance, redemption, repurchase or other
    acquisition of subordinated Indebtedness of Radio One or any
    Guarantor with the net cash proceeds from an incurrence of
    Permitted Refinancing Indebtedness;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (4)&nbsp;the payment of any dividend by a Restricted Subsidiary
    of Radio One to the holders of its common Equity Interests on a
    pro rata basis;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt;">40

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<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (5)&nbsp;so long as no Default has occurred and is continuing or
    would be caused thereby, the payment of dividends on Existing
    Preferred Stock in accordance with the terms thereof;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (6)&nbsp;to the extent permitted by applicable law, loans to
    members of management of Radio One or any Restricted Subsidiary,
    the proceeds of which are used for a concurrent purchase of
    Equity Interests of Radio One or a capital contribution to Radio
    One (provided that the proceeds from such purchase of Equity
    Interests or capital contribution shall be excluded from the
    calculation of amounts under clause&nbsp;(3) above), provided
    that such loans shall be included in the calculation of the
    amount of Restricted Payments from and after such time;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (7)&nbsp;the repurchase, redemption or other acquisition or
    retirement for value of any Equity Interests of Radio One or any
    Restricted Subsidiary of Radio One or the payment of a dividend
    to any Restricted Subsidiary of Radio One to effect the
    repurchase, redemption, acquisition or retirement of Radio One
    or its Restricted Subsidiary&#146;s Equity Interests, that are
    held by any member or former member of Radio One&#146;s (or any
    of the Restricted Subsidiaries&#146;) management, or by any of
    their respective directors, employees or consultants; provided
    that, except as otherwise set forth in clause&nbsp;(8) below,
    the aggregate price paid for all such repurchased, redeemed,
    acquired or retired Equity Interests may not exceed the sum of
    (a)&nbsp;$5.0&nbsp;million in any calendar year (with unused
    amounts in any calendar year being available to be so utilized
    in succeeding calendar years) and (b)&nbsp;the net cash proceeds
    to Radio One and its Restricted Subsidiaries from any issuance
    or reissuance of Equity Interests of Radio One or its Restricted
    Subsidiaries (other than Disqualified Stock) to members of
    management (which are excluded from the calculation set forth in
    clause&nbsp;(3)(b) of the proceeding paragraph) and the net cash
    proceeds to Radio One and its Restricted Subsidiaries of any
    &#147;key man&#148; life insurance proceeds; provided that the
    cancellation of Indebtedness owing to Radio One and its
    Restricted Subsidiaries from members of management shall not be
    deemed Restricted Payments;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (8)&nbsp;the repurchase, redemption or other acquisition or
    retirement for value of any Equity Interests of Radio One that
    are held by a Named Executive Officer; provided that the
    aggregate proceeds received by any such Named Executive Officer
    from such repurchase, redemption, acquisition or retirement is
    used to repay Indebtedness outstanding as of the date of the
    Indenture that such Named Executive Officer owes to Radio One;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (9)&nbsp;payment of the dividends on Disqualified Stock the
    incurrence of which was permitted by the Indenture;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (10)&nbsp;repurchases of Equity Interests deemed to occur upon
    the exercise of stock options;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (11)&nbsp;the retirement of any shares of Disqualified Stock of
    Radio One by conversion into, or by exchange for, shares of
    Disqualified Stock of Radio One, or out of the net cash proceeds
    of the substantially concurrent sale (other than to a Restricted
    Subsidiary of Radio One) of other shares of Disqualified Stock
    of Radio One, provided that the Disqualified Stock of Radio One
    that replaces the retired shares of Disqualified Stock of Radio
    One shall not require the direct or indirect payment of the
    liquidation preference earlier in time than the final stated
    maturity of the retired shares of Disqualified Stock of Radio
    One;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (12)&nbsp;repurchases of Equity Interests of Radio One in open
    market purchases, provided that the aggregate amount expended
    for such repurchases shall not exceed
    $50.0&nbsp;million;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (13)&nbsp;redemption of the Existing Preferred Stock in
    accordance with the terms thereof.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The amount of all Restricted Payments (other than cash) will be
the fair market value on the date of the Restricted Payment of
the asset(s) or securities proposed to be transferred or issued
by Radio One or such Restricted Subsidiary, as the case may be,
pursuant to the Restricted Payment. The fair market value of any
assets or securities that are required to be valued by this
covenant will be determined by the Board of Directors whose
resolution with respect thereto will be delivered to the
trustee. The Board of Directors&#146; determination must be
based upon an opinion or appraisal issued by an accounting,
appraisal or investment
</DIV>

<P align="center" style="font-size: 10pt;">41

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<DIV align="left" style="font-size: 10pt;">
banking firm of national standing if the fair market value
exceeds $50.0&nbsp;million. Not later than the date of making
any Restricted Payment, Radio One will deliver to the trustee an
officers&#146; certificate stating that such Restricted Payment
is permitted and setting forth the basis upon which the
calculations required by this covenant were computed, together
with a copy of any fairness opinion or appraisal required by the
Indenture.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Incurrence of Indebtedness and Issuance of Preferred
    Stock</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Radio One and the Guarantors will not, and will not permit any
of their Subsidiaries to, directly, or indirectly, create,
incur, issue, assume, guarantee or otherwise become directly or
indirectly liable, contingently or otherwise, with respect to
(collectively, &#147;incur&#148;) any Indebtedness (including
Acquired Debt) and Radio One will not issue any Disqualified
Stock and will not permit any of its Subsidiaries to issue any
shares of preferred stock; provided, however, that Radio One or
any Guarantor may incur Indebtedness (including Acquired Debt)
or issue shares of Disqualified Stock or preferred stock if
Radio One&#146;s Leverage Ratio at the time of incurrence of
such Indebtedness or the issuance of such Disqualified Stock or
such preferred stock, as the case may be, after giving pro forma
effect to such incurrence or issuance as of such date and to the
use of the proceeds therefrom as if the same had occurred at the
beginning of the most recently ended four full fiscal quarter
period of Radio One for which internal financial statements are
available, would have been no greater than 7.0 to 1.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The first paragraph of this covenant will not prohibit the
incurrence of any of the following items of Indebtedness
(collectively, &#147;Permitted Debt&#148;):
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (1)&nbsp;the incurrence by Radio One and any Guarantor of
    additional Indebtedness and letters of credit under Credit
    Facilities in an aggregate principal amount at any one time
    outstanding under this clause&nbsp;(1) (with Letters of credit
    being deemed to have a principal amount equal to the maximum
    potential liability of Radio One and its Subsidiaries
    thereunder) not to exceed $800.0&nbsp;million less the aggregate
    amount applied by Radio One and the Restricted Subsidiaries to
    permanently reduce the availability of Indebtedness under the
    Credit Facility pursuant to the covenant described under the
    caption &#147;&#151;&nbsp;Repurchase as the Option of
    Holders&nbsp;&#151; Asset Sales&#148;;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (2)&nbsp;the incurrence by Radio One and its Restricted
    Subsidiaries of the Existing Indebtedness;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (3)&nbsp;the incurrence by Radio One and the Guarantors of
    Indebtedness represented by the Notes and the related Subsidiary
    Guarantees to be issued on the date of the Indenture;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (4)&nbsp;the incurrence by Radio One or any of its Restricted
    Subsidiaries of Indebtedness represented by Capital Lease
    Obligations, mortgage financings or purchase money obligations,
    in each case, incurred for the purpose of financing all or any
    part of the purchase price or cost of construction or
    improvement of property, plant or equipment whether through the
    direct purchase of assets or at least a majority of the Voting
    Stock of any person owning such assets, in an aggregate
    principal amount, including all Permitted Refinancing
    Indebtedness incurred to refund, refinance or replace any
    Indebtedness incurred pursuant to this clause&nbsp;(4), not to
    exceed $10.0&nbsp;million at any time outstanding;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (5)&nbsp;the incurrence by Radio One or any of its Restricted
    Subsidiaries of Permitted Refinancing Indebtedness in exchange
    for, or the net proceeds of which are used to refund, refinance
    or replace Indebtedness (other than intercompany Indebtedness)
    that was permitted by the Indenture to be incurred under the
    first paragraph of this covenant or clauses&nbsp;(2), (3), (4),
    (5), (10)&nbsp;or (12)&nbsp;of this paragraph;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (6)&nbsp;the incurrence by Radio One or any of its Restricted
    Subsidiaries of intercompany Indebtedness between or among Radio
    One and any of its Wholly Owned Subsidiaries; provided, however,
    that (i)&nbsp;any subsequent issuance or transfer of Equity
    Interests that results in any such Indebtedness being held by a
    Person other than Radio One or a Subsidiary of Radio One and
    (ii)&nbsp;any sale or other transfer of any such Indebtedness to
    a Person that is not either Radio One or a Restricted Subsidiary
    of Radio One will be deemed, in each case, to constitute an
    incurrence of such</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt;">42

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    Indebtedness by Radio One or such Restricted Subsidiary, as the
    case may be, that was not permitted by this clause&nbsp;(6);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (7)&nbsp;the incurrence by Radio One or any of its Restricted
    Subsidiaries of Hedging Obligations that are incurred for the
    purpose of fixing or hedging (x)&nbsp;interest rate risk with
    respect to any floating rate Indebtedness that is permitted by
    the terms of the Indenture to be outstanding or
    (y)&nbsp;currency exchange rate risk in ordinary course of
    business;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (8)&nbsp;the guarantee by Radio One of Indebtedness of any
    Restricted Subsidiary of Radio One that was permitted to be
    incurred by another provision of this covenant;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (9)&nbsp;the guarantee by any Restricted Subsidiary of
    Indebtedness of Radio One or any Guarantor that was permitted to
    be incurred by another provision of this covenant;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (10)&nbsp;Indebtedness incurred by Radio One or any of its
    Restricted Subsidiaries constituting reimbursement obligations
    with respect to letters of credit issued in the ordinary course
    of business, including without limitation letters of credit in
    respect to workers&#146; compensation claims or self-insurance,
    or other Indebtedness with respect to reimbursement type
    obligations regarding workers&#146; compensation claims;
    provided, however, that upon the drawing of such letters of
    credit or the incurrence of such Indebtedness, such obligations
    are reimbursed within 30&nbsp;days following such drawing or
    incurrence;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (11)&nbsp;Obligations in respect of performance and surety bonds
    and completion guarantees provided by Radio One or any of its
    Restricted Subsidiaries in the ordinary course of business;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (12)&nbsp;Acquisition Debt of Radio One or any Restricted
    Subsidiary if (w)&nbsp;such Acquisition Debt is incurred within
    270&nbsp;days after the date on which the related definitive
    acquisition agreement or LMA, as the case may be, was entered
    into by Radio One or such Restricted Subsidiary, (x)&nbsp;the
    aggregate principal amount of such Acquisition Debt is no
    greater than the aggregate principal amount of Acquisition Debt
    set forth in a notice from Radio One to the Trustee (an
    &#147;Incurrence Notice&#148;) within ten days after the date on
    which the related definitive acquisition agreement or LMA, as
    the case may be, was entered into by Radio One or such
    Restricted Subsidiary, which notice shall be executed on Radio
    One&#146;s behalf by the chief financial officer of Radio One in
    such capacity and shall describe in reasonable detail the
    acquisition or LMA, as the case may be, which such Acquisition
    Debt will be incurred to finance, (y)&nbsp;after giving pro
    forma effect to the acquisition or LMA, as the case may be,
    described in such Incurrence Notice, Radio One or such
    Restricted Subsidiary could have incurred such Acquisition Debt
    under the Indenture as of the date upon which Radio One delivers
    such Incurrence Notice to the Trustee and (z)&nbsp;such
    Acquisition Debt is utilized solely to finance the acquisition
    or LMA, as the case may be, described in such Incurrence Notice
    (including to repay or refinance indebtedness or other
    obligations incurred in connection with such acquisition or LMA,
    as the case may be, and to pay related fees and expenses);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (13)&nbsp;guarantees by Radio One or any Restricted Subsidiary
    of Indebtedness of officers of Radio One or any Restricted
    Subsidiary in an aggregate principal amount not to exceed
    $5.0&nbsp;million at any time outstanding;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (14)&nbsp;the incurrence by Radio One&#146;s Unrestricted
    Subsidiaries of Non-Recourse Debt, provided, however, that if
    any such Indebtedness ceases to be Non-Recourse Debt of an
    Unrestricted Subsidiary, such event will be deemed to constitute
    an incurrence of Indebtedness by a Restricted Subsidiary of
    Radio One that was not permitted by this
    clause&nbsp;(14);&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (15)&nbsp;the incurrence by Radio One or any of its Restricted
    Subsidiaries of additional Indebtedness in an aggregate
    principal amount (or accreted value, as applicable) at any time
    outstanding, including all Permitted Refinancing Indebtedness
    incurred to refund, refinance or replace any Indebtedness
    incurred pursuant to this clause&nbsp;(15), not to exceed
    $25.0&nbsp;million.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
For purposes of determining compliance with this
&#147;Incurrence of Indebtedness and Issuance of Preferred
Stock&#148; covenant, in the event that an item of proposed
Indebtedness meets the criteria of more
</DIV>

<P align="center" style="font-size: 10pt;">43

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<DIV align="left" style="font-size: 10pt;">
than one of the categories of Permitted Debt described in
clauses&nbsp;(1) through (15)&nbsp;above, or is entitled to be
incurred pursuant to the first paragraph of this covenant, Radio
One will be permitted to classify such item of Indebtedness on
the date of its incurrence, or later reclassify all or a portion
of such item of Indebtedness, in any manner that complies with
this covenant. Accrual of interest, accretion or amortization of
original issue discount and the accretion of accreted value will
not be deemed to be an incurrence of Indebtedness for purposes
of this covenant. Indebtedness under Credit Facilities
outstanding on the date on which Notes are first issued and
authenticated under the Indenture will be deemed to have been
incurred on such date in reliance on the exception provided by
clause&nbsp;(1) of the definition of Permitted Debt.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>No Senior Subordinated Debt</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Radio One will not incur, create, issue, assume, guarantee or
otherwise become liable for any Indebtedness that is subordinate
or junior in right of payment to any Senior Debt of Radio One
and senior in any respect in right of payment to the Notes. No
Guarantor will incur, create, issue, assume, guarantee or
otherwise become liable for any Indebtedness that is subordinate
or junior in right of payment to the Senior Debt of such
Guarantor and senior in any respect in right of payment to such
Guarantor&#146;s Subsidiary Guarantee.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Liens</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Radio One will not, and will not permit any of its Subsidiaries
to, directly or indirectly, create, incur, assume or otherwise
cause to suffer to exist or become effective any Lien of any
kind securing Indebtedness, or trade payables on any of their
property or assets now owned or hereafter acquired, except
Permitted Liens.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Dividend and Other Payment Restrictions Affecting
    Subsidiaries</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Radio One will not, and will not permit any of its Restricted
Subsidiaries to, directly or indirectly, create or permit to
exist or become effective any encumbrance or restriction on the
ability of any Restricted Subsidiary to:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (1)&nbsp;pay dividends or make any other distributions on its
    Capital Stock to Radio One or any of its Restricted
    Subsidiaries, or with respect to any other interest or
    participation in, or measured by, its profits, or pay any
    indebtedness owed to Radio One or any of its Restricted
    Subsidiaries;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (2)&nbsp;pay any Indebtedness owed to Radio One or any of its
    Restricted Subsidiaries;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (3)&nbsp;make loans or advances to Radio One or any of its
    Restricted Subsidiaries;&nbsp;or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (4)&nbsp;transfer any of its properties or assets to Radio One
    or any of its Restricted Subsidiaries.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
However, the preceding restrictions will not apply to
encumbrances or restrictions existing under or by reason of:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (1)&nbsp;agreements governing Existing Indebtedness and Credit
    Facilities as in effect on the date of the Indenture and any
    amendments, modifications, restatements, renewals, increases,
    supplements, refundings, replacements or refinancings of those
    agreements, provided that the amendments, modifications,
    restatements, renewals, increases, supplements, refundings,
    replacement or refinancings are no more restrictive, taken as a
    whole, with respect to such dividend and other payment
    restrictions than those contained in those agreements on the
    date of the Indenture;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (2)&nbsp;the Indenture, the Notes and the Subsidiary Guarantees;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (3)&nbsp;applicable law, rule, regulation or order;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (4)&nbsp;any instrument governing Indebtedness or Capital Stock
    of a Person acquired by Radio One or any of its Restricted
    Subsidiaries as in effect at the time of such acquisition
    (except to the extent such Indebtedness or Capital Stock was
    incurred in connection with or in contemplation of such</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt;">44

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    acquisition), which encumbrance or restriction is not applicable
    to any Person, or the properties or assets of any Person, other
    than the Person, or the property or assets of the Person, so
    acquired, provided that, in the case of Indebtedness, such
    Indebtedness was permitted by the terms of the Indenture to be
    incurred;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (5)&nbsp;customary non-assignment provisions in leases entered
    into in the ordinary course of business and consistent with past
    practices;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (6)&nbsp;purchase money obligations (including Capital Lease
    Obligations) for property acquired in the ordinary course of
    business that impose restrictions only on that property of the
    nature described in clause&nbsp;(4) in the second paragraph of
    the covenant described under the caption &#147;Incurrence of
    Indebtedness and Issuance of Preferred Stock&#148;;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (7)&nbsp;contracts for the sale of assets, including without
    limitation any agreement for the sale or other disposition of a
    Restricted Subsidiary that restricts distributions by that
    Restricted Subsidiary pending its sale or other disposition;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (8)&nbsp;Permitted Refinancing Indebtedness, provided that the
    restrictions contained in the agreements governing such
    Permitted Refinancing Indebtedness are no more restrictive,
    taken as a whole, than those contained in the agreements
    governing the Indebtedness being refinanced;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (9)&nbsp;Liens securing Indebtedness otherwise permitted to be
    incurred under the provisions of the covenant described above
    under the caption &#147;&#151;&nbsp;Liens&#148; that limit the
    right of the debtor to dispose of the assets subject to such
    Liens;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (10)&nbsp;provisions with respect to the disposition or
    distribution of assets or property in joint venture agreements,
    assets sale agreements, stock sale agreements and other similar
    agreements entered into in the ordinary course of
    business;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (11)&nbsp;restrictions on cash or other deposits or net worth
    imposed by customers under contracts entered into in the
    ordinary course of business.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Merger, Consolidation or Sale of Assets</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Radio One may not, directly or indirectly: (1)&nbsp;consolidate
or merge with or into another Person (whether or not Radio One
is the surviving corporation); or (2)&nbsp;sell, assign,
transfer, convey or otherwise dispose of all or substantially
all of the properties or assets of Radio One and its Restricted
Subsidiaries, taken as a whole, in one or more related
transactions, to another Person; unless:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (1)&nbsp;either: (a)&nbsp;Radio One is the surviving
    corporation; or (b)&nbsp;the Person formed by or surviving any
    such consolidation or merger (if other than Radio One) or to
    which such sale, assignment, transfer, conveyance or other
    disposition has been made is a corporation organized or existing
    under the laws of the United States, any state of the United
    States or the District of Columbia;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (2)&nbsp;the Person formed by or surviving any such
    consolidation or merger (if other than Radio One) or the Person
    to which such sale, assignment, transfer, conveyance or other
    disposition has been made assumes all the obligations of Radio
    One under the Notes, the Indenture and the registration rights
    agreement pursuant to agreements reasonably satisfactory to the
    trustee;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (3)&nbsp;immediately after such transaction no Default or Event
    of Default exists;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (4)&nbsp;Radio One or the Person formed by or surviving any such
    consolidation or merger (if other than Radio One), or to which
    such sale, assignment, transfer, conveyance or other disposition
    has been made (a)&nbsp;will, on the date of such transaction
    after giving pro forma effect thereto and any related financing
    transactions as if the same had occurred at the beginning of the
    applicable four-quarter period, be permitted to incur at least
    $1.00 of additional Indebtedness pursuant to the Leverage Ratio
    test set forth in the first paragraph of the covenant described
    above under the caption &#147;&#151;&nbsp;Incurrence of
    Indebtedness and Issuance of Preferred Stock,&#148; or
    (b)&nbsp;would have a lower Leverage Ratio immediately after the
    transaction, after giving pro forma effect to the transaction as
    if</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt;">45

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    the transaction had occurred at the beginning of the applicable
    four quarter period, than Radio One&#146;s Leverage Ratio
    immediately prior to the transaction.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The preceding clause&nbsp;(4) will not prohibit: (a)&nbsp;a
merger between Radio One and one of its Wholly Owned Restricted
Subsidiaries; or (b)&nbsp;a merger between Radio One and one of
Radio One&#146;s Affiliates incorporated solely for the purpose
of reincorporating in another state of the United States.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In addition, Radio One may not, directly or indirectly, lease
all or substantially all of its properties or assets, in one or
more related transactions, to any other Person. This
&#147;Merger, Consolidation or Sale of Assets&#148; covenant
will not apply to a sale, assignment, transfer, conveyance or
other disposition of assets between or among Radio One and any
of its Wholly Owned Restricted Subsidiaries.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Transactions with Affiliates</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Radio One will not, and will not permit any of its Restricted
Subsidiaries to, make any payment to, or sell, lease, transfer
or otherwise dispose of any of its properties or assets to, or
purchase any property or assets from, or enter into or make or
amend any transaction, contract, agreement, understanding, loan,
advance or guarantee with, or for the benefit of, any Affiliate
(each, an &#147;Affiliate Transaction&#148;), unless:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (1)&nbsp;the Affiliate Transaction is on terms that are no less
    favorable to Radio One or the relevant Restricted Subsidiary
    than those that would have been obtained in a comparable
    transaction by Radio One or such Restricted Subsidiary with an
    unrelated Person;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (2)&nbsp;Radio One delivers to the trustee:</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (a)&nbsp;with respect to any Affiliate Transaction or series of
    related Affiliate Transactions involving aggregate consideration
    in excess of $5.0&nbsp;million, a resolution of the Board of
    Directors set forth in an officers&#146; certificate certifying
    that such Affiliate Transaction complies with this covenant and
    that such Affiliate Transaction has been approved by a majority
    of the disinterested members of the Board of Directors;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (b)&nbsp;with respect to any Affiliate Transaction or series of
    related Affiliate Transactions involving aggregate consideration
    in excess of $25.0&nbsp;million, an opinion as to the fairness
    to the Holders of such Affiliate Transaction from a financial
    point of view issued by an accounting, appraisal or investment
    banking firm of national standing.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following items will not be deemed to be Affiliate
Transactions and, therefore, will not be subject to the
provisions of the prior paragraph:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (1)&nbsp;any employment agreement entered into by Radio One or
    any of its Subsidiaries in the ordinary course of business and
    consistent with the past practice of Radio One or such
    Subsidiary with any officer or employee of Radio One or any of
    its Subsidiaries;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (2)&nbsp;transactions between or among Radio One and/or its
    Restricted Subsidiaries;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (3)&nbsp;loans, advances, payment of reasonable fees,
    indemnification of directors, or similar arrangements to
    officers, directors employees and consultants who are not
    otherwise Affiliates of Radio One;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (4)&nbsp;sales of Equity Interests (other than Disqualified
    Stock) to Affiliates of Radio One;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (5)&nbsp;transactions under any contract or agreement in effect
    on the date of the Indenture as the same may be amended,
    modified or replaced from time to time so long as any amendment,
    modification, or replacement is no less favorable to Radio One
    and its Restricted Subsidiaries than the contract or agreement
    as in effect on the date of the Indenture;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (6)&nbsp;services provided to any Unrestricted Subsidiary of
    Radio One in the ordinary course of business, which the Board of
    Directors has determined, pursuant to a resolution thereof, that
    such services are provided on terms at least as favorable to
    Radio One and its Restricted Subsidiaries as those that would
    have been obtained in a comparable transaction with an unrelated
    Person;&nbsp;and</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt;">46

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<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (7)&nbsp;Permitted Investments and Restricted Payments that are
    permitted by the provisions of the Indenture described above
    under the caption &#147;&#151;&nbsp;Restricted Payments.&#148;</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Additional Subsidiary Guarantees</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If Radio One or any of its Subsidiaries acquires or creates
another Domestic Subsidiary after the date of the Indenture,
excluding all Subsidiaries that have been properly designated as
Unrestricted Subsidiaries in accordance with the Indenture for
so long as they continue to constitute Unrestricted
Subsidiaries, then that newly acquired or created Domestic
Subsidiary will become a Guarantor and execute a supplemental
Indenture and deliver an opinion of counsel satisfactory to the
trustee within 10 Business Days of the date on which it was
acquired or created.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Designation of Restricted and Unrestricted
    Subsidiaries</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Board of Directors of Radio One may designate any Restricted
Subsidiary to be an Unrestricted Subsidiary if that designation
would not cause a Default or Event of Default. If a Restricted
Subsidiary is designated as an Unrestricted Subsidiary, the
aggregate fair market value of all outstanding Investments owned
by Radio One and the Restricted Subsidiaries in the Subsidiary
properly designated will be deemed to be an Investment made as
of the time of the designation and will reduce the amount
available for Restricted Payments under the first paragraph of
the covenant described above under the caption
&#147;&#151;&nbsp;Restricted Payments&#148; or Permitted
Investments. That designation will only be permitted if the
Investment would be permitted at that time and if the Restricted
Subsidiary otherwise meets the definition of an Unrestricted
Subsidiary. The Board of Directors may redesignate any
Unrestricted Subsidiary to be a Restricted Subsidiary if the
redesignation would not cause a Default or Event of Default.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Limitation on Issuances and Sales of Equity Interests in
    Wholly Owned Subsidiaries</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Radio One will not, and will not permit any of its Subsidiaries
to, transfer, convey, sell, lease or otherwise dispose of any
Equity Interests in any Wholly Owned Restricted Subsidiary of
Radio One to any Person (other than Radio One or a Wholly Owned
Restricted Subsidiary of Radio One), unless:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (1)&nbsp;as a result of such transfer, conveyance, sale, lease
    or other disposition or issuance such Restricted Subsidiary no
    longer constitutes a Subsidiary;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (2)&nbsp;the cash Net Proceeds from such transfer, conveyance,
    sale, lease or other disposition are applied in accordance with
    the covenant described above under the caption
    &#147;&#151;&nbsp;Repurchase at the Option of
    Holders&nbsp;&#151; Asset Sales.&#148;</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In addition, Radio One will not permit any Wholly Owned
Restricted Subsidiary of Radio One to issue any of its Equity
Interests (other than, if necessary, shares of its Capital Stock
constituting directors&#146; qualifying shares) to any Person
other than to Radio One or a Wholly Owned Restricted Subsidiary
of Radio One.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Payments for Consent</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Radio One will not, and will not permit any of its Subsidiaries
to, directly or indirectly, pay or cause to be paid any
consideration to or for the benefit of any Holder of Notes for
or as an inducement to any consent, waiver or amendment of any
of the terms or provisions of the Indenture or the Notes unless
such consideration is offered to be paid and is paid to all
Holders of the Notes that consent, waive or agree to amend in
the time frame set forth in the solicitation documents relating
to such consent, waiver or agreement.
</DIV>

<P align="center" style="font-size: 10pt;">47

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<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Reports</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Whether or not required by the SEC so long as any Notes are
outstanding, Radio One will furnish to the Holders of Notes,
within the time periods specified in the SEC&#146;s rules and
regulations:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (1)&nbsp;all quarterly and annual financial information that
    would be required to be contained in a filing with the SEC on
    Forms&nbsp;10-Q and&nbsp;10-K/ A if Radio One were required to
    file such Forms, including a &#147;Management&#146;s Discussion
    and Analysis of Financial Condition and Results of
    Operations&#148; and, with respect to the annual information
    only, a report on the annual financial statements by Radio
    One&#146;s certified independent accountants;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (2)&nbsp;all current reports that would be required to be filed
    with the SEC on Form&nbsp;8-K if Radio One were required to file
    such reports.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If Radio One or any Guarantor has designated any of its
Subsidiaries as Unrestricted Subsidiaries, then the quarterly
and annual financial information required by the preceding
paragraph will include, either on the face of the financial
statements or in the footnotes thereto, and in Management&#146;s
Discussion and Analysis of Financial Condition and Results of
Operations, a reasonably detailed summary of financial condition
and results of operations of the Unrestricted Subsidiaries
containing line items substantially consistent with those
contained in the summary section of this prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In addition, following the consummation of the exchange offer
contemplated by the registration rights agreement, whether or
not required by the SEC, Radio One will file a copy of all of
the information and reports referred to in clauses&nbsp;(1) and
(2)&nbsp;above with the SEC for public availability within the
time periods specified in the SEC&#146;s rules and regulations
(unless the SEC will not accept such a filing) and make such
information available to securities analysts and prospective
investors upon request. In addition, Radio One has agreed that,
for so long as any Notes remain outstanding, it they will
furnish to the Holders and to securities analysts and
prospective investors, upon their request, the information
required to be delivered pursuant to Rule&nbsp;144A(d)(4) under
the Securities Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Events of Default and Remedies</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Each of the following is an Event of Default:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (1)&nbsp;default for 30&nbsp;days in the payment when due of
    interest on, or additional interest with respect to, the Notes
    whether or not prohibited by the subordination provisions of the
    Indenture;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (2)&nbsp;default in payment when due of the principal of, or
    premium, if any, on the Notes, whether or not prohibited by the
    subordination provisions of the Indenture;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (3)&nbsp;failure by Radio One or any of its Restricted
    Subsidiaries to comply with the provisions described under the
    captions &#147;&#151;&nbsp;Repurchase at the Option of
    Holders&nbsp;&#151; Change of Control;&#148;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (4)&nbsp;failure by Radio One or any of its Restricted
    Subsidiaries for 30&nbsp;days after notice from the trustee or
    holders of at least 25% in principal amount of the Notes to
    comply with the provisions described under the captions
    &#147;&#151;&nbsp;Repurchase at the Option of
    Holders&nbsp;&#151; Asset Sales,&#148; &#147;&#151;&nbsp;Certain
    Covenants&nbsp;&#151; Restricted Payments,&#148;
    &#147;&#151;&nbsp;Certain Covenants&nbsp;&#151; Incurrence of
    Indebtedness and Issuance of Preferred Stock&#148; or
    &#147;&#151;&nbsp;Certain Covenants&nbsp;&#151; Merger,
    Consolidation or Sale of Assets;&#148;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (5)&nbsp;failure by Radio One or any of its Restricted
    Subsidiaries for 60&nbsp;days after notice from the trustee or
    holders of 25% in principal amount of the Notes to comply with
    any of the other agreements in the Indenture;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (6)&nbsp;default under any mortgage, indenture or instrument
    under which there may be issued or by which there may be secured
    or evidenced any Indebtedness for money borrowed by Radio One or
    any of its Restricted Subsidiaries (or the payment of which is
    guaranteed by Radio One or any of its</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt;">48

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    Restricted Subsidiaries) whether such Indebtedness or guarantee
    now exists, or is created after the date of the Indenture, if
    that default:</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (a)&nbsp;is caused by a failure to pay principal of or premium,
    if any, or interest on such Indebtedness prior to the expiration
    of the grace period provided in such Indebtedness on the date of
    the default (a &#147;Payment Default&#148;),&nbsp;or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (b)&nbsp;results in the acceleration of such Indebtedness prior
    to its express maturity, and, in each case, the principal amount
    of any such Indebtedness, together with the principal amount of
    any other such Indebtedness under which there has been a Payment
    Default or the maturity of which has been so accelerated,
    aggregates $10.0&nbsp;million or more;</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (7)&nbsp;failure by Radio One or any of its Restricted
    Subsidiaries to pay final judgments aggregating in excess of
    $5.0&nbsp;million not covered by adequate insurance by a solvent
    insurer of national or international reputation which has
    acknowledged its obligations in writing, which judgments are not
    paid, discharged or stayed for a period of 60&nbsp;days;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (8)&nbsp;except as permitted by the Indenture, any Guarantee of
    a Significant Subsidiary shall be held in any judicial
    proceeding to be unenforceable or invalid or shall cease for any
    reason to be in full force and effect or any Significant
    Subsidiary that is a Guarantor, or any Person acting on behalf
    of any such Guarantor, shall deny or disaffirm its obligations
    under its Guarantee;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (9)&nbsp;certain events of bankruptcy or insolvency described in
    the Indenture with respect to Radio One or any of its Restricted
    Subsidiaries.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In the event of a declaration of acceleration of the Notes
because an Event of Default has occurred and is continuing as a
result of the acceleration of any Indebtedness described in
clause&nbsp;(6) of the preceding paragraph, the declaration of
acceleration of the Notes shall be automatically annulled if the
holders of any Indebtedness described in clause&nbsp;(6) of the
preceding paragraph have rescinded the declaration of
acceleration in respect of the Indebtedness within 30&nbsp;days
of the date of the declaration and&nbsp;if:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (1)&nbsp;the annulment of the acceleration of Notes would not
    conflict with any judgment or decree of a court of competent
    jurisdiction;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (2)&nbsp;all existing Events of Default, except nonpayment of
    principal or interest on the Notes that became due solely
    because of the acceleration of the Notes, have been cured or
    waived.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In the case of an Event of Default arising from certain events
of bankruptcy or insolvency, with respect to Radio One, any
Restricted Subsidiary that is a Significant Subsidiary or any
group of Restricted Subsidiaries that, taken together, would
constitute a Significant Subsidiary, the principal amount and
premium, if any, and accrued and unpaid interest and additional
interest, if any, on all outstanding Notes will become due and
payable immediately without further action or notice. If any
other Event of Default occurs and is continuing, the trustee or
the Holders of at least 25% in principal amount of the then
outstanding Notes may declare the principal amount and premium,
if any, and accrued and unpaid interest and additional interest,
if any, on all the outstanding Notes to be due and payable
immediately.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Holders of the Notes may not enforce the Indenture or the Notes
except as provided in the Indenture. Subject to certain
limitations, Holders of a majority in principal amount of the
then outstanding Notes may direct the trustee in its exercise of
any trust or power.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Holders of a majority in aggregate principal amount of the
Notes then outstanding by notice to the trustee may on behalf of
the Holders of all of the Notes waive any existing Default or
Event of Default and its consequences under the Indenture except
a continuing Default or Event of Default in the payment of
interest or additional interest on, or the principal of, the
Notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Indenture provides that if a Default occurs and is
continuing and is known to the trustee, the trustee must mail to
each Holder of the notes notice of the Default within
90&nbsp;days after it occurs. Except in the case of a Default in
the payment of principal of or interest or additional interest,
if any, on any
</DIV>

<P align="center" style="font-size: 10pt;">49

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<DIV align="left" style="font-size: 10pt;">
Note, the trustee may withhold notice if and so long as a
committee of its trust officers determines that withholding
notice is not opposed to the interest of the Holders of the
Notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In the case of any Event of Default occurring by reason of any
willful action or inaction taken or not taken by or on behalf of
Radio One with the intention of avoiding payment of the premium
that Radio One would have had to pay if Radio One then had
elected to redeem the Notes pursuant to the optional redemption
provisions of the Indenture, an equivalent premium will also
become and be immediately due and payable to the extent
permitted by law upon the acceleration of the Notes. If an Event
of Default occurs prior to, by reason of any willful action (or
inaction) taken (or not taken) by or on behalf of Radio One with
the intention of avoiding the prohibition on redemption of the
Notes prior to February&nbsp;15, 2009, then the premium
specified in the Indenture will also become immediately due and
payable to the extent permitted by law upon the acceleration of
the Notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Radio One is required to deliver to the trustee annually a
statement regarding compliance with the Indenture. Upon becoming
aware of any Default or Event of Default, Radio One is required
to deliver to the trustee a statement specifying such Default or
Event of Default.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>No Personal Liability of Directors, Officers, Employees and
Stockholders</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
No director, officer, employee, incorporator or stockholder of
Radio One, any Subsidiary of Radio One, or any Guarantor, as
such, will have any liability for any obligations of Radio One
or the Guarantors under the Notes, the Indenture, the Subsidiary
Guarantees, or for any claim based on, in respect of, or by
reason of, such obligations or their creation. Each Holder of
Notes by accepting a Note waives and releases all such
liability. The waiver and release are part of the consideration
for issuance of the Notes. The waiver may not be effective to
waive liabilities under the federal securities laws and it is
the view of the SEC that such a waiver is against public policy.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Legal Defeasance and Covenant Defeasance</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Radio One may, at its option and at any time, elect to have all
of its obligations discharged with respect to the outstanding
notes and all obligations of the Guarantors discharged with
respect to their Subsidiary Guarantees (&#147;Legal
Defeasance&#148;) except for:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (1)&nbsp;the rights of Holders of outstanding Notes to receive
    payments in respect of the principal of, or interest or premium
    and additional interest, if any, on such Notes when such
    payments are due from the trust referred to below;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (2)&nbsp;Radio One&#146;s obligations with respect to the Notes
    concerning issuing temporary Notes, registration of Notes,
    mutilated, destroyed, lost or stolen Notes and the maintenance
    of an office or agency for payment and money for security
    payments held in trust;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (3)&nbsp;the rights, powers, trusts, duties and immunities of
    the trustee, and Radio One&#146;s and the Guarantors&#146;
    obligations in connection therewith;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (4)&nbsp;the Legal Defeasance provisions of the Indenture.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In addition, Radio One may, at its option and at any time, elect
to have the obligations of Radio One and the Guarantors released
with respect to certain covenants that are described in the
Indenture (&#147;Covenant Defeasance&#148;) and thereafter any
omission to comply with those covenants will not constitute a
Default or Event of Default with respect to the Notes. In the
event Covenant Defeasance occurs, certain events (not including
non-payment, bankruptcy, receivership, rehabilitation and
insolvency events) described under &#147;&#151;&nbsp;Events of
Default and Remedies&#148; will no longer constitute an Event of
Default with respect to the Notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In order to exercise either Legal Defeasance or Covenant
Defeasance:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (1)&nbsp;Radio One must irrevocably deposit with the trustee, in
    trust, for the benefit of the Holders of the Notes, cash in
    U.S.&nbsp;dollars, non-callable Government Securities, or a
    combination of cash in</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt;">50

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    U.S.&nbsp;dollars and non- callable Government Securities, in
    amounts as will be sufficient, in the opinion of a nationally
    recognized firm of independent public accountants, to pay the
    principal of, or interest and premium and additional interest,
    if any, on the outstanding notes on the stated maturity or on
    the applicable redemption date, as the case may be, and Radio
    One must specify whether the Notes are being defeased to
    maturity or to a particular redemption date;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (2)&nbsp;in the case of Legal Defeasance, Radio One has
    delivered to the trustee an opinion of counsel reasonably
    acceptable to the trustee confirming that (a)&nbsp;Radio One has
    received from, or there has been published by, the Internal
    Revenue Service a ruling or (b)&nbsp;since the date of the
    Indenture, there has been a change in the applicable federal
    income tax law, in either case to the effect that, and based
    thereon such opinion of counsel will confirm that, the Holders
    of the outstanding notes will not recognize income, gain or loss
    for federal income tax purposes as a result of such Legal
    Defeasance and will be subject to federal income tax on the same
    amounts, in the same manner and at the same times as would have
    been the case if such Legal Defeasance had not occurred;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (3)&nbsp;in the case of Covenant Defeasance, Radio One has
    delivered to the trustee an opinion of counsel reasonably
    acceptable to the trustee confirming that the Holders of the
    outstanding notes will not recognize income, gain or loss for
    federal income tax purposes as a result of such Covenant
    Defeasance and will be subject to federal income tax on the same
    amounts, in the same manner and at the same times as would have
    been the case if such Covenant Defeasance had not occurred;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (4)&nbsp;no Default or Event of Default has occurred and is
    continuing on the date of such deposit (other than a Default or
    Event of Default resulting from the borrowing of funds to be
    applied to such deposit);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (5)&nbsp;such Legal Defeasance or Covenant Defeasance will not
    result in a breach or violation of, or constitute a default
    under any material agreement or instrument (other than the
    Indenture) to which Radio One or any of its Restricted
    Subsidiaries is a party or by which Radio One or any of its
    Restricted Subsidiaries is bound;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (6)&nbsp;Radio One must have delivered to the trustee an opinion
    of counsel to the effect that after the 91st&nbsp;day following
    the deposit, the trust funds will not be subject to the effect
    of any applicable bankruptcy, insolvency, reorganization or
    similar laws affecting creditors&#146; rights generally;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (7)&nbsp;Radio One must deliver to the trustee an officers&#146;
    certificate stating that the deposit was not made by Radio One
    with the intent of preferring the Holders of Notes over the
    other creditors of Radio One with the intent of defeating,
    hindering, delaying or defrauding creditors of Radio One or
    others;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (8)&nbsp;Radio One must deliver to the trustee an officers&#146;
    certificate and an opinion of counsel, which opinion may be
    subject to customary assumptions and exclusions, each stating
    that all conditions precedent relating to the Legal Defeasance
    or the Covenant Defeasance have been complied with.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Credit Agreement restricts Radio One&#146;s ability to
effect a Legal Defeasance or a Covenant Defeasance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Amendment, Supplement and Waiver</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Except as provided in the next three succeeding paragraphs, the
Indenture or the Notes may be amended or supplemented with the
consent of the Holders of at least a majority in principal
amount of the Notes then outstanding (including, without
limitation, consents obtained in connection with a purchase of,
or tender offer or exchange offer for, Notes), and any existing
default or compliance with any provision of the Indenture or the
Notes may be waived with the consent of the Holders of a
majority in principal amount of the then outstanding Notes
(including, without limitation, consents obtained in connection
with a purchase of, or tender offer or exchange offer for,
Notes).
</DIV>

<P align="center" style="font-size: 10pt;">51

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Without the consent of each Holder affected, an amendment or
waiver may not (with respect to any Notes held by a
non-consenting Holder):
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (1)&nbsp;reduce the principal amount of Notes whose Holders must
    consent to an amendment, supplement or waiver;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (2)&nbsp;reduce the principal of or change the fixed maturity of
    any Note or alter the provisions with respect to the redemption
    of the Notes (other than provisions relating to the covenants
    described above under the caption &#147;&#151;&nbsp;Repurchase
    at the Option of Holders&#148;);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (3)&nbsp;reduce the rate of or change the time for payment of
    interest on any Note;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (4)&nbsp;waive a Default or Event of Default in the payment of
    principal of, or interest or premium, or additional interest, if
    any, on the Notes (except a rescission of acceleration of the
    Notes by the Holders of at least a majority in aggregate
    principal amount of the Notes and a waiver of the payment
    default that resulted from such acceleration);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (5)&nbsp;make any Note payable in money other than that stated
    in the Notes;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (6)&nbsp;make any change in the provisions of the Indenture
    relating to waivers of past Defaults or the rights of Holders of
    Notes to receive payments of principal of, or interest or
    premium or additional interest, if any, on the Notes;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (7)&nbsp;waive a redemption payment with respect to any Note
    (other than a payment required by one of the covenants described
    above under the caption &#147;&#151;&nbsp;Repurchase at the
    Option of Holders&#148;);&nbsp;or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (8)&nbsp;make any change in the preceding amendment and waiver
    provisions.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In addition, (x)&nbsp;any amendment to, or waiver of, the
provisions of the Indenture relating to subordination that
adversely affects the rights of the Holders of the Notes or
(y)&nbsp;the release any Guarantor from any of its obligations
under its Subsidiary Guarantee or the Indenture, except in
accordance with the terms of the Indenture will require the
consent of the Holders of at least 75% in aggregate principal
amount of Notes then outstanding.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notwithstanding the preceding, without the consent of any Holder
of Notes, Radio One, the Guarantors and the trustee may amend or
supplement the Indenture or the Notes:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (1)&nbsp;to cure any ambiguity, defect or inconsistency;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (2)&nbsp;to provide for uncertificated Notes in addition to or
    in place of certificated Notes;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (3)&nbsp;to provide for the assumption of Radio One&#146;s
    obligations to Holders of Notes in the case of a merger or
    consolidation or sale of all or substantially all of Radio
    One&#146;s assets;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (4)&nbsp;to make any change that would provide any additional
    rights or benefits to the Holders of Notes or that does not
    adversely affect the legal rights under the Indenture of any
    such Holder;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (5)&nbsp;to comply with requirements of the SEC in order to
    effect or maintain the qualification of the Indenture under the
    Trust Indenture Act;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (6)&nbsp;to provide for the issuance of Additional Notes in
    accordance with the limitations set forth in the Indenture as of
    its date;&nbsp;or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (7)&nbsp;to allow any Guarantor to execute a supplemental
    Indenture and/or a Guarantee with respect to the Notes.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt;">52

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<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Satisfaction and Discharge</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Indenture will be discharged and will cease to be of further
effect as to all Notes issued thereunder, when:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (1)&nbsp;either:</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (a)&nbsp;all Notes that have been authenticated, except lost,
    stolen or destroyed Notes that have been replaced or paid and
    Notes for whose payment money has been deposited in trust and
    thereafter repaid to Radio One, have been delivered to the
    trustee for cancellation;&nbsp;or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (b)&nbsp;all Notes that have not been delivered to the trustee
    for cancellation have become due and payable by reason of the
    mailing of a notice of redemption or otherwise or will become
    due and payable within one year and Radio One or any Guarantor
    has irrevocably deposited or caused to be deposited with the
    trustee as trust funds in trust solely for the benefit of the
    Holders, cash in U.S.&nbsp;dollars, non-callable Government
    Securities, or a combination of cash in U.S.&nbsp;dollars and
    non-callable Government Securities, in amounts as will be
    sufficient without consideration of any reinvestment of
    interest, to pay and discharge the entire indebtedness on the
    Notes not delivered to the trustee for cancellation for
    principal, premium and additional interest, if any, and accrued
    interest to the date of maturity or redemption;</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (2)&nbsp;no Default or Event of Default has occurred and is
    continuing on the date of the deposit or will occur as a result
    of the deposit and the deposit will not result in a breach or
    violation of, or constitute a default under, any other
    instrument to which Radio One or any Guarantor is a party or by
    which Radio One or any Guarantor is bound;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (3)&nbsp;Radio One or any Guarantor has paid or caused to be
    paid all sums payable by it under the Indenture;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (4)&nbsp;Radio One has delivered irrevocable instructions to the
    trustee under the Indenture to apply the deposited money toward
    the payment of the Notes at maturity or the redemption date, as
    the case may be.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In addition, Radio One must deliver an officers&#146;
certificate and an opinion of counsel, which may be subject to
customary assumptions and exclusions, to the trustee stating
that all conditions precedent to satisfaction and discharge have
been satisfied.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Concerning the Trustee</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If the trustee becomes a creditor of Radio One or any Guarantor,
the Indenture limits its right to obtain payment of claims in
certain cases, or to realize on certain property received in
respect of any such claim as security or otherwise. The trustee
will be permitted to engage in other transactions; however, if
it acquires any conflicting interest, as defined in the
Indenture or the Trust Indenture Act, it must eliminate such
conflict within 90&nbsp;days, apply to the SEC for permission to
continue or resign.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Holders of a majority in principal amount of the then
outstanding Notes will have the right to direct the time, method
and place of conducting any proceeding for exercising any remedy
available to the trustee, subject to certain exceptions. The
Indenture provides that in case an Event of Default occurs and
is continuing, the trustee will be required, in the exercise of
its power, to use the degree of care of a prudent man in the
conduct of his own affairs. Subject to such provisions, the
trustee will be under no obligation to exercise any of its
rights or powers under the Indenture at the request of any
Holder of Notes, unless such Holder has offered to the trustee
security and indemnity satisfactory to it against any loss,
liability or expense.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Additional Information</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Anyone who receives this prospectus may obtain a copy of the
Indenture and registration rights agreement without charge by
writing to Radio One, Inc., 5900 Princess Garden Parkway, 7th
Floor,
</DIV>

<P align="center" style="font-size: 10pt;">53

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<DIV align="left" style="font-size: 10pt;">
Lanham, Maryland 20706, Attention: Investor Relations, or by
sending an email message to invest@radio-one.com.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Registration Rights; Additional Interest</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following description is a summary of the material
provisions of the registration rights agreement. It does not
restate that agreement in its entirety. We urge you to read the
proposed form of registration rights agreement in its entirety
because it, and not this description, defines your registration
rights as Holders of the Notes. See &#147;&#151;&nbsp;Additional
Information.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Radio One, the Guarantors and the initial purchasers of the
original notes (the &#147;Initial Purchasers&#148;) entered into
the registration rights agreement concurrently with the closing
of the offering of the original notes. Pursuant to the
registration rights agreement, Radio One agreed to file with the
SEC the Exchange Offer Registration Statement on the appropriate
form under the Securities Act with respect to the exchange
notes. Upon the effectiveness of the Exchange Offer Registration
Statement, Radio One will offer to the Holders of Transfer
Restricted Securities pursuant to the Exchange Offer who are
able to make certain representations the opportunity to exchange
their Transfer Restricted Securities for exchange notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (1)&nbsp;because of any change in law or in applicable
    interpretations thereof by the staff of the SEC, the Company is
    not permitted to effect the Exchange Offer;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (2)&nbsp;the Exchange Offer is not consummated within
    290&nbsp;days of the date of original issue of the original
    notes (the &#147;Issue Date&#148;);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (3)&nbsp;any Initial Purchaser so requests with respect to
    original notes not eligible to be exchanged for exchange notes
    in the Exchange Offer and held by it following consummation of
    the Exchange Offer;&nbsp;or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (4)&nbsp;any Holder (other than an Exchanging Dealer) is not
    eligible to participate in the Exchange Offer or, in the case of
    any Holder (other than an Exchanging Dealer) that participates
    in the Exchange Offer, such Holder does not receive freely
    tradable exchange notes on the date of the exchange,</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Radio One will file with the SEC a Shelf Registration Statement
to cover resales of the original notes by the Holders of the
notes who satisfy certain conditions relating to the provision
of information in connection with the Shelf Registration
Statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Radio One will use its best efforts to cause the applicable
registration statement to be declared effective as promptly as
possible by the SEC.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The registration rights agreement provides that:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (1)&nbsp;Radio One will use its best efforts to file an Exchange
    Offer Registration Statement with the SEC on or prior to
    180&nbsp;days after the Issue Date;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (2)&nbsp;Radio One will use its best efforts to have the
    Exchange Offer Registration Statement declared effective by the
    SEC on or prior to 260&nbsp;days after the Issue Date;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (3)&nbsp;Radio One will keep the Exchange Offer Registration
    Statement effective for not less than 30&nbsp;days (or longer,
    if required by applicable law) after the date notice of the
    Exchange Offer is mailed to the Holders;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (4)&nbsp;if obligated to file the Shelf Registration Statement,
    Radio One will file the Shelf Registration Statement with the
    SEC on or prior to 30&nbsp;days after required or requested to
    do so and will use its best efforts to cause the Shelf
    Registration to be declared effective by the SEC as promptly as
    practicable prior to 90&nbsp;days after such obligation arises.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt;">54

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (1)&nbsp;Radio One fails to file any of the registration
    statements required by the registration rights agreement on or
    before the 180th day after the Issue Date;&nbsp;or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (2)&nbsp;by the 260th day after the Issue Date neither the
    Exchange Offer Registration Statement nor the Shelf Registration
    Statement is declared effective by the SEC;&nbsp;or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (3)&nbsp;the Shelf Registration Statement or the Exchange Offer
    Registration Statement is declared effective but thereafter
    ceases to be effective or usable in connection with resales of
    Transfer Restricted Securities during the periods specified in
    the registration rights agreement (each such event referred to
    in clauses&nbsp;(1) through (3)&nbsp;above, a &#147;Registration
    Default&#148;),</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
then Radio One will pay additional interest (&#147;Additional
Interest&#148;) to each Holder of original notes at a rate of
0.25%&nbsp;per annum for the first 90-day period immediately
following the occurrence of such Registration Default and at a
rate of 0.5%&nbsp;per annum thereafter until all Registration
Defaults have been cured.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
All accrued Additional Interest will be paid by Radio One on
each regular interest payment date with respect to the original
notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Following the cure of all Registration Defaults, the accrual of
Additional Interest will cease.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Holders of original notes will be required to make certain
representations to Radio One (as described in the registration
rights agreement) in order to participate in the Exchange Offer
and will be required to deliver certain information to be used
in connection with the Shelf Registration Statement and to
provide comments on the Shelf Registration Statement within the
time periods set forth in the registration rights agreement in
order to have their original notes included in the Shelf
Registration Statement and benefit from the provisions regarding
Additional Interest set forth above. By acquiring Transfer
Restricted Securities, a Holder will be deemed to have agreed to
indemnify Radio One against certain losses arising out of
information furnished by such Holder in writing for inclusion in
any Shelf Registration Statement. Holders of original notes will
also be required to suspend their use of the prospectus included
in the Shelf Registration Statement under certain circumstances
upon receipt of written notice to that effect from Radio One.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
For purposes of the proceeding, &#147;Transfer Restricted
Securities&#148; means each original note until (i)&nbsp;the
date on which such Transfer Restricted Security has been
exchanged by a person other than a broker-dealer for a freely
transferable exchange note in the Exchange Offer,
(ii)&nbsp;following the exchange by a broker-dealer in the
Exchange Offer of an original note for an exchange note, the
date on which such exchange note is sold to a purchaser who
receives from such broker-dealer on or prior to the date of such
sale a copy of the prospectus contained in the Exchange Offer
Registration Statement, (iii)&nbsp;the date on which such
original note has been effectively registered under the
Securities Act and disposed of in accordance with the Shelf
Registration Statement or (iv)&nbsp;the date on which such
original note is distributed to the public pursuant to
Rule&nbsp;144 under the Securities Act or is saleable pursuant
to Rule&nbsp;144(k) under the Securities Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Book-Entry, Delivery and Form</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We will initially issue the exchange notes in the form of one or
more global notes (the &#147;Global Note&#148;). The Global Note
will be deposited with, or on behalf of, The Depository Trust
Company and registered in the name of The Depository Trust
Company or its nominee. You may hold your beneficial interests
in the Global Note directly through The Depository Trust Company
if you have an account with The Depository Trust Company or
indirectly through organizations that have accounts with The
Depository Trust Company, including Euroclear and Clearstream.
Except as set forth below, exchange notes will be issued in
registered, global form in minimum denominations of $1,000 and
integral multiples of $1,000 in excess of $1,000.
</DIV>

<P align="center" style="font-size: 10pt;">55

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Except as set forth below, the Global Note may be transferred,
in whole and not in part, only to another nominee of The
Depository Trust Company or to a successor of The Depository
Trust Company or its nominee. Beneficial interests in the Global
Note may not be exchanged for exchange notes in certificated
form except in the limited circumstances described below. See
&#147;&#151;&nbsp;Exchange of Book-Entry Notes for Certificated
Notes.&#148; Except in the limited circumstances described
below, owners of beneficial interests in the Global Notes will
not be entitled to receive physical delivery of exchange notes
in certificated form.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Transfers of beneficial interests in the Global Notes will be
subject to the applicable rules and procedures of The Depository
Trust Company and its direct or indirect participants
(including, if applicable, those of Euroclear and Clearstream),
which may change from time to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Depository Procedures</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following description of the operations and procedures of
The Depository Trust Company, Euroclear and Clearstream are
provided solely as a matter of convenience. These operations and
procedures are solely within the control of the respective
settlement systems and are subject to changes by them. We take
no responsibility for these operations and procedures and urge
investors to contact the system or their participants directly
to discuss these matters.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Depository Trust Company has advised us that it is a
limited-purpose trust company created to hold securities for its
participating organizations (collectively, the
&#147;Participants&#148;) and to facilitate the clearance and
settlement of transactions in those securities between
Participants through electronic book-entry changes in accounts
of its Participants. The Participants include securities brokers
and dealers, banks, trust companies, clearing corporations and
certain other organizations. Access to The Depository Trust
Company&#146;s system is also available to other entities such
as banks, brokers, dealers and trust companies that clear
through or maintain a custodial relationship with a Participant,
either directly or indirectly (collectively, the &#147;Indirect
Participants&#148;). Persons who are not Participants may
beneficially own securities held by or on behalf of The
Depository Trust Company only through the Participants or the
Indirect Participants. The ownership interests in, and transfers
of ownership interests in, each security held by or on behalf of
The Depository Trust Company are recorded on the records of the
Participants and Indirect Participants.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Depository Trust Company has also advised us that, pursuant
to procedures established by it:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (1)&nbsp;upon deposit of the Global Notes, The Depository Trust
    Company will credit the accounts of Participants with portions
    of the principal amount of the Global Notes;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (2)&nbsp;ownership of these interests in the Global Notes will
    be shown on, and the transfer of ownership of these interests
    will be effected only through, records maintained by The
    Depository Trust Company (with respect to the Participants) or
    by the Participants and the Indirect Participants (with respect
    to other owners of beneficial interest in the Global Notes).</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Investors in the Global Notes who are Participants in The
Depository Trust Company&#146;s system may hold their interests
therein directly through The Depository Trust Company. Investors
in the Global Notes who are not Participants may hold their
interests therein indirectly through organizations (including
Euroclear and Clearstream) that are Participants in such system.
All interests in a Global Note, including those held through
Euroclear or Clearstream, may be subject to the procedures and
requirements of The Depository Trust Company. Those interests
held through Euroclear or Clearstream may also be subject to the
procedures and requirements of such systems. The laws of some
states require that certain persons take physical delivery in
definitive form of securities that they own. Consequently, the
ability to transfer beneficial interests in a Global Note to
such persons will be limited to that extent. Because The
Depository Trust Company can act only on behalf of Participants,
which in turn act on behalf of Indirect Participants, the
ability of a person having beneficial interests in a Global Note
to pledge such interests to persons that do not participate in
The Depository Trust Company system, or otherwise take actions
in respect of such interests, may be affected by the lack of a
physical certificate evidencing such interests.
</DIV>

<P align="center" style="font-size: 10pt;">56

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>EXCEPT AS DESCRIBED BELOW, OWNERS OF INTEREST IN THE GLOBAL
NOTES&nbsp;WILL NOT HAVE EXCHANGE NOTES&nbsp;REGISTERED IN THEIR
NAMES, WILL NOT RECEIVE PHYSICAL DELIVERY OF EXCHANGE
NOTES&nbsp;IN CERTIFICATED FORM AND WILL NOT BE CONSIDERED THE
REGISTERED OWNERS OR &#147;HOLDERS&#148; THEREOF UNDER THE
INDENTURE FOR ANY PURPOSE.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Payments in respect of the principal of, and interest, premium
and Additional Interest, if any, on, a Global Note registered in
the name of The Depository Trust Company or its nominee will be
payable to The Depository Trust Company in its capacity as the
registered Holder under the indenture. Under the terms of the
indenture, we and the trustee will treat the Persons in whose
names the exchange notes, including the Global Notes, are
registered as the owners of the exchange notes for the purpose
of receiving payments and for all other purposes. Consequently,
neither we, the trustee nor any agent of us or the trustee has
or will have any responsibility or liability for:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (1)&nbsp;any aspect of The Depository Trust Company&#146;s
    records or any Participant&#146;s or Indirect Participant&#146;s
    records relating to or payments made on account of beneficial
    ownership interest in the Global Notes or for maintaining,
    supervising or reviewing any of The Depository Trust
    Company&#146;s records or any Participant&#146;s or Indirect
    Participant&#146;s records relating to the beneficial ownership
    interests in the Global Notes;&nbsp;or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (2)&nbsp;any other matter relating to the actions and practices
    of The Depository Trust Company or any of its Participants or
    Indirect Participants.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Depository Trust Company has advised us that its current
practice, upon receipt of any payment in respect of securities
such as the exchange notes (including principal and interest),
is to credit the accounts of the relevant Participants with the
payment on the payment date unless The Depository Trust Company
has reason to believe it will not receive payment on such
payment date. Each relevant Participant is credited with an
amount proportionate to its beneficial ownership of an interest
in the principal amount of the relevant security as shown on the
records of The Depository Trust Company. Payments by the
Participants and the Indirect Participants to the beneficial
owners of exchange notes will be governed by standing
instructions and customary practices and will be the
responsibility of the Participants or the Indirect Participants
and will not be the responsibility of The Depository Trust
Company, the trustee or us. Neither we nor the trustee will be
liable for any delay by The Depository Trust Company or any of
its Participants in identifying the beneficial owners of the
exchange notes, and we and the trustee may conclusively rely on
and will be protected in relying on instructions from The
Depository Trust Company or its nominee for all purposes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Transfers between Participants in The Depository Trust Company
will be effected in accordance with The Depository Trust
Company&#146;s procedures, and will be settled in same-day
funds, and transfers between participants in Euroclear and
Clearstream will be effected in accordance with their respective
rules and operating procedures.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Crossmarket transfers between the Participants in The Depository
Trust Company, on the one hand, and Euroclear or Clearstream
participants, on the other hand, will be effected through The
Depository Trust Company in accordance with The Depository Trust
Company&#146;s rules on behalf of Euroclear or Clearstream, as
the case may be, by its respective depositary; however, such
cross-market transactions will require delivery of instructions
to Euroclear or Clearstream, as the case may be, by the
counterparty in such system in accordance with the rules and
procedures and within the established deadlines (Brussels time)
of such system. Euroclear or Clearstream, as the case may be,
will, if the transaction meets its settlement requirements,
deliver instructions to its respective depositary to take action
to effect final settlement on its behalf by delivering or
receiving interests in the relevant Global Note in The
Depository Trust Company, and making or receiving payment in
accordance with normal procedures for same-day funds settlement
applicable to The Depository Trust Company. Euroclear
participants and Clearstream participants may not deliver
instructions directly to the depositories for Euroclear or
Clearstream.
</DIV>

<P align="center" style="font-size: 10pt;">57

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Depository Trust Company has advised us that it will take
any action permitted to be taken by a holder of exchange notes
only at the direction of one or more Participants to whose
account The Depository Trust Company has credited the interests
in the Global Notes and only in respect of such portion of the
aggregate principal amount of the notes as to which such
Participant or Participants has or have given such direction.
However, if there is an Event of Default under the exchange
notes, The Depository Trust Company reserves the right to
exchange the Global Notes for legended notes in certificated
form, and to distribute such notes to its Participants.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Although The Depository Trust Company, Euroclear and Clearstream
have agreed to the foregoing procedures to facilitate transfers
of interests in the Global Notes among participants in The
Depository Trust Company, Euroclear and Clearstream, they are
under no obligation to perform or to continue to perform such
procedures, and may discontinue such procedures at any time.
Neither we nor the trustee nor any of our respective agents will
have any responsibility for the performance by The Depository
Trust Company, Euroclear or Clearstream or their respective
participants or indirect participants of their respective
obligations under the rules and procedures governing their
operations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Same Day Settlement and Payment</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We will make payments in respect of the notes represented by the
Global Notes (including principal, premium, if any, and interest
and Additional Interest, if any) by wire transfer of immediately
available funds to the accounts specified by the Global Note
holder. We will make all payments of principal, interest and
premium and Additional Interest, if any, with respect to
Certificated Notes by wire transfer of immediately available
funds to the accounts specified by the holders of the
Certificated Notes or, if no such account is specified, by
mailing a check to each such holder&#146;s registered address.
The notes represented by the Global Notes are expected to trade
in The Depository Trust Company&#146;s Same-Day Funds Settlement
System, and any permitted secondary market trading activity in
such notes will, therefore, be required by The Depository Trust
Company to be settled in immediately available funds. We expect
that secondary trading in any Certificated Notes will also be
settled in immediately available funds.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Because of time zone differences, the securities account of a
Euroclear or Clearstream participant purchasing an interest in
an Global Note from a Participant in The Depository Trust
Company will be credited, and any such crediting will be
reported to the relevant Euroclear or Clearstream participant,
during the securities settlement processing day (which must be a
business day for Euroclear and Clearstream) immediately
following the settlement date of The Depository Trust Company.
The Depository Trust Company has advised us that cash received
in Euroclear or Clearstream as a result of sales of interests in
an Global Note by or through a Euroclear or Clearstream
participant to a Participant in The Depository Trust Company
will be received with value on the settlement date of The
Depository Trust Company, but will be available in the relevant
Euroclear or Clearstream cash account only as of the business
day for Euroclear or Clearstream following The Depository Trust
Company&#146;s settlement date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Exchange of Book-Entry Notes for Certificated Notes</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Global Notes are exchangeable for certificated notes in
definitive, fully registered form without interest coupons
(&#147;Certificated Notes&#148;) only in the following limited
circumstances:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    DTC (1)&nbsp;notifies Radio One that it is unwilling or unable
    to continue as depositary for the Global Note and Radio One
    fails to appoint a successor depositary or (2)&nbsp;has ceased
    to be a clearing agency registered under the Exchange Act.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Radio One, at its option, notifies the trustee in writing that
    it elects to cause the issuance of the exchange notes in the
    form of Certificated Notes,&nbsp;or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    there shall have occurred and be continuing an Event of Default
    under the Indenture.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
In all cases, Certificated Notes delivered in exchange for any
Global Note or beneficial interests therein will be registered
in the names, and issued in any approved denominations,
requested by or on behalf of DTC (in accordance with its
customary procedures) and will bear the applicable restrictive
legend referred
</DIV>

<P align="center" style="font-size: 10pt;">58

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<DIV align="left" style="font-size: 10pt;">
to in &#147;Notice to Investors,&#148; unless Radio One
determines otherwise in accordance with the Indenture and in
compliance with applicable law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Certain Definitions</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Set forth below are certain defined terms used in the Indenture.
Reference is made to the Indenture for a full disclosure of all
such terms, as well as any other capitalized terms used herein
for which no definition is provided.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Acquired Debt&#148; means, with respect to any specified
Person:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (1)&nbsp;Indebtedness of any other Person existing at the time
    such other Person is merged with or into or became a Subsidiary
    of such specified Person, whether or not such Indebtedness is
    incurred in connection with, or in contemplation of, such other
    Person merging with or into, or becoming a Subsidiary of, such
    specified Person;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (2)&nbsp;Indebtedness secured by a Lien encumbering any asset
    acquired by such specified Person.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Acquisition Debt&#148; means Indebtedness the proceeds of
which are utilized solely to (x)&nbsp;acquire all or
substantially all of the assets or a majority of the Voting
Stock of an entity engaged in a Permitted Business or
(y)&nbsp;finance an LMA (including to repay or refinance
indebtedness or other obligations incurred in connection with
such acquisition or LMA, as the case may be, and to pay related
fees and expenses).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Additional Notes&#148; means Notes that are originally
issued from time to time after the Issue Date pursuant to the
Indenture, except for Notes authenticated and delivered upon
registration of, transfer of, in exchange for or in lieu of
other Notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Affiliate&#148; of any specified Person means any other
Person directly or indirectly controlling or controlled by or
under direct or indirect common control with such specified
Person. For purposes of this definition, &#147;control,&#148; as
used with respect to any Person, means the possession, directly
or indirectly, of the power to direct or cause the direction of
the management or policies of such Person, whether through the
ownership of voting securities, by agreement or otherwise. For
purposes of this definition, the terms &#147;controlling,&#148;
&#147;controlled by&#148; and &#147;under common control
with&#148; have correlative meanings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Asset Sale&#148; means:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (1)&nbsp;the sale, lease, conveyance or other disposition of any
    assets or rights, other than in the ordinary course of business;
    provided that the sale, conveyance or other disposition of all
    or substantially all of the assets of Radio One and its
    Subsidiaries taken as a whole will be governed by the provisions
    of the Indenture described above under the caption
    &#147;&#151;&nbsp;Repurchase at the Option of
    Holders&nbsp;&#151; Change of Control&#148; and/or the
    provisions described above under the caption
    &#147;&#151;&nbsp;Certain Covenants&nbsp;&#151; Merger,
    Consolidation or Sale of Assets&#148; and not by the provisions
    of the Asset Sale covenant;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (2)&nbsp;the issuance of Equity Interests in any of Radio
    One&#146;s Restricted Subsidiaries or the sale of Equity
    Interests in any of its Restricted Subsidiaries.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notwithstanding the preceding, the following items will not be
deemed to be Asset Sales:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (1)&nbsp;any single transaction or series of related
    transactions that involves assets having a fair market value of
    $1.0&nbsp;million or less;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (2)&nbsp;a transfer of assets between or among Radio One and its
    Subsidiaries;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (3)&nbsp;an issuance of Equity Interests by a Subsidiary to
    Radio One or to another Subsidiary;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (4)&nbsp;the sale or lease of equipment, inventory, accounts
    receivable or other assets in the ordinary course of business;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (5)&nbsp;the sale and leaseback of any assets within
    90&nbsp;days of the acquisition thereof;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt;">59

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<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (6)&nbsp;foreclosures on assets;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (7)&nbsp;the disposition of equipment no longer used or useful
    in the business of such entity;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (8)&nbsp;the sale or other disposition of cash or Cash
    Equivalents;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (9)&nbsp;a Restricted Payment or Permitted Investment that is
    permitted by the covenant described above under the caption
    &#147;&#151;&nbsp;Certain Covenants&nbsp;&#151; Restricted
    Payments;&#148;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (10)&nbsp;the licensing of intellectual property.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Beneficial Owner&#148; has the meaning assigned to such
term in Rule&nbsp;13d-3 and Rule&nbsp;13d-5 under the Exchange
Act, except that in calculating the beneficial ownership of any
particular &#147;person&#148; (as that term is used in
Section&nbsp;13(d)(3) of the Exchange Act), such
&#147;person&#148; will be deemed to have beneficial ownership
of all securities that such &#147;person&#148; has the right to
acquire by conversion or exercise of other securities, whether
such right is currently exercisable or is exercisable only upon
the occurrence of a subsequent condition. The terms
&#147;Beneficially Owns&#148; and &#147;Beneficially Owned&#148;
have a corresponding meaning.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Board of Directors&#148; means:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (1)&nbsp;with respect to a corporation, the board of directors
    of the corporation;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (2)&nbsp;with respect to a partnership, the board of directors
    of the general partner of the partnership;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (3)&nbsp;with respect to any other Person, the board or
    committee of such Person having a similar function.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Capital Lease Obligation&#148; means, at the time any
determination is to be made, the amount of the liability in
respect of a capital lease that would at that time be required
to be capitalized on a balance sheet in accordance with GAAP.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Capital Stock&#148; means:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (1)&nbsp;in the case of a corporation, corporate stock;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (2)&nbsp;in the case of an association or business entity, any
    and all shares, interests, participations, rights or other
    equivalents (however designated) of corporate stock;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (3)&nbsp;in the case of a partnership or limited liability
    company, partnership or membership interests (whether general or
    limited);&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (4)&nbsp;any other interest or participation that confers on a
    Person the right to receive a share of the profits and losses
    of, or distributions of assets of, the issuing Person.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Cash Equivalents&#148; means:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (1)&nbsp;United States dollars;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (2)&nbsp;securities issued or directly and fully guaranteed or
    insured by the United States government or any agency or
    instrumentality of the United States government having
    maturities of not more than one year from the date of
    acquisition;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (3)&nbsp;certificates of deposit and eurodollar time deposits
    with maturities of one year or less from the date of
    acquisition, bankers&#146; acceptances with maturities not
    exceeding one year and overnight bank deposits, in each case,
    with any lender party to the Credit Facility or any domestic
    commercial bank having capital and surplus in excess of
    $500.0&nbsp;million and a Thomson Bank Watch Rating of
    &#147;B&#148; or better;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (4)&nbsp;repurchase obligations with a term of not more than
    30&nbsp;days for underlying securities of the types described in
    clauses&nbsp;(2) and (3)&nbsp;above entered into with any
    financial institution meeting the qualifications specified in
    clause&nbsp;(3) above;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt;">60

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<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (5)&nbsp;commercial paper having one of the two highest ratings
    obtainable from Moody&#146;s Investors Service, Inc. or
    Standard&nbsp;&#38; Poor&#146;s Rating Services and in each case
    maturing within one year after the date of acquisition;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (6)&nbsp;money market funds at least 95% of the assets of which
    constitute Cash Equivalents of the kinds described in
    clauses&nbsp;(1) through (5)&nbsp;of this definition.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Change of Control&#148; means the occurrence of any of the
following:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (1)&nbsp;the direct or indirect sale, transfer, conveyance or
    other disposition (other than by way of merger or
    consolidation), in one or a series of related transactions, of
    all or substantially all of the properties or assets of Radio
    One and its Restricted Subsidiaries, taken as a whole to any
    &#147;person&#148; (as that term is used in
    Section&nbsp;13(d)(3) of the Exchange Act) other than a
    Principal or a Related Party of a Principal;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (2)&nbsp;the adoption of a plan relating to the liquidation or
    dissolution of Radio One;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (3)&nbsp;the consummation of any transaction (including, without
    limitation, any merger or consolidation) the result of which is
    that any &#147;person&#148; (as defined above), other than the
    Principals and their Related Parties, becomes the Beneficial
    Owner, directly or indirectly, of more than 50% of the Voting
    Stock of Radio One, measured by voting power rather than number
    of shares;&nbsp;or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (4)&nbsp;the first day on which a majority of the members of the
    Board of Directors of Radio One are not Continuing Directors.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Consolidated Cash Flow&#148; means, with respect to any
specified Person for any period, the Consolidated Net Income of
such Person for such period plus:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (1)&nbsp;an amount equal to any extraordinary loss plus any net
    loss, together with any related provision for taxes, realized by
    such Person or any of its Restricted Subsidiaries in connection
    with (a)&nbsp;an Asset Sale (including any sale and leaseback
    transaction), or (b)&nbsp;the disposition of any securities by
    such Person or any of the Restricted Subsidiaries or the
    extinguishment of any Indebtedness of such Person or any of the
    Restricted Subsidiaries, to the extent such losses were deducted
    in computing such Consolidated Net Income; plus</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (2)&nbsp;provision for taxes based on income or profits of such
    Person and its Restricted Subsidiaries for such period, to the
    extent that such provision for taxes was deducted in computing
    such Consolidated Net Income; plus</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (3)&nbsp;consolidated interest expense of such Person and its
    Restricted Subsidiaries for such period, whether paid or accrued
    and whether or not capitalized (including, without limitation,
    amortization of debt issuance costs and original issue discount,
    non-cash interest payments, the interest component of any
    deferred payment obligations, the interest component of all
    payments associated with Capital Lease Obligations, imputed
    interest with respect to obligations with respect to any sale
    and leaseback transaction, all fees, including but not limited
    to agency fees, letter of credit fees, commitment fees,
    commissions, discounts and other fees and charges incurred in
    respect of Indebtedness and net of the effect of all payments
    made or received pursuant to Hedging Obligations), to the extent
    that any such expense was deducted in computing such
    Consolidated Net Income; plus</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (4)&nbsp;depreciation, amortization (including non-cash employee
    and officer equity compensation expenses, amortization of
    goodwill and other intangibles, amortization of programming
    costs and barter expenses, but excluding amortization of prepaid
    cash expenses that were paid in a prior period) and other
    non-cash expenses (excluding any such non-cash expense to the
    extent that it represents amortization of a prepaid cash expense
    that was paid in a prior period) of such Person and its
    Restricted Subsidiaries for such period to the extent that such
    depreciation, amortization and other non-cash expenses were
    deducted in computing such Consolidated Net Income; plus</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt;">61

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<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (5)&nbsp;any extraordinary or non-recurring expenses of such
    Person and the Restricted Subsidiaries for such period to the
    extent that such charges were deducted in computing such
    Consolidated Net Income; plus</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (6)&nbsp;any non-capitalized transaction costs incurred in
    connection with actual or proposed financings, acquisitions or
    transactions; minus</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (7)&nbsp;non-cash items increasing such Consolidated Net Income
    for such period, other than the accrual of revenue in the
    ordinary course of business; minus</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (8)&nbsp;cash payments related to non-cash charges that
    increased Consolidated Cash Flow in any prior period; minus</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (9)&nbsp;barter revenues,</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
in each case, on a consolidated basis and determined in
accordance with GAAP.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notwithstanding the preceding, the provision for taxes based on
the income or profits of, and the depreciation and amortization
and other non-cash expenses of, a Subsidiary of Radio One will
be added to Consolidated Net Income to compute Consolidated Cash
Flow of Radio One only to the extent that a corresponding amount
would be permitted at the date of determination to be dividended
to Radio One by such Subsidiary without prior governmental
approval (that has not been obtained), and without direct or
indirect restriction pursuant to the terms of its charter and
all agreements, instruments, judgments, decrees, orders,
statutes, rules and governmental regulations applicable to that
Subsidiary or its stockholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Consolidated Interest Expense&#148; means, with respect to
any Person for any period, the sum, without duplication of:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (1)&nbsp;the consolidated interest expense of such Person and
    the Restricted Subsidiaries for such period, whether paid or
    accrued (including, without limitation, amortization of original
    issue discount, non-cash interest payments, the interest
    component of any deferred payment obligations, the interest
    component of all payments associated with Capital Lease
    Obligations, imputed interest with respect to commissions,
    discounts and other fees and charges incurred in respect of
    letter of credit or bankers&#146; acceptance financings, and net
    payments (if any) pursuant to Hedging Obligations);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (2)&nbsp;the consolidated interest expense of such Person and
    the Restricted Subsidiaries that was capitalized during such
    period;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (3)&nbsp;any interest expense on Indebtedness of another Person
    that is guaranteed by such Person or any of the Restricted
    Subsidiaries or secured by a Lien on assets of such Person or
    any of the Restricted Subsidiaries (whether or not such
    guarantee or Lien is called upon);&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (4)&nbsp;the product of:</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (a)&nbsp;all cash dividend payments (and non-cash dividend
    payments in the case of a Person that is a Restricted
    Subsidiary) on any series of preferred stock of such Person or
    any of the Restricted Subsidiaries, times</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (b)&nbsp;a fraction, the numerator of which is one and the
    denominator of which is one minus the then current combined
    federal, state and local statutory tax rate of such Person,
    expressed as a decimal, in each case, on a consolidated basis
    and in accordance with GAAP.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Consolidated Net Income&#148; means, with respect to any
specified Person for any period, the aggregate of the Net Income
of such Person and its Restricted Subsidiaries for such period,
on a consolidated basis, determined in accordance with GAAP;
provided that:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (1)&nbsp;the Net Income of any Unrestricted Subsidiary will be
    excluded, whether or not distributed to the specified Person or
    a Restricted Subsidiary of the Person;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt;">62

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<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (2)&nbsp;the Net Income of any Restricted Subsidiary will be
    excluded to the extent that the declaration or payment of
    dividends or similar distributions by that Restricted Subsidiary
    of that Net Income is not at the date of determination permitted
    without any prior governmental approval (that has not been
    obtained) or, directly or indirectly, by operation of the terms
    of its charter or any agreement, instrument, judgment, decree,
    order, statute, rule or governmental regulation applicable to
    that Restricted Subsidiary or its stockholders;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (3)&nbsp;the Net Income of any Person acquired in a pooling of
    interests transaction for any period prior to the date of such
    acquisition will be excluded;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (4)&nbsp;the cumulative effect of a change in accounting
    principles will be excluded.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Consolidated Net Worth&#148; means, with respect to any
specified Person, the stockholders&#146; equity of such Person
and its Restricted Subsidiaries, as determined on a consolidated
basis in accordance with GAAP, less (to the extent included in
stockholders&#146; equity) amounts attributable to Disqualified
Stock of such Person or its Restricted Subsidiaries.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Continuing Directors&#148; means, as of any date of
determination, any member of the Board of Directors of Radio One
who:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (1)&nbsp;was a member of or nominated to such Board of Directors
    on the date of the Indenture;&nbsp;or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (2)&nbsp;was nominated for election by either (a)&nbsp;one or
    more of the Principals or (b)&nbsp;the Board of Directors of
    Radio One, a majority of whom were members of or nominated to
    the Board of Directors on the date of the Indenture or whose
    election or nomination for election was previously approved by
    one or more of the Principals beneficially owning at least 25%
    of the Voting Stock of Radio One (determined by reference to
    voting power and not number of shares held) or such directors.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Credit Agreement&#148; means that certain Second Amended
and Restated Credit Agreement, dated as of July&nbsp;17, 2000,
by and among Radio One, the guarantors party thereto, Bank of
America, N.A., as administrative agent and the lenders party
thereto, including any related notes, guarantees, collateral
documents, instruments and agreements executed in connection
therewith, as amended, modified, renewed, refunded, replaced or
refinanced from time to time (including any increase in
principal amount).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Credit Facilities&#148; means, one or more debt facilities
(including, without limitation, the Credit Agreement) or
commercial paper facilities, in each case with banks or other
institutional lenders providing for revolving credit loans, term
loans, receivables financing (including through the sale of
receivables to such lenders or to special purpose entities
formed to borrow from such lenders against such receivables) or
letters of credit, in each case, as amended, restated, modified,
renewed, refunded, replaced or refinanced in whole or in part
from time to time (including any increase in principal amount).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Default&#148; means any event that is, or with the passage
of time or the giving of notice or both would be, an Event of
Default.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Designated Senior Debt&#148; means:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (1)&nbsp;any Indebtedness outstanding under the Credit
    Agreement;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (2)&nbsp;any other Senior Debt permitted under the Indenture the
    principal amount of which is $25.0&nbsp;million or more (or
    otherwise available under a committed facility) and that has
    been designated by Radio One or a Guarantor as &#147;Designated
    Senior Debt.&#148;</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Disqualified Stock&#148; means any Capital Stock that, by
its terms (or by the terms of any security into which it is
convertible, or for which it is exchangeable, in each case at
the option of the holder of the Capital Stock), or upon the
happening of any event, matures or is mandatorily redeemable,
pursuant to a sinking fund obligation or otherwise, or
redeemable at the option of the holder of the Capital Stock, in
whole or in part, on or prior to the date on which the Notes
mature. Notwithstanding the preceding sentence, any Capital
Stock that would constitute Disqualified Stock solely because
the holders of the Capital Stock have the right to require Radio
One to repurchase such Capital Stock upon the occurrence
</DIV>

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<DIV align="left" style="font-size: 10pt;">
of a change of control or an asset sale will not constitute
Disqualified Stock if the terms of such Capital Stock provide
that Radio One may not repurchase or redeem any such Capital
Stock pursuant to such provisions unless such repurchase or
redemption complies with the covenant described above under the
caption &#147;&#151;&nbsp;Certain Covenants&nbsp;&#151;
Restricted Payments.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Domestic Subsidiary&#148; means any Restricted Subsidiary
of Radio One that was formed under the laws of the United States
or any state of the United States or the District of Columbia or
that guarantees or otherwise provides direct credit support for
any Indebtedness of Radio One.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Equity Interests&#148; means Capital Stock and all
warrants, options or other rights to acquire Capital Stock (but
excluding any debt security that is convertible into, or
exchangeable for, Capital Stock).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Equity Offering&#148; means an offering of Capital Stock
(other than Disqualified Stock) of Radio One or one of its
Subsidiaries, the net proceeds of which are contributed to Radio
One, in each case to any Person that is not an Affiliate of
Radio One, which offering results in at least $25.0&nbsp;million
of net aggregate proceeds to Radio One.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Existing Indebtedness&#148; means Indebtedness of Radio
One and its Restricted Subsidiaries (other than Indebtedness
under the Credit Agreement) in existence on the date of the
Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Existing Preferred Stock&#148; means the
6<FONT style="font-size: 70%"><SUP>1</SUP></FONT>/<FONT style="font-size: 60%">2</FONT>%&nbsp;Convertible
Preferred Remarketable Term Income Deferrable Equity Securities
of Radio One pursuant to the Certificate of Designations filed
with the State of Delaware on July&nbsp;13, 2000, as in effect
on the date of the Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;GAAP&#148; means generally accepted accounting principles
in the United States set forth in the opinions and
pronouncements of the Accounting Principles Board of the
American Institute of Certified Public Accountants and
statements and pronouncements of the Financial Accounting
Standards Board or in such other statements by such other entity
as have been approved by a significant segment of the accounting
profession, which are in effect on the date of the Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Guarantee&#148; means a guarantee other than by
endorsement of negotiable instruments for collection in the
ordinary course of business, direct or indirect, in any manner
including, without limitation, by way of a pledge of assets or
through letters of credit or reimbursement agreements in respect
thereof, of all or any part of any Indebtedness.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Guarantors&#148; means each of:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (1)&nbsp;Radio One&#146;s Restricted Subsidiaries on the date of
    the Indenture;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (2)&nbsp;any other subsidiary of Radio One that executes a
    Subsidiary Guarantee in accordance with the provisions of the
    Indenture; and their respective successors and assigns.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Hedging Obligations&#148; means, with respect to any
specified Person, the obligations of such Person under:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (1)&nbsp;interest rate swap agreements, interest rate cap
    agreements and interest rate collar agreements;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (2)&nbsp;other agreements or arrangements designed to protect
    such Person against fluctuations in currency exchange rates or
    interest rates.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Holder&#148; means any Person in whose name a Note is
registered.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Indebtedness&#148; means, with respect to any specified
Person, any indebtedness of such Person, whether or not
contingent:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (1)&nbsp;in respect of borrowed money;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (2)&nbsp;evidenced by bonds, Notes, debentures or similar
    instruments or letters of credit (or reimbursement agreements in
    respect thereof);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (3)&nbsp;in respect of banker&#146;s acceptances;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt;">64

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<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (4)&nbsp;representing Capital Lease Obligations;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (5)&nbsp;representing the balance deferred and unpaid of the
    purchase price of any property, except any such balance that
    constitutes an accrued expense or trade payable;&nbsp;or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (6)&nbsp;representing any Hedging Obligations,</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
if and to the extent any of the preceding items (other than
letters of credit and Hedging Obligations) would appear as a
liability upon a balance sheet of the specified Person prepared
in accordance with GAAP. In addition, the term
&#147;Indebtedness&#148; includes all Indebtedness of others
secured by a Lien on any asset of the specified Person (whether
or not such Indebtedness is assumed by the specified Person)
and, to the extent not otherwise included, the Guarantee by the
specified Person of any indebtedness of any other Person;
provided that Indebtedness shall not include the pledge of the
Capital Stock of an Unrestricted Subsidiary securing
Non-Recourse Debt of that Unrestricted Subsidiary; and, provided
further, in no event shall the Existing Preferred Stock
(including all accrued dividends thereon) be deemed Indebtedness.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The amount of any Indebtedness outstanding as of any date will
be:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (1)&nbsp;the accreted value of the Indebtedness, in the case of
    any Indebtedness issued with original issue discount;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (2)&nbsp;the principal amount of the Indebtedness, together with
    any interest on the Indebtedness that is more than 30&nbsp;days
    past due, in the case of any other Indebtedness.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Investments&#148; means, with respect to any Person, all
direct or indirect investments by such Person in other Persons
(including Affiliates) in the forms of loans (including
Guarantees or other obligations), advances or capital
contributions (excluding commission, travel and similar advances
to officers and employees made in the ordinary course of
business), purchases or other acquisitions for consideration of
Indebtedness, Equity Interests or other securities, together
with all items that are or would be classified as investments on
a balance sheet prepared in accordance with GAAP. If Radio One
or any Subsidiary of Radio One sells or otherwise disposes of
any Equity Interests of any direct or indirect Subsidiary of
Radio One such that, after giving effect to any such sale or
disposition, such Person is no longer a Subsidiary of Radio One,
Radio One will be deemed to have made an Investment on the date
of any such sale or disposition equal to the fair market value
of the Equity Interests of such Subsidiary not sold or disposed
of in an amount determined as provided in the final paragraph of
the covenant described above under the caption
&#147;&#151;&nbsp;Certain Covenants&nbsp;&#151; Restricted
Payments.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Leverage Ratio&#148; means the ratio of (i)&nbsp;the
aggregate outstanding amount of Indebtedness of each of Radio
One and the Restricted Subsidiaries as of the last day of the
most recently ended fiscal quarter for which financial
statements are internally available as of the date of
calculation on a combined consolidated basis in accordance with
GAAP (subject to the terms described in the next paragraph) plus
the aggregate liquidation preference of all outstanding
Disqualified Stock of Radio One and preferred stock of the
Restricted Subsidiaries (except preferred stock issued to Radio
One or a Restricted Subsidiary) as of the last day of such
fiscal quarter to (ii)&nbsp;the aggregate Consolidated Cash Flow
of Radio One for the last four full fiscal quarters for which
financial statements are internally available ending on or prior
to the date of determination (the &#147;Reference Period&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
For purposes of this definition, the aggregate outstanding
principal amount of Indebtedness of Radio One and the Restricted
Subsidiaries and the aggregate liquidation preference of all
outstanding preferred stock of the Restricted Subsidiaries for
which such calculation is made shall be determined on a pro
forma basis as if the Indebtedness and preferred stock giving
rise to the need to perform such calculation had been incurred
and issued and the proceeds therefrom had been applied, and all
other transactions in respect of which such Indebtedness is
being incurred or preferred stock is being issued had occurred,
on the first day of such Reference Period. In addition to the
foregoing, for purposes of this definition, the Leverage Ratio
shall be calculated on a pro forma basis after giving effect to
(i)&nbsp;the incurrence of the Indebtedness of such Person and
the Restricted Subsidiaries and the issuance of the preferred
stock of
</DIV>

<P align="center" style="font-size: 10pt;">65

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<DIV align="left" style="font-size: 10pt;">
such Subsidiaries (and the application of the proceeds
therefrom) giving rise to the need to make such calculation and
any incurrence (and the application of the proceeds therefrom)
or repayment of other Indebtedness or preferred stock, at any
time subsequent to the beginning of the Reference Period and on
or prior to the date of determination (including any such
incurrence or issuance which is the subject of an Incurrence
Notice delivered to the Trustee during such period pursuant to
clause&nbsp;(12)&nbsp;of the definition of Permitted Debt), as
if such incurrence or issuance (and the application of the
proceeds thereof), or the repayment, as the case may be,
occurred on the first day of the Reference Period (except that,
in making such computation, the amount of Indebtedness under any
revolving credit facility shall be computed based upon the
average balance of such Indebtedness at the end of each month
during such period) and (ii)&nbsp;any acquisition at any time on
or subsequent to the first day of the Reference Period and on or
prior to the date of determination (including any such
incurrence or issuance which is the subject of an Incurrence
Notice delivered to the Trustee during such period pursuant to
clause&nbsp;(12)&nbsp;of the definition of Permitted Debt), as
if such acquisition (including the incurrence, assumption or
liability for any such Indebtedness and the issuance of such
preferred stock and also including any Consolidated Cash Flow
associated with such acquisition) occurred on the first day of
the Reference Period giving pro forma effect to any
non-recurring expenses, non- recurring costs and cost reductions
within the first year after such acquisition Radio One
reasonably anticipates in good faith if Radio One delivers to
the Trustee an officer&#146;s certificate executed by the chief
financial or accounting officer of Radio One certifying to and
describing and quantifying with reasonable specificity such
non-recurring expenses, non-recurring costs and cost reductions.
Furthermore, in calculating Consolidated Interest Expense for
purposes of the calculation of Consolidated Cash Flow,
(a)&nbsp;interest on Indebtedness determined on a fluctuating
basis as of the date of determination (including Indebtedness
actually incurred on the date of the transaction giving rise to
the need to calculate the Leverage Ratio) and which will
continue to be so determined thereafter shall be deemed to have
accrued at a fixed rate per annum equal to the rate of interest
on such Indebtedness as in effect on the date of determination
and (b)&nbsp;notwithstanding (a)&nbsp;above, interest determined
on a fluctuating basis, to the extent such interest is covered
by Hedging Obligations, shall be deemed to accrue at the rate
per annum resulting after giving effect to the operation of such
agreements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Lien&#148; means, with respect to any asset, any mortgage,
lien, pledge, charge, security interest or encumbrance of any
kind in respect of such asset, whether or not filed, recorded or
otherwise perfected under applicable law, including any
conditional sale or other title retention agreement, any lease
in the nature thereof, any option or other agreement to sell or
give a security interest in and any filing of or agreement to
give any financing statement under the Uniform Commercial Code
(or equivalent statutes) of any jurisdiction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;LMA&#148; means a local marketing arrangement, joint sales
agreement, time brokerage agreement, shared services agreement,
management agreement or similar arrangement pursuant to which a
Person, subject to customary preemption rights and other
limitations (i)&nbsp;obtains the right to sell a portion of the
advertising inventory of a radio station of which a third party
is the licensee, (ii)&nbsp;obtains the right to exhibit
programming and sell advertising time during a portion of the
air time of a radio station or (iii)&nbsp;manages a portion of
the operations of a radio station.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Named Executive Officer&#148; means Alfred C.
Liggins,&nbsp;III, Scott R. Royster or Linda J. Eckard Vilardo.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Net Income&#148; means, with respect to any specified
Person, the net income (loss) of such Person, determined in
accordance with GAAP and before any reduction in respect of
preferred stock dividends, excluding, however:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (1)&nbsp;any gain (but not loss), together with any related
    provision for taxes on such gain (but not loss), realized in
    connection with: (a)&nbsp;any Asset Sale; or (b)&nbsp;the
    disposition of any securities by such Person or any of its
    Restricted Subsidiaries or the extinguishment of any
    Indebtedness of such Person or any of its Restricted
    Subsidiaries;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (2)&nbsp;any extraordinary gain (but not loss), together with
    any related provision for taxes on such extraordinary gain (but
    not loss).</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt;">66

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Net Proceeds&#148; means the aggregate cash proceeds
received by Radio One or any of its Restricted Subsidiaries in
respect of any Asset Sale (including, without limitation, any
cash received upon the sale or other disposition of any non-cash
consideration received in any Asset Sale), net of (i)&nbsp;the
direct costs relating to such Asset Sale, including, without
limitation, legal, accounting and investment banking fees, and
sales commissions, and any relocation expenses incurred as a
result of the Asset Sale, (ii)&nbsp;taxes paid or payable as a
result of the Asset Sale, in each case, after taking into
account any available tax credits or deductions and any tax
sharing arrangements, (iii)&nbsp;amounts required to be applied
to the repayment of Indebtedness, other than Senior Debt secured
by a Lien on the asset or assets that were the subject of such
Asset Sale and (iv)&nbsp;any reserve for adjustment in respect
of the sale price of such asset or assets established in
accordance with GAAP.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Non-Recourse Debt&#148; means Indebtedness:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (1)&nbsp;as to which neither Radio One, the Guarantors, nor any
    of the Restricted Subsidiaries (a)&nbsp;provides credit support
    of any kind (including any undertaking, agreement or instrument
    that would constitute Indebtedness), (b)&nbsp;is directly or
    indirectly liable as a guarantor or otherwise, or
    (c)&nbsp;constitutes the lender;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (2)&nbsp;no default with respect to which (including any rights
    that the holders of the Indebtedness may have to take
    enforcement action against an Unrestricted Subsidiary) would
    permit upon notice, lapse of time or both any holder of any
    other Indebtedness (other than the Notes) of Radio One, the
    Guarantors, or any of the Restricted Subsidiaries to declare a
    default on such other Indebtedness or cause the payment of the
    Indebtedness to be accelerated or payable prior to its stated
    maturity.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Note&#148; or &#147;Notes&#148; means the original notes,
the exchange notes and any Additional Notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Obligations&#148; means any principal, interest,
penalties, fees, indemnifications, reimbursements, damages and
other liabilities payable under the documentation governing any
Indebtedness and in all cases whether direct or indirect,
absolute or contingent, now outstanding or hereafter created,
assumed or incurred and including, without limitation, interest
accruing subsequent to the filing of a petition in bankruptcy or
the commencement of any insolvency, reorganization or similar
proceedings at the rate provided in the relevant documentation,
whether or not an allowed claim, and any obligation to redeem or
defease any of the foregoing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Permitted Asset Swap&#148; means, with respect to any
Person, the substantially concurrent exchange of assets of such
Person (including Equity Interests of a Restricted Subsidiary)
for assets of another Person, which assets are useful to the
business of such aforementioned Person.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Permitted Business&#148; means any business engaged in by
Radio One or its Restricted Subsidiaries as of the Closing Date
or any business reasonably related, ancillary or complementary
thereto (including, without limitation, any media-related
business).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Permitted Investments&#148; means:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (1)&nbsp;any Investment in Radio One or in a Restricted
    Subsidiary;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (2)&nbsp;any Investment made prior to the date of the Indenture;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (3)&nbsp;any Investment in Cash Equivalents;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (4)&nbsp;any Investment by Radio One or any Restricted
    Subsidiary in a Person, if as a result of such Investment:</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (a)&nbsp;such Person becomes a Restricted Subsidiary of Radio
    One; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (b)&nbsp;such Person is merged, consolidated or amalgamated with
    or into, or transfers or conveys substantially all of its assets
    to, or is liquidated into, Radio One or a Restricted Subsidiary;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt;">67

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<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (5)&nbsp;any Investment made as a result of the receipt of
    non-cash consideration from an Asset Sale that was made pursuant
    to and in compliance with the covenant described above under the
    caption &#147;&#151;&nbsp;Repurchase at the Option of
    Holders&nbsp;&#151; Asset Sales;&#148;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (6)&nbsp;any acquisition of assets (including Investments in
    Unrestricted Subsidiaries) solely in exchange for the issuance
    of Equity Interests (other than Disqualified Stock) of Radio One;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (7)&nbsp;notes and accounts receivable incurred in the ordinary
    course of business and any Investments received in compromise of
    obligations of such persons incurred in the ordinary course of
    trade creditors or customers that were incurred in the ordinary
    course of business, including pursuant to any plan of
    reorganization or similar arrangement upon the bankruptcy or
    insolvency of any trade creditor or customer;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (8)&nbsp;Hedging Obligations;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (9)&nbsp;guarantees of loans to management incurred pursuant to
    clause&nbsp;(13)&nbsp;of the definition of Permitted Debt;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (10)&nbsp;loans and advances to employees of Radio One or any
    Restricted Subsidiary in the ordinary course of business not in
    excess of $10.0&nbsp;million in aggregate principal amount at
    any time outstanding;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (11)&nbsp;any Investment made after the date of the Indenture in
    Reach Media, Inc., a Texas corporation, in an amount not to
    exceed $56.1&nbsp;million (each such Investment being measured
    as of the date made and without giving effect to subsequent
    changes in value);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (12)&nbsp;any Investment made after the date of the Indenture in
    TV One, LLC, a Delaware limited liability company, in an amount
    not to exceed $37.0&nbsp;million (each such Investment being
    measured as of the date made and without giving effect to
    subsequent changes in value);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (13)&nbsp;Investments in Permitted Businesses so long as after
    giving effect to such Investment and all other Investments made
    in reliance on this clause&nbsp;(13), the aggregate amount of
    all Investments made in reliance on this
    clause&nbsp;(13)&nbsp;does not exceed 10% of Radio One&#146;s
    Consolidated Net Worth at the time of such Investment (each such
    Investment being measured as of the date made and without giving
    effect to subsequent changes in value);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (14)&nbsp;other Investments in any Person having an aggregate
    fair market value (measured on the date each such Investment was
    made and without giving effect to subsequent changes in value),
    when taken together with all other Investments made pursuant to
    this clause&nbsp;(14)&nbsp;that are at the time outstanding not
    to exceed $30.0&nbsp;million.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Permitted Junior Securities&#148; means:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (1)&nbsp;Equity Interests in Radio One or, subject to the
    provisions of the Credit Agreement, any Guarantor;&nbsp;or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (2)&nbsp;debt securities that are subordinated to all Senior
    Debt and any debt securities issued in exchange for Senior Debt
    to substantially the same extent as, or to a greater extent
    than, the Notes and the Subsidiary Guarantees are subordinated
    to Senior Debt under the Indenture.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Permitted Liens&#148; means:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (1)&nbsp;Liens of Radio One and any Guarantor securing
    Indebtedness and other Obligations under Credit Facilities that
    were securing Senior Debt that was permitted by the terms of the
    Indenture to be incurred;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (2)&nbsp;Liens in favor of Radio One or the Guarantors;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (3)&nbsp;Liens on property of a Person existing at the time such
    Person is merged with or into or consolidated with Radio One or
    any Restricted Subsidiary of Radio One; provided that such Liens</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt;">68

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    were in existence prior to the contemplation of such merger or
    consolidation and do not extend to any assets other than those
    of the Person merged into or consolidated with Radio One or the
    Subsidiary;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (4)&nbsp;Liens on property existing at the time of acquisition
    of the property by Radio One or any Restricted Subsidiary of
    Radio One, provided that such Liens were in existence prior to
    the contemplation of such acquisition;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (5)&nbsp;Liens to secure the performance of statutory
    obligations, surety or appeal bonds, performance bonds or other
    obligations of a like nature incurred in the ordinary course of
    business;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (6)&nbsp;Liens to secure Indebtedness (including Capital Lease
    Obligations) permitted by clause&nbsp;(4) of the second
    paragraph of the covenant entitled &#147;&#151;&nbsp;Certain
    Covenants&nbsp;&#151; Incurrence of Indebtedness and Issuance of
    Preferred Stock&#148; covering only the assets acquired with
    such Indebtedness;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (7)&nbsp;Liens existing on the date of the Indenture;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (8)&nbsp;Liens for taxes, assessments or governmental charges or
    claims that are not yet delinquent or that are being contested
    in good faith by appropriate proceedings promptly instituted and
    diligently concluded; provided that any reserve or other
    appropriate provision as is required in conformity with GAAP has
    been made therefor;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (9)&nbsp;Liens incurred in the ordinary course of business of
    Radio One or any Restricted Subsidiary with respect to
    obligations that do not exceed $5.0&nbsp;million at any one time
    outstanding;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (10)&nbsp;Liens on assets of Unrestricted Subsidiaries that
    secure Non-Recourse Debt of Unrestricted Subsidiaries;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (11)&nbsp;Liens to secure Indebtedness that is pari passu in
    right of payment with the Notes, provided that the Notes are
    equally and ratably secured thereby;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (12)&nbsp;Liens securing Permitted Refinancing Indebtedness
    where the liens securing indebtedness being refinanced were
    permitted under the Indenture;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (13)&nbsp;easements, rights-of-way, zoning and similar
    restrictions and other similar encumbrances or title defects
    incurred or imposed, as applicable, in the ordinary course of
    business and consistent with industry practices;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (14)&nbsp;any interest or title of a lessor under any Capital
    Lease Obligation;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (15)&nbsp;Liens securing reimbursement obligations with respect
    to commercial letters of credit which encumber documents and
    other property relating to letters of credit and products and
    proceeds thereof;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (16)&nbsp;Liens encumbering deposits made to secure obligations
    arising from statutory, regulatory, contractual or warranty
    obligations, including rights of offset and set-off;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (17)&nbsp;Liens securing Hedging Obligations which Hedging
    Obligations relate to Indebtedness that is otherwise permitted
    under the Indenture;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (18)&nbsp;leases or subleases granted to others;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (19)&nbsp;Liens under licensing agreements;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (20)&nbsp;Liens arising from filing Uniform Commercial Code
    financing statements regarding leases;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (21)&nbsp;judgment Liens not giving rise to an Event of Default;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (22)&nbsp;Liens encumbering property of Radio One or a
    Restricted Subsidiary consisting of carriers, warehousemen,
    mechanics, materialmen, repairmen, and landlords, and other
    Liens arising by operation of law and incurred in the ordinary
    course of business for sums which are not overdue or which are
    being contested in good faith by appropriate proceedings and (if
    so contested) for which</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt;">69

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    appropriate reserves with respect thereto have been established
    and maintained on the books of Radio One or a Restricted
    Subsidiary in accordance with GAAP;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (23)&nbsp;Liens encumbering property of Radio One or a
    Restricted Subsidiary incurred in the ordinary course of
    business in connection with workers&#146; compensation,
    unemployment insurance, or other forms of governmental insurance
    or benefits, or to secure performance of bids, tenders,
    statutory obligations, leases, and contracts (other than for
    Indebtedness) entered into in the ordinary course of business of
    Radio One or a Restricted Subsidiary.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Permitted Refinancing Indebtedness&#148; means any
Indebtedness of Radio One or any of its Restricted Subsidiaries
issued in exchange for, or the net proceeds of which are used to
extend, refinance, renew, replace, defease or refund other
Indebtedness of Radio One or any of its Restricted Subsidiaries
(other than intercompany Indebtedness); provided that:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (1)&nbsp;the principal amount (or accreted value, if applicable)
    of such Permitted Refinancing Indebtedness does not exceed the
    principal amount (or accreted value, if applicable) of the
    Indebtedness extended, refinanced, renewed, replaced, defeased
    or refunded (plus all accrued interest on the Indebtedness and
    the amount of all expenses and premiums incurred in connection
    therewith);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (2)&nbsp;such Permitted Refinancing Indebtedness has a final
    maturity date later than the final maturity date of, and has a
    Weighted Average Life to Maturity equal to or greater than the
    Weighted Average Life to Maturity of, the Indebtedness being
    extended, refinanced, renewed, replaced, defeased or refunded;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (3)&nbsp;if the Indebtedness being extended, refinanced,
    renewed, replaced, defeased or refunded is subordinated in right
    of payment to the Notes, such Permitted Refinancing Indebtedness
    has a final maturity date later than the final maturity date of,
    and is subordinated in right of payment to, the Notes on terms
    at least as favorable to the Holders of Notes as those contained
    in the documentation governing the Indebtedness being extended,
    refinanced, renewed, replaced, defeased or refunded;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (4)&nbsp;such Indebtedness is incurred either by Radio One or by
    the Restricted Subsidiary who is the obligor on the Indebtedness
    being extended, refinanced, renewed, replaced, defeased or
    refunded. &#147;Person&#148; means any individual, corporation,
    partnership, joint venture, association, joint-stock company,
    trust, unincorporated organization, limited liability company or
    government or other entity.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Principals&#148; means Catherine L. Hughes and Alfred C.
Liggins,&nbsp;III.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Related Party&#148; means:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (1)&nbsp;any controlling stockholder, 80% (or more) owned
    Subsidiary, or immediate family member (in the case of an
    individual) of any Principal; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (2)&nbsp;any trust, corporation, partnership or other entity,
    the beneficiaries, stockholders, partners, owners or Persons
    beneficially holding an 80% or more controlling interest of
    which consist of any one or more Principals and/or such other
    Persons referred to in the immediately preceding clause&nbsp;(1).</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Restricted Investment&#148; means an Investment other than
a Permitted Investment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Restricted Subsidiary&#148; means, except Home Plate
Suites, LLC and Radio One Cable Holdings, Inc., all current and
future Domestic Subsidiaries of Radio One, other than
Unrestricted Subsidiaries.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Senior Debt&#148; means:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (1)&nbsp;all Indebtedness of Radio One or any Guarantor
    outstanding under the Credit Facility and all Hedging
    Obligations with respect thereto;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (2)&nbsp;any other Indebtedness of Radio One or any Guarantor
    permitted to be incurred under the terms of the Indenture,
    unless the instrument under which such Indebtedness is incurred
    expressly provides that it is on a parity with or subordinated
    in right of payment to the Notes or any Subsidiary
    Guarantee;&nbsp;and</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt;">70

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<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (3)&nbsp;all Obligations with respect to the items listed in the
    preceding clauses&nbsp;(1) and (2).</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notwithstanding anything to the contrary in the preceding,
Senior Debt will not include:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (1)&nbsp;any liability for federal, state, local or other taxes
    owed or owing by Radio One or any Guarantor;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (2)&nbsp;any intercompany Indebtedness of Radio One or any of
    its Restricted Subsidiaries to Radio One or any of its
    Affiliates;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (3)&nbsp;any trade payables;&nbsp;or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (4)&nbsp;the portion of any Indebtedness that is incurred in
    violation of the Indenture.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Significant Subsidiary&#148; means any Subsidiary that
would be a &#147;significant subsidiary&#148; as defined in
Article&nbsp;1, Rule&nbsp;1-02 of Regulation&nbsp;S-X,
promulgated pursuant to the Securities Act, as such Regulation
is in effect on the date hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Stated Maturity&#148; means, with respect to any
installment of interest or principal on any series of
Indebtedness, the date on which the payment of interest or
principal was scheduled to be paid in the original documentation
governing such Indebtedness, and will not include any contingent
obligations to repay, redeem or repurchase any such interest or
principal prior to the date originally scheduled for the payment
thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Subsidiary&#148; means, with respect to any specified
Person:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (1)&nbsp;any corporation, association or other business entity
    of which more than 50% of the total voting power of shares of
    Capital Stock entitled (without regard to the occurrence of any
    contingency) to vote in the election of directors, managers or
    trustees of the corporation, association or other business
    entity is at the time owned or controlled, directly or
    indirectly, by that Person or one or more of the other
    Subsidiaries of that Person (or a combination thereof);&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (2)&nbsp;any partnership (a)&nbsp;the sole general partner or
    the managing general partner of which is such Person or a
    Subsidiary of such Person or (b)&nbsp;the only general partners
    of which are that Person or one or more Subsidiaries of that
    Person (or any combination thereof).</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Subsidiary Guarantees&#148; means the Guarantees by the
Guarantors of the Notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Unrestricted Subsidiary&#148; means any Subsidiary of
Radio One that is designated by the Board of Directors as an
Unrestricted Subsidiary pursuant to a resolution of the Board of
Directors, but only to the extent that such Subsidiary:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (1)&nbsp;has no Indebtedness other than Non-Recourse Debt;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (2)&nbsp;is not party to any agreement, contract, arrangement or
    understanding with Radio One or any Restricted Subsidiary unless
    the terms of any such agreement, contract, arrangement or
    understanding are no less favorable to Radio One or such
    Restricted Subsidiary than those that might be obtained at the
    time from Persons who are not Affiliates of Radio One;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (3)&nbsp;is a Person with respect to which neither Radio One nor
    any of the Restricted Subsidiaries has any direct or indirect
    obligation to maintain or preserve such Person&#146;s financial
    condition or to cause such Person to achieve any specified
    levels of operating results;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (4)&nbsp;has not guaranteed or otherwise directly or indirectly
    provided credit support for any Indebtedness of Radio One or any
    of the Restricted Subsidiaries.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Any designation of a Subsidiary of Radio One as an Unrestricted
Subsidiary will be evidenced to the trustee by filing with the
trustee a certified copy of the Board Resolution giving effect
to such designation and an officers&#146; certificate certifying
that such designation complied with the preceding conditions and
was permitted by the covenant described above under the caption
&#147;&#151;&nbsp;Certain Covenants&nbsp;&#151; Restricted
Payments.&#148; If, at any time, any Unrestricted Subsidiary
would fail to meet the preceding requirements as
</DIV>

<P align="center" style="font-size: 10pt;">71

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<DIV align="left" style="font-size: 10pt;">
an Unrestricted Subsidiary, it will thereafter cease to be an
Unrestricted Subsidiary for purposes of the Indenture and any
Indebtedness of such Subsidiary will be deemed to be incurred by
a Restricted Subsidiary as of such date and, if such
Indebtedness is not permitted to be incurred as of such date
under the covenant described under the caption
&#147;&#151;&nbsp;Certain Covenants&nbsp;&#151; Incurrence of
Indebtedness and Issuance of Preferred Stock,&#148; Radio One
will be in default of such covenant. The Board of Directors of
Radio One may at any time designate any Unrestricted Subsidiary
to be a Restricted Subsidiary; provided that such designation
will be deemed to be an incurrence of Indebtedness by a
Restricted Subsidiary of any outstanding Indebtedness of such
Unrestricted Subsidiary and such designation will only be
permitted if (1)&nbsp;such Indebtedness is permitted under the
covenant described under the caption &#147;&#151;&nbsp;Certain
Covenants&nbsp;&#151; Incurrence of Indebtedness and Issuance of
Preferred Stock,&#148; calculated on a pro forma basis as if
such designation had occurred at the beginning of the
four-quarter reference period; and (2)&nbsp;no Default or Event
of Default would be in existence following such designation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Voting Stock&#148; of any Person as of any date means the
Capital Stock of such Person that is at the time entitled to
vote in the election of the Board of Directors of such Person.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Weighted Average Life to Maturity&#148; means, when
applied to any Indebtedness at any date, the number of years
obtained by dividing:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (1)&nbsp;the sum of the products obtained by multiplying
    (a)&nbsp;the amount of each then remaining installment, sinking
    fund, serial maturity or other required payments of principal,
    including payment at final maturity, in respect of the
    Indebtedness, by (b)&nbsp;the number of years (calculated to the
    nearest one-twelfth) that will elapse between such date and the
    making of such payment; by</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (2)&nbsp;the then outstanding principal amount of such
    Indebtedness.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Wholly Owned Restricted Subsidiary&#148; of any specified
Person means a Restricted Subsidiary of such Person all of the
outstanding Capital Stock or other ownership interests of which
(other than directors&#146; qualifying shares) will at the time
be owned by such Person or by one or more Wholly Owned
Restricted Subsidiaries of such Person.
</DIV>

<DIV align="left" style="font-size: 10pt;">
<A name='110'></A>
</DIV>

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<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>DESCRIPTION OF OTHER INDEBTEDNESS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Bank Credit Facility</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our credit agreement provides for a bank credit facility under
which we may borrow up to $800.0&nbsp;million from a group of
banking institutions. The bank credit facility consists of term
loans in an amount of $300.0&nbsp;million and revolving credit
loans in an amount of up to $500&nbsp;million that may be
borrowed on a revolving basis. As of June&nbsp;30, 2005, we had
$437.5&nbsp;million of total indebtedness under the bank credit
facility. Borrowings under the bank credit facility are subject
to compliance with provisions of the credit agreement, including
but not limited to the financial covenants. Borrowings under the
bank credit facility may be entirely of LIBOR Loans, Alternate
Base Rate (&#147;ABR&#148;) Loans or a combination thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The term loans have scheduled quarterly amortization payments
payable on the last day of each fiscal quarter. Under this
quarterly amortization schedule, 2.5% of the original term loan
principal amount is payable in 2007, 12.5% of such amount is
payable in 2008, 22.5% of such amount is payable in 2009, 25% of
such amount is payable in each of 2010 and 2011, with the final
12.5% due in 2012, provided the
8<FONT style="font-size: 70%"><SUP>7</SUP></FONT>/<FONT style="font-size: 60%">8</FONT>%&nbsp;senior
subordinated notes due 2011 have been refinanced or repurchased
by December&nbsp;31, 2010. In addition, we are required to
prepay the term loans with the net cash proceeds of certain
asset sales and insurance awards (subject to a $5&nbsp;million
exclusion and the right to reinvest such proceeds within
specified time periods), the net cash proceeds of certain
incurrences of indebtedness (excluding permitted indebtedness),
and, if the ratio of total debt to adjusted EBITDA exceeds 6.25
to 1.0 as of the end of any fiscal year after December&nbsp;31,
2005, 50% of excess cash flow for such fiscal year.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The loans under our bank credit facility will be due on the
earliest to occur of (i)&nbsp;June&nbsp;30, 2012 and
(ii)&nbsp;six months prior to the scheduled maturity of our
8<FONT style="font-size: 70%"><SUP>7</SUP></FONT>/<FONT style="font-size: 60%">8</FONT>%&nbsp;senior
subordinated notes unless those senior subordinated notes have
been refinanced or repurchased prior to such date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
All amounts under the bank credit facility are guaranteed by
each of our direct and indirect restricted subsidiaries. The
bank credit facility is secured by a perfected first priority
secured interest in: (1)&nbsp;substantially all of the tangible
and intangible assets of Radio One and our direct and indirect
restricted subsidiaries including, without limitation, any and
all FCC licenses to the maximum extent permitted by law, but
excluding real estate assets, and (2)&nbsp;all of the equity
interests of our direct and indirect restricted subsidiaries,
including all warrants or options and other similar securities
to purchase such securities. Radio One will also grant a
security interest in all money (including interest), instruments
and securities at any time held or acquired in connection with a
cash collateral account established pursuant to the credit
agreement, together with all proceeds thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The interest rates on the borrowings under the bank credit
facility are based on the ratio of total debt to adjusted EBITDA
with a maximum margin above ABR of 0.500% with respect to ABR
Loans, and a maximum margin above LIBOR of 1.500% with respect
to LIBOR Loans. Interest on LIBOR Loans is based on a 360-day
period for actual days elapsed, and interest on ABR Loans is
based on a 365-day period for actual days elapsed. In addition,
Radio One will pay a commitment fee based on the average daily
amount of the available revolving credit loans commitment,
computed at a rate per year tied to the leverage ratio in effect
during the year. The commitment fee is payable quarterly in
arrears on the last business day of each March, June, September
and December and on the maturity date of the revolving credit
loans.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The credit agreement contains customary affirmative and negative
covenants including, but not limited to, financial covenants and
other covenants including limitations on other indebtedness,
liens, investments, guarantees, restricted payments (such as
dividends, redemptions and payments on subordinated debt),
prepayment or repurchase of other indebtedness, mergers and
acquisitions, sales of assets, transactions with affiliates and
other provisions customary and appropriate for financings of
this type, including mutually agreed upon exceptions and
baskets. The financial covenants include:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    a maximum ratio of total debt to adjusted EBITDA of 6.5x (which
    will decrease to 6.0x on October&nbsp;1, 2006 and thereafter);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    a maximum ratio of senior debt to adjusted EBITDA of 5.0x (which
    will decrease to 4.5x on October&nbsp;1, 2006, and which will
    decrease to 4.0x on October&nbsp;1, 2007 and
    thereafter);&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    a minimum interest coverage ratio of 2.5x.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The credit agreement contains the following customary events of
default:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    failure to make payments when due;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    defaults under other agreements or instruments of indebtedness;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    noncompliance with covenants;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    breaches of representations and warranties;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    voluntary or involuntary bankruptcy or liquidation proceedings;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    entrance of judgments;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    changes of control.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>8<FONT style="font-size: 70%"><SUP>7</SUP></FONT>/<FONT style="font-size: 60%">8</FONT>%&nbsp;Senior
Subordinated Notes due 2011</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We have $300.0&nbsp;million of aggregate principal amount of
8<FONT style="font-size: 70%"><SUP>7</SUP></FONT>/<FONT style="font-size: 60%">8</FONT>%&nbsp;senior
subordinated notes due 2011 outstanding, which we refer to as
the &#147;2011 Notes.&#148; The 2011 Notes were issued pursuant
to an indenture,
</DIV>

<P align="center" style="font-size: 10pt;">73

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<DIV align="left" style="font-size: 10pt;">
dated as of May&nbsp;18, 2001, by and among Radio One, The Bank
of New York (formerly United States Trust Company of New York),
as trustee, and the guarantors named therein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The 2011 Notes mature on July&nbsp;1, 2011. The 2011 Notes carry
interest at the rate of
8<FONT style="font-size: 70%"><SUP>7</SUP></FONT>/<FONT style="font-size: 60%">8</FONT>%&nbsp;per
annum, payable semi-annually on January 1 and July&nbsp;1 each
year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The 2011 Notes rank: (i)&nbsp;senior to any of our and our
guarantors&#146; future debt that expressly provides that it is
subordinated to the 2011 Notes; (ii)&nbsp;on a parity with any
of our and our guarantors&#146; future unsecured senior
subordinated obligations that do not expressly provide that they
are subordinated to the 2011 Notes; and (iii)&nbsp;junior to all
of our and our guarantors&#146; existing and future senior debt.
The original notes rank on a parity with the 2011 Notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The 2011 Notes are guaranteed on a senior subordinated basis by
each of our existing and future domestic restricted subsidiaries.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On or after July&nbsp;1, 2006, we may redeem some or all of the
2011 Notes at a redemption price equal to 104.438% of the
principal amount, declining ratably to 100% of the principal
amount in 2009 and thereafter, plus accrued and unpaid interest.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If we experience specific kinds of changes in control, we must
offer to repurchase the 2011 Notes at a repurchase price of 101%
of the principal amount, plus accrued and unpaid interest.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The indenture governing the 2011 Notes, among other things,
restricts our ability and the ability of our subsidiaries to:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    incur or guarantee additional indebtedness;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    pay dividends or distributions on, or redeem or repurchase,
    capital stock;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    make investments;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    issue or sell capital stock of subsidiaries;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    engage in transactions with affiliates;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    create liens;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    restrict dividend or other payments to us from our subsidiaries;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    transfer or sell assets;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    consolidate, merge or transfer all or substantially all of our
    assets.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt;">
<A name='111'></A>
</DIV>

<!-- link1 "MATERIAL UNITED STATES FEDERAL INCOME TAX CONSEQUENCES" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>MATERIAL UNITED STATES FEDERAL INCOME TAX CONSEQUENCES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following is a summary of the material United States federal
income tax consequences of the exchange offer and the ownership
and disposition of the exchange notes. Unless otherwise stated,
this summary deals only with U.S.&nbsp;holders that exchange
original notes for exchange notes and who hold the exchange
notes as capital assets. This summary assumes that the exchange
notes will be issued, and transfers thereof and payments thereon
will be made, in accordance with the indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
As used herein, &#147;U.S.&nbsp;holders&#148; are any beneficial
owners of the notes that are, for United States federal income
tax purposes, (i)&nbsp;citizens or individual residents of the
United States, (ii)&nbsp;corporations created or organized in,
or under the laws of, the United States, any state thereof or
the District of Columbia, (iii)&nbsp;estates, the income of
which is subject to United States federal income taxation
regardless of its source or (iv)&nbsp;trusts if (a)&nbsp;a court
within the United States is able to exercise primary supervision
over the administration of the trust and (b)&nbsp;one or more
U.S.&nbsp;persons have the authority to control all substantial
decisions of the trust. In addition, certain trusts in existence
on August&nbsp;20, 1996 and treated as U.S.&nbsp;persons prior
to such date may also be treated as U.S.&nbsp;holders. As used
herein, &#147;non-U.S.&nbsp;holders&#148; are beneficial owners
of the notes, other than partnerships, that are not
U.S.&nbsp;holders. If a partnership (including for this purpose
any entity treated as a partnership for United States federal
income tax
</DIV>

<P align="center" style="font-size: 10pt;">74

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<DIV align="left" style="font-size: 10pt;">
purposes) is a beneficial owner of the notes, the treatment of a
partner in the partnership generally will depend upon the status
of the partner and upon the activities of the partnership.
Partnerships and partners in such partnerships should consult
their tax advisors about the United States federal income tax
consequences of owning and disposing of the notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
This summary does not describe all of the tax consequences that
may be relevant to a holder in light of its particular
circumstances. For example, it does not deal with special
classes of holders such as banks, thrifts, real estate
investment trusts, regulated investment companies, insurance
companies, dealers in securities or currencies, or tax-exempt
investors. It also does not discuss notes held as part of a
hedge, straddle, &#147;synthetic security&#148; or other
integrated transaction. This summary does not address the tax
consequences to (i)&nbsp;persons that have a functional currency
other than the U.S.&nbsp;dollar, (ii)&nbsp;certain United States
expatriates or (iii)&nbsp;shareholders, partners or
beneficiaries of a holder of the notes. Further, it does not
include any description of any alternative minimum tax
consequences or the tax laws of any state or local government or
of any foreign government that may be applicable to the notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
This summary is based on the Internal Revenue Code of 1986, as
amended, the Treasury regulations promulgated thereunder and
administrative and judicial interpretations thereof, all as of
the date hereof, and all of which are subject to change or
differing interpretations, possibly on a retroactive basis.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>You should consult with your own tax advisor regarding the
federal, state, local and foreign income, franchise, personal
property and any other tax consequences of the exchange offer
and the ownership and disposition of the notes.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Exchange of Notes</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The exchange of an original note for an exchange note in the
exchange offer will not constitute a taxable event to holders
for U.S.&nbsp;federal income tax purposes. Consequently, the
exchange notes will have the same issue price as the original
notes, no gain or loss will be recognized by a holder upon
receipt of an exchange note and the exchanging holder will have
the same holding period and tax basis in the exchange note that
the holder had in the original note.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Taxation of U.S.&nbsp;Holders</B>
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Interest Income</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Radio One may be required to pay a redemption premium upon the
exercise of certain options by Holders (see &#147;Description of
Exchange Notes&nbsp;&#151; Repurchase at the Option of
Holders&nbsp;&#151; Change of Control&#148;) or by Radio One in
connection with an Equity Offering (see &#147;Description of
Exchange Notes&nbsp;&#151; Optional Redemption&#148;). In
addition, Radio One may be required to pay additional interest
if it fails to comply with its obligation under the registration
rights agreement (see &#147;Description of Exchange
Notes&nbsp;&#151; Registration Rights; Additional
Interest&#148;). If there were more than a remote likelihood
that such redemption premium or additional interest would be
paid, the notes could be subject to the rules applicable to
contingent payment debt instruments, including mandatory accrual
of interest in accordance with those rules and the possible
characterization of any gain realized on the taxable disposition
of a note as ordinary income rather than capital gain. Radio One
has determined (and this discussion assumes) that the likelihood
of such redemption premium or additional interest being paid is
remote. Radio One&#146;s determination that these contingencies
are remote is binding on holders, unless they disclose a
contrary position in the manner required by applicable Treasury
regulations. Radio One&#146;s determination is not, however,
binding on the Internal Revenue Service; the Internal Revenue
Service may take a different position, in which case the timing,
character and amount of income or gain may be different. Based
on the foregoing, stated interest on the notes will be taxable
to a U.S.&nbsp;holder as ordinary interest income at the time it
accrues or is received (in accordance with the holder&#146;s
regular method of tax accounting).
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Sale, Exchange or Redemption of Notes</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A U.S.&nbsp;holder generally will recognize taxable gain or loss
equal to the difference between the amount realized on the sale,
exchange, redemption or other disposition of a note and the
holder&#146;s adjusted tax basis
</DIV>

<P align="center" style="font-size: 10pt;">75

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<DIV align="left" style="font-size: 10pt;">
in such note. The amount realized generally is equal to the
amount of cash and the fair market value of property received
for the note (other than amounts attributable to accrued but
unpaid interest not previously included in income, which will be
taxable as ordinary interest income). A holder&#146;s adjusted
tax basis in the note generally will be the initial purchase
price paid therefor. In the case of a holder other than a
corporation, preferential tax rates may apply to gain recognized
on the sale of a note if such holder&#146;s holding period for
such note exceeds one year. To the extent the amount realized is
less than the holder&#146;s adjusted tax basis, the holder will
recognize a capital loss. Subject to certain limited exceptions,
capital losses cannot be applied to offset ordinary income for
United States federal income tax purposes.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Information Reporting and Backup Withholding Tax</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In general, information reporting requirements will apply to
payments of principal and interest on the notes and payments of
the proceeds of the sale of the notes, and a backup withholding
tax may apply to such payments if the holder fails to comply
with certain identification requirements. The backup withholding
tax rate is currently 28%. Any amounts withheld under the backup
withholding rules from a payment to a holder generally will be
allowed as a credit against such holder&#146;s United States
federal income tax liability and may entitle the holder to a
refund, provided that the required information is furnished to
the Internal Revenue Service.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Taxation of Non-U.S.&nbsp;Holders</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Non-U.S.&nbsp;holders should consult with their own tax advisors
to determine the effect of federal, state, local and foreign tax
laws, as well as treaties, with regard to an investment in the
notes, including any reporting requirements.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Interest Income</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Generally, interest income of a non-U.S.&nbsp;holder that is not
effectively connected with a United States trade or business is
subject to a withholding tax at a 30% rate (or, if applicable, a
lower tax rate specified by a treaty). However, interest income
earned on a note by a non-U.S.&nbsp;holder will qualify for the
&#147;portfolio interest&#148; exemption and therefore will not
be subject to United States federal income tax or withholding
tax, provided that such interest income is not effectively
connected with a United States trade or business of the
non-U.S.&nbsp;holder and provided that: (i)&nbsp;the
non-U.S.&nbsp;holder does not actually or constructively own 10%
or more of the total combined voting power of all classes of
Radio One stock entitled to vote; (ii)&nbsp;the
non-U.S.&nbsp;holder is not a controlled foreign corporation
that is related to Radio One through stock ownership;
(iii)&nbsp;the non-U.S.&nbsp;holder is not a bank which acquired
the note in consideration for an extension of credit made
pursuant to a loan agreement entered into in the ordinary course
of business; and (iv)&nbsp;either (a)&nbsp;the
non-U.S.&nbsp;holder certifies to the payor or the payor&#146;s
agent, under penalties of perjury, that it is not a United
States person and provides its name, address and certain other
information on a properly executed Internal Revenue Service
Form&nbsp;W-8BEN or a suitable substitute form or (b)&nbsp;a
securities clearing organization, bank or other financial
institution that holds customer securities in the ordinary
course of its trade or business and holds the notes in such
capacity, certifies to the payor or the payor&#146;s agent,
under penalties of perjury, that such a statement has been
received from the beneficial owner by it or by a financial
institution between it and the beneficial owner, and furnishes
the payor or the payor&#146;s agent with a copy thereof. The
applicable United States Treasury regulations also provide
alternative methods for satisfying the certification
requirements of clause&nbsp;(iv), above. If a
non-U.S.&nbsp;holder holds the note through certain foreign
intermediaries or partnerships, such holder and the foreign
intermediary or partnership may be required to satisfy
certification requirements under applicable United States
Treasury regulations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Except to the extent that an applicable income tax treaty
otherwise provides, a non-U.S.&nbsp;holder generally will be
taxed with respect to interest in the same manner as a
U.S.&nbsp;holder if the interest is effectively connected with a
United States trade or business of the non-U.S.&nbsp;holder.
Effectively connected interest income received or accrued by a
corporate non-U.S.&nbsp;holder may also, under certain
circumstances, be subject to an additional &#147;branch
profits&#148; tax at a 30% rate (or such lower rate as may be
specified by
</DIV>

<P align="center" style="font-size: 10pt;">76

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<DIV align="left" style="font-size: 10pt;">
an applicable income tax treaty). Even though such effectively
connected income is subject to income tax, and may be subject to
the branch profits tax, it is not subject to withholding tax if
the non-U.S.&nbsp;holder delivers a properly executed Internal
Revenue Service Form&nbsp;W-8ECI (or successor form) to the
payor or the payor&#146;s agent.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Sale, Exchange or Redemption of Notes</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A non-U.S.&nbsp;holder generally will not be subject to United
States federal income tax or withholding tax on any gain
realized on the sale, exchange, redemption or other disposition
of a note unless (i)&nbsp;the gain is effectively connected with
a United States trade or business of the non-U.S.&nbsp;holder
and, to the extent an applicable tax treaty so provides, the
gain is attributable to the holder&#146;s U.S.&nbsp;permanent
establishment or (ii)&nbsp;in the case of a non-U.S.&nbsp;holder
who is an individual, such holder is present in the United
States for a period or periods aggregating 183&nbsp;days or more
during the taxable year of the disposition, and either
(a)&nbsp;such holder has a &#147;tax home&#148; in the United
States or (b)&nbsp;the disposition is attributable to an office
or other fixed place of business maintained by such holder in
the United States.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Except to the extent that an applicable income tax treaty
otherwise provides, (1)&nbsp;if an individual
non-U.S.&nbsp;holder falls under clause&nbsp;(i) above, such
individual generally will be taxed on the net gain derived from
a sale in the same manner as a U.S.&nbsp;holder and (2)&nbsp;if
an individual non-U.S.&nbsp;holder falls under clause&nbsp;(ii)
above, such individual generally will be subject to a flat 30%
tax on the gain derived from a sale, which may be offset by
certain United States capital losses (notwithstanding the fact
that such individual is not considered a resident of the United
States). Individual non-U.S.&nbsp;holders who have spent (or
expect to spend) 183&nbsp;days or more in the United States in
the taxable year in which they contemplate a sale or other
disposition of a note are urged to consult their tax advisors as
to the consequences of such sale. If a non-U.S.&nbsp;holder that
is a foreign corporation falls under clause&nbsp;(i), it
generally will be taxed on the net gain derived from a sale in
the same manner as a U.S.&nbsp;holder and, in addition, may be
subject to the branch profits tax on such effectively connected
income at a 30% rate (or such lower rate as may be specified by
an applicable income tax treaty).
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Information Reporting and Backup Withholding Tax</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Generally, we must report annually to the Internal Revenue
Service and to each non-U.S.&nbsp;holder the amount of interest
paid to such holder and the tax withheld with respect to those
payments regardless of whether withholding was required. Copies
of the information returns reporting such interest payments and
any withholding may also be made available to the tax
authorities in the country in which the non-U.S.&nbsp;holder
resides under the provisions of an applicable income tax treaty.
United States backup withholding tax will not apply to payments
on the notes to a non-U.S.&nbsp;holder if the statement
described in clause&nbsp;(iv) under &#147;&#151;&nbsp;Interest
Income&#148; above is duly provided by such holder, provided
that the payor does not have actual knowledge or reason to know
that the holder is a United States person. Information reporting
requirements and backup withholding tax will not apply to any
payment of the proceeds of the sale of notes effected outside
the United States by a foreign office of a &#147;broker&#148; as
defined in applicable Treasury regulations (absent actual
knowledge or reason to know that the payee is a United States
person), unless such broker (i)&nbsp;is a United States person
as defined in the Internal Revenue Code, (ii)&nbsp;is a foreign
person that derives 50% or more of its gross income for certain
periods from the conduct of a trade or business in the United
States, (iii)&nbsp;is a controlled foreign corporation for
United States federal income tax purposes or (iv)&nbsp;is a
foreign partnership with certain U.S.&nbsp;connections. Payment
of the proceeds of any such sale effected outside the United
States by a foreign office of any broker that is described in
the preceding sentence may be subject to backup withholding tax
and information reporting requirements unless such broker has
documentary evidence in its records that the beneficial owner is
a non-U.S.&nbsp;holder and certain other conditions are met, or
the beneficial owner otherwise establishes an exemption. Payment
of the proceeds of any such sale to or through the United States
office of a broker is subject to information reporting and
backup withholding requirements unless the beneficial owner of
the notes provides the statement described in clause&nbsp;(iv)
under &#147;&#151;&nbsp;Interest Income&#148; above and certain
other conditions are met, or the beneficial owner otherwise
establishes an exemption.
</DIV>

<P align="center" style="font-size: 10pt;">77

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>The United States federal income tax discussion set forth
above is included for general information only and may not be
applicable depending upon a holder&#146;s particular situation.
Holders should consult their tax advisors with respect to the
tax consequences to them of the ownership and disposition of the
notes, including the tax consequences under state, local,
foreign and other tax laws and the possible effects of changes
in United States federal or other tax laws.</B>
</DIV>

<DIV align="left" style="font-size: 10pt;">
<A name='112'></A>
</DIV>

<!-- link1 "PLAN OF DISTRIBUTION" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>PLAN OF DISTRIBUTION</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Based on interpretations by the SEC set forth in no-action
letters issued to third parties, we believe that a holder, other
than a person that is an affiliate of ours within the meaning of
Rule&nbsp;405 under the Securities Act or a broker-dealer
registered under the Exchange Act that purchases notes from us
to resell pursuant to Rule&nbsp;144A under the Securities Act or
any other exemption, that exchanges original notes for exchange
notes in the ordinary course of business and that is not
participating, does not intend to participate, and has no
arrangement or understanding with any person to participate, in
the distribution of the exchange notes will be allowed to resell
the exchange notes to the public without further registration
under the Securities Act and without delivering to the
purchasers of the exchange notes a prospectus that satisfies the
requirements of Section&nbsp;10 of the Securities Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Each broker-dealer that receives exchange notes for its own
account pursuant to the exchange offer must acknowledge that it
will deliver a prospectus in connection with any resale of such
exchange notes. This prospectus, as it may be amended or
supplemented from time to time, may be used by a broker-dealer
in connection with resales of exchange notes received in
exchange for original notes where such original notes were
acquired as a result of market-making activities or other
trading activities. We have agreed that, for a period of
180&nbsp;days after the completion of the exchange offer, we
will make this prospectus, as amended or supplemented, available
to any broker-dealer for use in connection with any such resale.
In addition,
until &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2005, all dealers effecting transactions in the exchange notes
may be required to deliver a prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If you wish to exchange your original notes for exchange notes
in the exchange offer, you will be required to make
representations to us as described in &#147;The Exchange
Offer&nbsp;&#151; Resale of Exchange Notes&#148; and &#147;The
Exchange Offer&nbsp;&#151; Procedures for Tendering Original
Notes.&#148; As indicated in the letter of transmittal, you will
be deemed to have made these representations by tendering your
original notes for exchange notes in the exchange offer. In
addition, if you are a broker-dealer who receives exchange notes
for your own account in exchange for original notes that were
acquired by you as a result of market-making activities or other
trading activities, you will be required to acknowledge, in the
same manner, that you will deliver a prospectus in connection
with any resale by you of such exchange notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We will not receive any proceeds from any sale of exchange notes
by broker-dealers. Exchange notes received by broker-dealers for
their own account pursuant to the exchange offer may be sold
from time to time in one or more transactions in the
over-the-counter market, in negotiated transactions, through the
writing of options on the exchange notes or a combination of
such methods of resale, at market prices prevailing at the time
of resale, at prices related to such prevailing market prices or
negotiated prices. Any such resale may be made directly to
purchasers or to or through brokers or dealers who may receive
compensation in the form of commissions or concessions from any
such broker-dealer or the purchasers of any such exchange notes.
Any broker-dealer that resells exchange notes that were received
by it for its own account pursuant to the exchange offer and any
broker or dealer that participates in a distribution of such
exchange notes may be deemed to be an &#147;underwriter&#148;
within the meaning of the Securities Act and any profit on any
such resale of exchange notes and any commission or concessions
received by any such persons may be deemed to be underwriting
compensation under the Securities Act. The letter of transmittal
states that, by acknowledging that it will deliver and by
delivering a prospectus, a broker-dealer will not be deemed to
admit that it is an &#147;underwriter&#148; within the meaning
of the Securities Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
For a period of 180&nbsp;days after the completion of the
exchange offer, we will promptly send additional copies of this
prospectus and any amendment or supplement to this prospectus to
any broker-dealer that requests such documents in the letter of
transmittal. We have agreed to pay all expenses incident to the
</DIV>

<P align="center" style="font-size: 10pt;">78
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<DIV align="left" style="font-size: 10pt;">
exchange offer (including the expenses of one counsel for the
holders of the original notes) other than commissions or
concessions of any brokers or dealers and will indemnify the
holders of the original notes (including any broker-dealers)
against certain liabilities, including liabilities under the
Securities Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<A name='113'></A>
</DIV>

<!-- link1 "LEGAL MATTERS" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>LEGAL MATTERS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The legality of the exchange notes we are offering will be
passed upon for us by Covington&nbsp;&#38; Burling. A copy of
the legal opinion rendered by Covington&nbsp;&#38; Burling is
filed as an exhibit to the registration statement with respect
to the exchange notes offered by this prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<A name='114'></A>
</DIV>

<!-- link1 "INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The consolidated financial statements of Radio One, Inc.
incorporated by reference in Radio One, Inc.&#146;s Annual
Report (Form&nbsp;10-K/ A) for the year ended December&nbsp;31,
2004 including schedules appearing therein, and Radio One,
Inc.&#146;s management&#146;s assessment of the effectiveness of
internal control over financial reporting as of
December&nbsp;31, 2004 included therein, have been audited by
Ernst&nbsp;&#38; Young LLP, independent registered public
accounting firm, as set forth in their reports thereon, included
therein, and incorporated herein by reference. Such consolidated
financial statements and management&#146;s assessment are
incorporated herein by reference in reliance upon such reports
given on the authority of such firm as experts in accounting and
auditing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<A name='115'></A>
</DIV>

<!-- link1 "WHERE YOU CAN FIND ADDITIONAL INFORMATION" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>WHERE YOU CAN FIND ADDITIONAL INFORMATION</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We file annual, quarterly and current reports, proxy statements
and other information with the SEC under the Securities Exchange
Act of 1934. You may read and copy this information at the
following location of the SEC:
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
Public Reference Room
</DIV>

<DIV align="center" style="font-size: 10pt;">
100 F Street, N.E.,
</DIV>

<DIV align="center" style="font-size: 10pt;">
Washington, DC 20549
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
You may also obtain copies of this information at prescribed
rates by mail from the Public Reference Section of the SEC, 100
F Street, N.E., Room 1580, Washington, DC 20549. You may obtain
information regarding the operation of the Public Reference Room
by calling the SEC at 1-800-SEC-0330.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The SEC also maintains a web site that contains reports, proxy
statements and other information about issuers, like us, who
file electronically with the SEC. The address of that site is
www.sec.gov.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In addition, you may request a copy of any of these filings, at
no cost, by writing or telephoning us at the following address
or telephone number: Radio One, Inc., 5900 Princess Garden
Parkway, 7th Floor, Lanham, Maryland 20706, (301)&nbsp;306-1111,
Attention: Corporate Secretary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our class&nbsp;D common stock is listed on the Nasdaq National
Market under the symbol &#147;ROIAK,&#148; and our SEC filings
can also be read at: Nasdaq Operations, 1735&nbsp;K&nbsp;Street,
N.W., Washington, DC 20006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
You may also obtain information about Radio One at our website
at www.radio-one.com. Information contained on our website does
not constitute a part of this prospectus and should not be
relied on to make an investment decision.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
This document contains summaries of the terms of certain
agreements that we believe to be accurate in all material
respects. However, we refer you to the actual agreements for
complete information relating to those agreements. All summaries
contained in this prospectus are qualified in their entirety by
this reference. We will make copies of those documents available
to you upon your request to us.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We have filed with the SEC a registration statement on
Form&nbsp;S-4 under the Securities Act with respect to the
exchange notes offered by this prospectus. This prospectus does
not include all of the information included in the registration
statement, as permitted by the rules and regulations of the SEC.
</DIV>

<P align="center" style="font-size: 10pt;">79

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<DIV align="center" style="font-size: 2pt;">
<DIV style="width: 100%; border-top: 2.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 3pt;">
<DIV style="width: 100%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 7pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>RADIO ONE, INC.</B>
</DIV>

<DIV align="center" style="font-size: 14pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>OFFER TO EXCHANGE</B>
</DIV>

<DIV align="center" style="font-size: 14pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>$200,000,000
6<FONT style="font-size: 70%"><SUP>3</SUP></FONT>/<FONT style="font-size: 60%">8</FONT>%
SENIOR SUBORDINATED NOTES&nbsp;DUE 2013 THAT HAVE BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933 FOR $200,000,000
OUTSTANDING UNREGISTERED
6<FONT style="font-size: 70%"><SUP>3</SUP></FONT>/<FONT style="font-size: 60%">8</FONT>%
SENIOR SUBORDINATED NOTES&nbsp;DUE 2013.</B>
</DIV>

<DIV align="center" style="font-size: 3pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<DIV style="width: 30%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 12pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>PROSPECTUS</B>
</DIV>

<DIV align="center" style="font-size: 3pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<DIV style="width: 31%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>September&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2005</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>UNTIL &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2005, ALL DEALERS THAT EFFECT TRANSACTIONS IN THESE SECURITIES,
WHETHER OR NOT PARTICIPATING IN THE EXCHANGE OFFER, MAY BE
REQUIRED TO DELIVER A PROSPECTUS. THIS IS IN ADDITION TO THE
DEALERS&#146; OBLIGATION TO DELIVER A PROSPECTUS WHEN ACTING AS
UNDERWRITERS AND WITH RESPECT TO THEIR UNSOLD ALLOTMENTS OR
SUBSCRIPTIONS.</B>
</DIV>

<DIV align="center" style="font-size: 3pt; margin-top: 11pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<DIV style="width: 100%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 4pt;">
<DIV style="width: 100%; border-top: 2.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>
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<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>PART&nbsp;II</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>INFORMATION NOT REQUIRED IN PROSPECTUS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Item&nbsp;20.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Indemnification
of Directors and Officers.</I></B>
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Registrants Incorporated or Organized Under Delaware
    Law</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
All Registrants, other than Bell Broadcasting Company, Blue Chip
Broadcast Company, Blue Chip Broadcasting, Ltd., Blue Chip
Broadcasting Licenses, Ltd., and Blue Chip Broadcasting
Licenses&nbsp;II, Ltd., are incorporated or organized under the
laws of the State of Delaware. Section&nbsp;102(b)(7) of the
General Corporation Law of the State of Delaware permits a
Delaware corporation to limit the personal liability of its
directors in accordance with the provisions set forth therein.
The Restated Certificate of Incorporation of Radio One provides
that the personal liability of its directors shall be limited to
the fullest extent permitted by applicable law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Section&nbsp;145 of the General Corporation Law of the State of
Delaware contains provisions permitting corporations organized
thereunder to indemnify directors, officers, employees or agents
against expenses, judgments and fines reasonably incurred and
against certain other liabilities in connection with any
threatened, pending or completed action, suit or proceeding,
whether civil, criminal, administrative or investigative, by
reason of the fact that such person was or is a director,
officer, employee or agent of the corporation. The Amended and
Restated Certificate of Incorporation or equivalent constituting
document of each of the Registrants, other than Bell
Broadcasting Company, Blue Chip Broadcast Company, Blue Chip
Broadcasting, Ltd., Blue Chip Broadcasting Licenses, Ltd., Blue
Chip Broadcasting Licenses&nbsp;II, Ltd., and Hawes-Saunders
Broadcast Properties, Inc., provides for indemnification of its
directors and officers to the fullest extent permitted by
applicable law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Hawes-Saunders&#146; bylaws provide that any indemnification
(unless ordered by a court) shall be made by the corporation
only as authorized in the specific case upon a determination
that indemnification of the director, officer, employee or agent
is proper in the circumstances because the person has met the
applicable standard of conduct. Such determination shall be made
(a)&nbsp;by a majority vote of directors who are not party to
such suit, action, or proceeding, even though less than a
quorum, (b)&nbsp;by a committee of such directors designated by
a majority vote of such directors, even though less than a
quorum, (c)&nbsp;if there are no such directors, or if such
directors so direct, by independent legal counsel in a written
opinion, or (d)&nbsp;by the stockholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Radio One of Indiana, L.P. and Radio One of Texas, L.P. are
organized as limited partnerships under the laws of the State of
Delaware. Section&nbsp;17-108 of the Delaware Revised Uniform
Limited Partnership Act provides that a limited partnership,
subject to any standards and restrictions in its partnership
agreement, may indemnify and hold harmless any partner or other
person from and against any and all claims and demands. The
Limited Partnership Agreement of each of Radio One of Indiana,
L.P. and Radio One of Texas, L.P. provides that the partnership
shall indemnify and hold harmless its general partners from any
loss or damage incurred by reason of any act performed by them
for and on behalf of the partnership unless the act constituted
gross negligence, willful or wanton misconduct, or intentional
malfeasance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Satellite One, L.L.C., Radio One of Charlotte, LLC, Radio One
Licenses, LLC, Radio One of Detroit, LLC, Radio One of Atlanta,
LLC, ROA Licenses, LLC, Radio One of Augusta, LLC, Charlotte
Broadcasting, LLC, Radio One of North Carolina, LLC, Radio One
of Boston Licenses, LLC, Radio One of Indiana, LLC, Radio One of
Texas&nbsp;I, LLC, Radio One of Texas&nbsp;II, LLC, Radio One of
Dayton Licenses, LLC and Radio One Media Holdings, LLC are
organized as limited liability companies under the laws of the
State of Delaware. Section&nbsp;18-108 of the Delaware Limited
Liability Company Act provides that a limited liability company,
subject to any standards and restrictions in its limited
liability company agreement, may indemnify and hold harmless any
member or manager or other person from and against any and all
claims and demands.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Limited Liability Company Agreement of each of Satellite
One, L.L.C., Radio One Licenses, LLC, Radio One of Detroit, LLC,
Radio One of Atlanta, LLC, ROA Licenses, LLC, Radio One of
Augusta, LLC, Charlotte Broadcasting, LLC, Radio One of North
Carolina, LLC, Radio One of Boston Licenses, LLC, Radio One of
Indiana, LLC, Radio One of Texas&nbsp;I, LLC, Radio One of
Texas&nbsp;II, LLC and Radio One of Dayton Licenses, LLC
provides that the company shall, in accordance with
Section&nbsp;18-108 of the Delaware Limited Liability Company
Act, indemnify and hold harmless any
</DIV>

<P align="center" style="font-size: 10pt;">II-1

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

<DIV align="left" style="font-size: 10pt;">
member, manager or officer of such company (or of an affiliate
thereof) to the fullest extent permitted by law against any
loss, liability, damage, judgment, demand, claim, cost or
expense incurred by or asserted against such indemnitee,
including, without limitation, reasonable attorney&#146;s fees
and disbursements incurred in the defense thereof, arising out
of any act or omission of such indemnitee in connection with the
company. Additionally, the limited liability company agreement
of Radio One Media Holdings, LLC provides that in the event of
any action by the member against the indemnitee, including a
derivative suit, the company shall indemnify, hold harmless, and
pay all expenses of such indemnitee, including reasonable
attorney&#146;s fees and disbursements incurred in the defense
thereof and that no indemnitee shall be indemnified from any
liability for the fraud, intentional misconduct, gross
negligence or a knowing violation of the law which is material
to the cause of the action.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The limited liability company agreement of Radio One of
Charlotte, LLC provides that, to the maximum extent permitted by
law, the company shall indemnify any person who is or was a
manager of the company or is or was serving at the request of
the company, if he or she acted in good faith and in a manner he
or she reasonably believed to be in, or not opposed to, the best
interests of the company and, with respect to any criminal
proceeding, had no reasonable cause to believe his or her
conduct was unlawful. The company may also, to the maximum
extent permitted by law, indemnify any employee or agent who is
not a manager under the same standard if such indemnification is
approved by the company&#146;s managers.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Registrants Incorporated Under Michigan Law</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Bell Broadcasting Company (&#147;BBC&#148;) is incorporated
under the laws of the State of Michigan. Under
Sections&nbsp;561-571 of the Michigan Business Corporation Act,
directors and officers of a Michigan corporation may be entitled
to indemnification by the corporation against judgments,
expenses, fines and amounts paid by the director or officer in
settlement of claims brought against them by third persons or by
or in the right of the corporation if those directors and
officers acted in good faith and in a manner reasonably believed
to be in, or not opposed to, the best interests of the
corporation or its shareholders. BBC&#146;s Restated Articles of
Incorporation provide that its directors shall not be personally
liable to BBC or its shareholders for monetary damages for
breach of the director&#146;s fiduciary duty. However,
BBC&#146;s Restated Articles of Incorporation do not eliminate
or limit the liability of a director for any of the following:
(i)&nbsp;a breach of the director&#146;s duty of loyalty to us
or our shareholders; (ii)&nbsp;acts or omissions not in good
faith or that involve intentional misconduct or knowing
violation of law; (iii)&nbsp;a violation of Section&nbsp;551(1)
of the Michigan Business Corporation Act; (iv)&nbsp;a
transaction from which the director derived an improper personal
benefit; or (v)&nbsp;an act or omission occurring before the
effective date of the Restated Articles of Incorporation. In
addition, BBC&#146;s By-Laws generally provide that BBC shall
indemnify any person who was or is a party or is threatened to
be made a party to any threatened, pending or completed action,
suit or proceeding, whether civil, criminal, administrative or
investigative (other than an action by or in the right of BBC)
by reason of the fact that he is or was a BBC director, officer,
employee or agent or is or was serving at BBC&#146;s request as
a director, officer, employee or agent of another corporation,
partnership, joint venture, trust or other enterprise.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Registrants Organized Under Nevada Law</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Blue Chip Broadcasting Licenses&nbsp;II, Ltd. is organized as a
limited liability company under the laws of the State of Nevada.
Under Chapter&nbsp;86 of the Nevada Revised Statutes, a limited
liability company may indemnify a manager, member, employee,
agent or certain other persons against expenses, including
attorney&#146;s fees, judgments, fines, and amounts paid in
settlement actually and reasonably incurred in connection with
an action, suit or proceeding, if such manager, member,
employee, agent or other person acted in good faith and in a
manner reasonably believed to be in, or not opposed to, the best
interests of the company and, with respect to any criminal
action or proceeding, had no reasonable cause to believe his
conduct was unlawful. A limited liability company may also
indemnify a manager, member, employee, agent or certain other
persons against expenses, including attorney&#146;s fees,
actually and reasonably incurred in connection with an action or
suit by or in the right of such company, if such manager,
member, employee, agent or other person acted in good faith and
in a manner reasonably believed to be in, or not opposed to, the
best interests of the company. The Bylaws of Blue Chip
Broadcasting Licenses&nbsp;II, Ltd. provide that the company
shall grant indemnification to the foregoing persons to the
extent authorized by the Nevada Revised Statutes.
</DIV>

<P align="center" style="font-size: 10pt;">II-2

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

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Registrants Incorporated Under Ohio Law</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Blue Chip Broadcast Company is incorporated under the laws of
the State of Ohio. Under Section&nbsp;1701.13 of the Ohio
Revised Code, a corporation may indemnify a director, officer,
employee or agent or certain other persons against expenses,
including attorney&#146;s fees, judgments, fines, and amounts
paid in settlement, actually and reasonably incurred in
connection with an action, suit or proceeding, if such director,
officer, employee, agent or other person acted in good faith and
in a manner reasonably believed to be in, or not opposed to, the
best interests of the corporation and, with respect to any
criminal action or proceeding, had no reasonable cause to
believe his conduct was unlawful. A corporation may also
indemnify a director, officer, employee or agent or certain
other persons against expenses, including attorney&#146;s fees,
actually and reasonably incurred in connection with an action or
suit by or in the right of such corporation, subject to certain
exceptions, if such director, officer, employee, agent or other
person acted in good faith and in a manner reasonably believed
to be in, or not opposed to, the best interests of the
corporation. Article&nbsp;IV of the Regulations of Blue Chip
Broadcast Company provides that the company shall indemnify all
the foregoing persons to the full extent permitted by the
General Corporation Law of Ohio.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Blue Chip Broadcasting, Ltd. and Blue Chip Broadcasting
Licenses, Ltd. are organized as limited liability companies
under the laws of the State of Ohio. Under Section&nbsp;1705.32
of the Ohio Revised Code, a limited liability company may
indemnify a manager, member, partner, officer, employee, agent
or certain other persons against expenses, including
attorney&#146;s fees, judgments, fines, and amounts paid in
settlement, actually and reasonably incurred in connection with
an action, suit or proceeding, if such manager, member, partner,
officer, employee, agent or other person acted in good faith and
in a manner reasonably believed to be in, or not opposed to, the
best interests of the company and, in connection with any
criminal action or proceeding, had no reasonable cause to
believe his conduct was unlawful. A limited liability company
may also indemnify a manager, officer, employee, agent or
certain other persons against expenses, including
attorney&#146;s fees, actually and reasonably incurred in
connection with an action or suit by or in the right of such
company, if such manager, officer, employee, agent or other
person acted in good faith and in a manner reasonably believed
to be in, or not opposed to, the best interests of the company.
The Bylaws of each of Blue Chip Broadcasting, Ltd. and Blue Chip
Broadcasting Licenses, Ltd. provide that the company shall
indemnify the foregoing persons to the full extent authorized by
the Ohio Revised Code.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The above discussion of the relevant statutes and the governing
documents of the registrants is not intended to be exhaustive
and is qualified in its entirety by reference to such statutes
and governing documents.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD><B>Item&nbsp;21.</B></TD>
    <TD>
    <B><I>Exhibits and Financial Statement Schedules.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(a)&nbsp;The following are exhibits to this registration
statement:
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="80%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD colspan="3" align="center" nowrap><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD colspan="3" align="center" nowrap><B>No.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Description of Document</B></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>1</TD>
    <TD align="left" valign="top" nowrap>.2</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Registration Rights Agreement (incorporated by reference to
    Radio One&#146;s Current Report on Form&nbsp;8-K, filed
    February&nbsp;10, 2005 (File No. 000-25969)).</TD>
</TR>

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

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>3</TD>
    <TD align="left" valign="top" nowrap>.1</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Amended and Restated Certificate of Incorporation of Radio One,
    Inc. (incorporated by reference to Radio One&#146;s Quarterly
    Report on Form&nbsp;10-Q for the period ended March&nbsp;31,
    2000 (File No.&nbsp;000-25969)).</TD>
</TR>

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

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>3</TD>
    <TD align="left" valign="top" nowrap>.2</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Certificate of Amendment of the Amended and Restated Certificate
    of Incorporation of Radio One, Inc. (incorporated by reference
    to Radio One&#146;s Current Report on Form&nbsp;8-K filed
    October&nbsp;6, 2000 (File No. 000-25969)).</TD>
</TR>

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

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>3</TD>
    <TD align="left" valign="top" nowrap>.3</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Certificate of Formation of Radio One Licenses, LLC.*</TD>
</TR>

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

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>3</TD>
    <TD align="left" valign="top" nowrap>.4</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Certificate of Conversion of Radio One Licenses, LLC (f/k/a
    Radio One Licenses, Inc.).*</TD>
</TR>

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

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>3</TD>
    <TD align="left" valign="top" nowrap>.5</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Restated Articles of Incorporation of Bell Broadcasting Company.*</TD>
</TR>

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

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>3</TD>
    <TD align="left" valign="top" nowrap>.6</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Certificate of Amendment of the Articles of Incorporation of
    Bell Broadcasting Company.*</TD>
</TR>

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

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>3</TD>
    <TD align="left" valign="top" nowrap>.7</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Certificate of Amendment of the Articles of Incorporation of
    Bell Broadcasting Company.*</TD>
</TR>

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

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>3</TD>
    <TD align="left" valign="top" nowrap>.8</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Certificate of Merger of Allur-Detroit, Inc. with and into Bell
    Broadcasting Company.*</TD>
</TR>

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

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>3</TD>
    <TD align="left" valign="top" nowrap>.9</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Certificate of Formation of Radio One of Detroit, LLC.*</TD>
</TR>

</TABLE>
</CENTER>

<P align="center" style="font-size: 10pt;">II-3

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

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; ">

<TR style="font-size: 1pt;">
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="80%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD colspan="3" align="center" nowrap><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD colspan="3" align="center" nowrap><B>No.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Description of Document</B></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
</TR>

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

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>3</TD>
    <TD align="left" valign="top" nowrap>.10</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Certificate of Conversion of Radio One of Detroit, LLC (f/k/a
    Radio One of Detroit, Inc.).*</TD>
</TR>

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

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>3</TD>
    <TD align="left" valign="top" nowrap>.11</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Certificate of Formation of Radio One of Atlanta, LLC.*</TD>
</TR>

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

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>3</TD>
    <TD align="left" valign="top" nowrap>.12</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Certificate of Conversion of Radio One of Atlanta, LLC (f/k/a
    Radio One of Atlanta, Inc.).*</TD>
</TR>

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

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>3</TD>
    <TD align="left" valign="top" nowrap>.13</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Certificate of Formation of ROA Licenses, LLC.*</TD>
</TR>

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

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>3</TD>
    <TD align="left" valign="top" nowrap>.14</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Certificate of Conversion of ROA Licenses, LLC (f/k/a ROA
    Licenses, Inc.).*</TD>
</TR>

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

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>3</TD>
    <TD align="left" valign="top" nowrap>.15</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Certificate of Formation of Radio One of Charlotte, LLC.*</TD>
</TR>

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

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>3</TD>
    <TD align="left" valign="top" nowrap>.16</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Certificate of Formation of Radio One of Augusta, LLC.*</TD>
</TR>

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

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>3</TD>
    <TD align="left" valign="top" nowrap>.17</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Certificate of Conversion of Radio One of Augusta, LLC (f/k/a
    Radio One of Augusta, Inc.).*</TD>
</TR>

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

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>3</TD>
    <TD align="left" valign="top" nowrap>.18</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Certificate of Formation of Charlotte Broadcasting, LLC.*</TD>
</TR>

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

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>3</TD>
    <TD align="left" valign="top" nowrap>.19</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Certificate of Conversion of Charlotte Broadcasting, LLC (f/k/a
    Davis Broadcasting of Charlotte, Inc.).*</TD>
</TR>

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

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>3</TD>
    <TD align="left" valign="top" nowrap>.20</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Certificate of Formation of Radio One of North Carolina, LLC.*</TD>
</TR>

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

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>3</TD>
    <TD align="left" valign="top" nowrap>.21</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Certificate of Conversion of Radio One of North Carolina, LLC
    (f/k/a Radio One of North Carolina, Inc.).*</TD>
</TR>

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

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>3</TD>
    <TD align="left" valign="top" nowrap>.22</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Certificate of Incorporation of Radio One of Boston, Inc.*</TD>
</TR>

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

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>3</TD>
    <TD align="left" valign="top" nowrap>.23</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Certificate of Formation of Radio One of Boston Licenses, LLC.*</TD>
</TR>

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

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>3</TD>
    <TD align="left" valign="top" nowrap>.24</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Certificate of Conversion of Radio One of Boston Licenses, LLC
    (f/k/a Radio One of Boston Licenses, Inc.).*</TD>
</TR>

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

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>3</TD>
    <TD align="left" valign="top" nowrap>.25</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Certificate of Incorporation of Blue Chip Merger Subsidiary,
    Inc.*</TD>
</TR>

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

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>3</TD>
    <TD align="left" valign="top" nowrap>.26</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Certificate of Merger of Blue Chip Broadcasting, Inc. into Blue
    Chip Merger Subsidiary, Inc.*</TD>
</TR>

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

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>3</TD>
    <TD align="left" valign="top" nowrap>.27</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Amended and Restated Articles of Incorporation of Blue Chip
    Broadcasting Company.*</TD>
</TR>

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

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>3</TD>
    <TD align="left" valign="top" nowrap>.28</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Certificate of Amendment of the Articles of Incorporation of
    Blue Chip Broadcast Company (f/k/a Blue Chip Broadcasting
    Company).*</TD>
</TR>

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

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>3</TD>
    <TD align="left" valign="top" nowrap>.29</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Certificate of Amendment of the Articles of Incorporation of
    Blue Chip Broadcast Company.*</TD>
</TR>

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

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>3</TD>
    <TD align="left" valign="top" nowrap>.30</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Articles of Organization of Blue Chip Broadcasting, Ltd.*</TD>
</TR>

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

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>3</TD>
    <TD align="left" valign="top" nowrap>.31</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Certificate of Amendment of the Articles of Organization of Blue
    Chip Broadcasting, Ltd.*</TD>
</TR>

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

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>3</TD>
    <TD align="left" valign="top" nowrap>.32</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Articles of Organization of Blue Chip Broadcasting Licenses,
    Ltd.*</TD>
</TR>

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

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>3</TD>
    <TD align="left" valign="top" nowrap>.33</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Articles of Organization of Blue Chip Broadcasting
    Licenses&nbsp;II, Ltd.*</TD>
</TR>

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

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>3</TD>
    <TD align="left" valign="top" nowrap>.34</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Certificate of Limited Partnership of Radio One of Texas, L.P.*</TD>
</TR>

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

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>3</TD>
    <TD align="left" valign="top" nowrap>.35</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Certificate of Limited Partnership of Radio One of Indiana, L.P.*</TD>
</TR>

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

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>3</TD>
    <TD align="left" valign="top" nowrap>.36</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Certificate of Formation of Radio One of Texas&nbsp;I, LLC.*</TD>
</TR>

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

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>3</TD>
    <TD align="left" valign="top" nowrap>.37</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Certificate of Formation of Radio One of Texas&nbsp;II, LLC.*</TD>
</TR>

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

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>3</TD>
    <TD align="left" valign="top" nowrap>.38</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Certificate of Formation of Radio One of Indiana, LLC.*</TD>
</TR>

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

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>3</TD>
    <TD align="left" valign="top" nowrap>.39</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Certificate of Formation of Satellite One, L.L.C.*</TD>
</TR>

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

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>3</TD>
    <TD align="left" valign="top" nowrap>.40</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Certificate of Incorporation of Hawes-Saunders Broadcast
    Properties, Inc.*</TD>
</TR>

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

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>3</TD>
    <TD align="left" valign="top" nowrap>.41</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Certificate of Renewal and Revival of Charter of Hawes-Saunders
    Broadcast Properties, Inc.*</TD>
</TR>

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

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>3</TD>
    <TD align="left" valign="top" nowrap>.42</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Certificate of Formation of Radio One of Dayton Licenses, LLC.*</TD>
</TR>

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

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>3</TD>
    <TD align="left" valign="top" nowrap>.43</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Certificate of Incorporation of New Mableton Broadcasting
    Corporation.*</TD>
</TR>

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

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>3</TD>
    <TD align="left" valign="top" nowrap>.44</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Certificate of Formation of Radio One Media Holdings, LLC.*</TD>
</TR>

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

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>3</TD>
    <TD align="left" valign="top" nowrap>.45</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Amended and Restated Bylaws of Radio One, Inc. (incorporated by
    reference to Radio One&#146;s Quarterly Report on Form&nbsp;10-Q
    filed August&nbsp;14, 2001 (File No.&nbsp;000-25969)).</TD>
</TR>

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

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>3</TD>
    <TD align="left" valign="top" nowrap>.46</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Limited Liability Company Agreement of Radio One Licenses, LLC.*</TD>
</TR>

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

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>3</TD>
    <TD align="left" valign="top" nowrap>.47</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Restated Bylaws of Bell Broadcasting Company.*</TD>
</TR>

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

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>3</TD>
    <TD align="left" valign="top" nowrap>.48</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Limited Liability Company Agreement of Radio One of Detroit,
    LLC.*</TD>
</TR>

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

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>3</TD>
    <TD align="left" valign="top" nowrap>.49</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Limited Liability Company Agreement of Radio One of Atlanta,
    LLC.*</TD>
</TR>

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

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>3</TD>
    <TD align="left" valign="top" nowrap>.50</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Limited Liability Company Agreement of ROA Licenses, LLC.*</TD>
</TR>

</TABLE>
</CENTER>

<P align="center" style="font-size: 10pt;">II-4

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

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; ">

<TR style="font-size: 1pt;">
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="80%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD colspan="3" align="center" nowrap><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD colspan="3" align="center" nowrap><B>No.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Description of Document</B></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
</TR>

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

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>3</TD>
    <TD align="left" valign="top" nowrap>.51</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Limited Liability Company Agreement of Radio One of Charlotte,
    LLC.*</TD>
</TR>

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

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>3</TD>
    <TD align="left" valign="top" nowrap>.52</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Limited Liability Company Agreement of Radio One of Augusta,
    LLC.*</TD>
</TR>

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

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>3</TD>
    <TD align="left" valign="top" nowrap>.53</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Limited Liability Company Agreement of Charlotte Broadcasting,
    LLC.*</TD>
</TR>

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

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>3</TD>
    <TD align="left" valign="top" nowrap>.54</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Limited Liability Company Agreement of Radio One of North
    Carolina, LLC.*</TD>
</TR>

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

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>3</TD>
    <TD align="left" valign="top" nowrap>.55</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Bylaws of Radio One of Boston, Inc.*</TD>
</TR>

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

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>3</TD>
    <TD align="left" valign="top" nowrap>.56</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Limited Liability Company Agreement of Radio One of Boston
    Licenses, LLC.*</TD>
</TR>

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

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>3</TD>
    <TD align="left" valign="top" nowrap>.57</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Bylaws of Blue Chip Merger Subsidiary, Inc.*</TD>
</TR>

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

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>3</TD>
    <TD align="left" valign="top" nowrap>.58</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Regulations and Bylaws of Blue Chip Broadcast Company.*</TD>
</TR>

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

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>3</TD>
    <TD align="left" valign="top" nowrap>.59</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Amended and Restated Operating Agreement of Blue Chip
    Broadcasting, Ltd.*</TD>
</TR>

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

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>3</TD>
    <TD align="left" valign="top" nowrap>.60</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Operating Agreement of Blue Chip Broadcasting Licenses, Ltd.*</TD>
</TR>

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

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>3</TD>
    <TD align="left" valign="top" nowrap>.61</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Operating Agreement of Blue Chip Broadcasting Licenses&nbsp;II,
    Ltd.*</TD>
</TR>

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

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>3</TD>
    <TD align="left" valign="top" nowrap>.62</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Limited Partnership Agreement of Radio One of Texas, L.P.*</TD>
</TR>

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

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>3</TD>
    <TD align="left" valign="top" nowrap>.63</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Limited Partnership Agreement of Radio One of Indiana, L.P.*</TD>
</TR>

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

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>3</TD>
    <TD align="left" valign="top" nowrap>.64</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Limited Liability Company Agreement of Radio One of
    Texas&nbsp;I, LLC.*</TD>
</TR>

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

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>3</TD>
    <TD align="left" valign="top" nowrap>.65</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Limited Liability Company Agreement of Radio One of
    Texas&nbsp;II, LLC.*</TD>
</TR>

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

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>3</TD>
    <TD align="left" valign="top" nowrap>.66</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Limited Liability Company Agreement of Radio One of Indiana,
    LLC.*</TD>
</TR>

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

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>3</TD>
    <TD align="left" valign="top" nowrap>.67</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Limited Liability Company Agreement of Satellite One, L.L.C.*</TD>
</TR>

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

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>3</TD>
    <TD align="left" valign="top" nowrap>.68</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Amended and Restated Bylaws of Hawes-Saunders Broadcast
    Properties, Inc.*</TD>
</TR>

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

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>3</TD>
    <TD align="left" valign="top" nowrap>.69</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Limited Liability Company Agreement of Radio One of Dayton
    Licenses, LLC.*</TD>
</TR>

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

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>3</TD>
    <TD align="left" valign="top" nowrap>.70</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Bylaws of New Mableton Broadcasting Corporation.*</TD>
</TR>

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

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>3</TD>
    <TD align="left" valign="top" nowrap>.71</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Limited Liability Company Agreement of Radio One Media Holdings,
    LLC.*</TD>
</TR>

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

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>4</TD>
    <TD align="left" valign="top" nowrap>.1</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Indenture dated May&nbsp;18, 2001 among Radio One, Inc., the
    Guarantors listed therein, and United States Trust Company of
    New York (incorporated by reference to Radio One&#146;s
    Registration Statement on Form&nbsp;S-4, filed July&nbsp;17,
    2001 (File No.&nbsp;333-65278)).</TD>
</TR>

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

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>4</TD>
    <TD align="left" valign="top" nowrap>.2</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    First Supplemental Indenture, dated August&nbsp;10, 2001, among
    Radio One, Inc., the Guaranteeing Subsidiaries and other
    Guarantors listed therein, and the Bank of New York, as Trustee,
    (incorporated by reference to the Radio One&#146;s Registration
    Statement on Form&nbsp;S-4, filed October&nbsp;4, 2001 (File
    No.&nbsp;333-65278)).</TD>
</TR>

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

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>4</TD>
    <TD align="left" valign="top" nowrap>.3</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Second Supplemental Indenture dated as of December&nbsp;31,
    2001, among Radio One, Inc., the Guaranteeing Subsidiaries and
    other Guarantors listed therein, and the Bank of New York, as
    Trustee, (incorporated by reference to Radio One&#146;s
    registration statement on Form&nbsp;S-3, filed January&nbsp;29,
    2002 (File No.&nbsp;333-81622)).</TD>
</TR>

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

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>4</TD>
    <TD align="left" valign="top" nowrap>.4</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Third Supplemental Indenture dated as of July&nbsp;13, 2003,
    among Radio One, Inc., the Guaranteeing Subsidiaries and other
    Guarantors listed therein, and The Bank of New York, as Trustee,
    (incorporated by reference to Radio One&#146;s Annual Report on
    Form&nbsp;10-K for the period ended December&nbsp;31, 2003).</TD>
</TR>

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

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>4</TD>
    <TD align="left" valign="top" nowrap>.5</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Fourth Supplemental Indenture dated as of May&nbsp;18, 2001,
    among Radio One, Inc., the Guaranteeing Subsidiaries and other
    Guarantors listed therein, and The Bank of New York, as Trustee,
    (incorporated by reference to Radio One&#146;s Quarterly Report
    on Form&nbsp;10-Q for the period ended September&nbsp;30, 2004).</TD>
</TR>

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

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>4</TD>
    <TD align="left" valign="top" nowrap>.6</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Fifth Supplemental Indenture, dated as of February&nbsp;8, 2005,
    among Radio One, Inc., the Guaranteeing Subsidiaries and other
    Guarantors listed therein, and The Bank of New York , as Trustee
    (incorporated by reference to Radio One&#146;s Annual Report on
    Form&nbsp;10-K for the period ended March&nbsp;31, 2005).</TD>
</TR>

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

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>4</TD>
    <TD align="left" valign="top" nowrap>.7</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Indenture dated February&nbsp;10, 2005 between Radio One, Inc.
    and The Bank of New York, as Trustee (incorporated by reference
    to Radio One&#146;s Current Report on Form&nbsp;8-K filed
    February&nbsp;10, 2005).</TD>
</TR>

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

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>5</TD>
    <TD align="left" valign="top" nowrap>.1</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Opinion of Covington&nbsp;&#38; Burling.*</TD>
</TR>

</TABLE>
</CENTER>

<P align="center" style="font-size: 10pt;">II-5

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

<DIV align="left"><FONT size="1">

</FONT></DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; ">

<TR style="font-size: 1pt;">
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="80%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD colspan="3" align="center" nowrap><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD colspan="3" align="center" nowrap><B>No.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Description of Document</B></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
</TR>

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

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>10</TD>
    <TD align="left" valign="top" nowrap>.1</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Amended and Restated Employment Agreement between Radio One,
    Inc. and Scott R. Royster dated October&nbsp;18, 2000
    (incorporated by reference to Radio One&#146;s Annual Report on
    Form&nbsp;10-K for the period ended December&nbsp;31, 2000).</TD>
</TR>

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

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>10</TD>
    <TD align="left" valign="top" nowrap>.2</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Amended and Restated Employment Agreement between Radio One,
    Inc. and Linda J. Eckard Vilardo dated October&nbsp;31, 2000
    (incorporated by reference to Radio One&#146;s Annual Report on
    Form&nbsp;10-K for the period ended December&nbsp;31, 2000).</TD>
</TR>

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

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>10</TD>
    <TD align="left" valign="top" nowrap>.3</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Employment Agreement between Radio One, Inc. and Alfred C.
    Liggins,&nbsp;III dated April&nbsp;9, 2001 (incorporated by
    reference to Radio One&#146;s Quarterly Report on Form&nbsp;10-Q
    for the period ended June&nbsp;30, 2001).</TD>
</TR>

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

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>10</TD>
    <TD align="left" valign="top" nowrap>.4</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Promissory Note and Stock Pledge Agreement dated
    October&nbsp;18, 2000 between Radio One, Inc. and Scott R.
    Royster (incorporated by reference to Radio One&#146;s Annual
    Report on Form&nbsp;10-K for the period ended December&nbsp;31,
    2002).</TD>
</TR>

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

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>10</TD>
    <TD align="left" valign="top" nowrap>.5</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Promissory Note and Stock Pledge Agreement dated
    October&nbsp;31, 2000 between Radio One, Inc. and Linda J.
    Eckard Vilardo (incorporated by reference to Radio One&#146;s
    Annual Report on Form&nbsp;10-K for the period ended
    December&nbsp;31, 2002).</TD>
</TR>

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

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>10</TD>
    <TD align="left" valign="top" nowrap>.6</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Promissory Note dated January&nbsp;30, 2002 between Radio One,
    Inc and Scott R. Royster (incorporated by reference to Radio
    One&#146;s Annual Report on Form&nbsp;10-K for the period ended
    December&nbsp;31, 2002).</TD>
</TR>

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

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>10</TD>
    <TD align="left" valign="top" nowrap>.7</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Credit Agreement, dated June&nbsp;13, 2005, by and among Radio
    One Inc., Wachovia Bank and the other lenders party thereto
    (incorporated by reference to Exhibit&nbsp;10.1 to Radio
    One&#146;s Current Report on Form&nbsp;8-K filed June&nbsp;17,
    2005).</TD>
</TR>

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

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>10</TD>
    <TD align="left" valign="top" nowrap>.8</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Guarantee and Collateral Agreement, dated June&nbsp;13, 2005,
    made by Radio One, Inc. and its Restricted Subsidiaries in favor
    of Wachovia Bank (incorporated by reference to Exhibit&nbsp;10.2
    to Radio One&#146;s Current Report on Form&nbsp;8-K filed the
    June&nbsp;17, 2005).</TD>
</TR>

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

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>12</TD>
    <TD align="left" valign="top" nowrap>.1</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Statement setting forth computation of ratios of earnings to
    fixed charges.*</TD>
</TR>

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

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>21</TD>
    <TD align="left" valign="top" nowrap>.1</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Subsidiaries of Radio One, Inc. (incorporated by reference to
    Radio One&#146;s Annual Report on Form&nbsp;10-K, filed
    March&nbsp;16, 2005).</TD>
</TR>

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

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>23</TD>
    <TD align="left" valign="top" nowrap>.1</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Consent of Ernst&nbsp;&#38; Young LLP, independent
    auditors.&#134;</TD>
</TR>

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

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>23</TD>
    <TD align="left" valign="top" nowrap>.2</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Consent of Covington&nbsp;&#38; Burling (included in
    Exhibit&nbsp;5.1).*</TD>
</TR>

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

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>24</TD>
    <TD align="left" valign="top" nowrap>.1</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Power of Attorney.*</TD>
</TR>

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

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>25</TD>
    <TD align="left" valign="top" nowrap>.1</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Form&nbsp;T-1 Statement of eligibility under the Trust Indenture
    Act of 1929, as amended, of The Bank of New York, as trustee,
    for the
    6<FONT style="font-size: 70%"><SUP>3</SUP></FONT>/<FONT style="font-size: 60%">8</FONT>
    Senior Subordinated Notes due 2013.*</TD>
</TR>

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

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>99</TD>
    <TD align="left" valign="top" nowrap>.1</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Form of Letter of Transmittal.*</TD>
</TR>

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

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>99</TD>
    <TD align="left" valign="top" nowrap>.2</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Form of Notice of Guaranteed Delivery.*</TD>
</TR>

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

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>99</TD>
    <TD align="left" valign="top" nowrap>.3</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Form of Letter to Registered Holders and/ or DTC Participants.*</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 3pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<DIV style="width: 18%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top">
    <TD>*&nbsp;</TD>
    <TD align="left">
    Previously filed.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top">
    <TD>&#134;&nbsp;</TD>
    <TD align="left">
    Filed herewith.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD><B>Item&nbsp;22.</B></TD>
    <TD>
    <B><I>Undertakings.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The undersigned registrants hereby undertake that insofar as
indemnification for liabilities arising under the Securities Act
of 1933 may be permitted to directors, officers and controlling
persons of the registrant pursuant to the foregoing provisions,
or otherwise, the registrant has been advised that in the
opinion of the SEC such indemnification is against public policy
as expressed in the Securities Act and is, therefore,
unenforceable. In the event that a claim for indemnification
against such liabilities (other than the payment by the
registrant of expenses incurred or paid by a director, officer
or controlling person of the registrant in the successful
defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person in connection with the
securities being registered, the registrant will, unless in the
opinion of its counsel the matter has been settled by
controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is
against public policy as expressed in the Securities Act and
will be governed by the final adjudication of such issue.
</DIV>

<P align="center" style="font-size: 10pt;">II-6
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The undersigned registrants hereby undertake to respond to
requests for information that is incorporated by reference into
the prospectus pursuant to Items&nbsp;4, 10(b), 11 or 13 of this
Form&nbsp;S-4, within one business day of receipt of such
request, and to send the incorporated documents by first class
mail or other equally prompt means. This includes information
contained in documents filed subsequent to the effective date of
the registration statement through the date of responding to the
request.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The undersigned registrants hereby undertake to supply by means
of a post-effective amendment all information concerning a
transaction, and the company being acquired involved therein,
that was not the subject of and included in the registration
statement when it became effective.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The undersigned registrant hereby undertakes that, for purposes
of determining any liability under the Securities Act of 1933,
each filing of the registrant&#146;s annual report pursuant to
section&nbsp;13(a) or section&nbsp;15(d) of the Securities
Exchange Act of 1934 (and, where applicable, each filing of an
employee benefit plan&#146;s annual report pursuant to
section&nbsp;15(d) of the Securities Exchange Act of 1934) that
is incorporated by reference in the registration statement shall
be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial bona fide
offering thereof.
</DIV>

<P align="center" style="font-size: 10pt;">II-7

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

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>SIGNATURES</B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Pursuant to the requirements of the Securities Act of 1933, the
registrant certifies that it has reasonable grounds to believe
that it meets all of the requirements for filing on
Form&nbsp;S-4 and has duly caused this Amendment No.&nbsp;2 to
the registration statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of
Washington, District of Columbia, on September&nbsp;19, 2005.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 24pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <B>RADIO ONE, INC.</B></TD>
</TR>

</TABLE>

<DIV style="margin-top: 48pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>By:&nbsp;</TD>
    <TD align="center">
    /s/ John W. Jones</TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 3pt;">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <DIV style="border-top: 1pt solid #000000; font-size: 1pt; margin-top: 2pt" align="left">&nbsp;</DIV></TD>
</TR>

<TR valign="top"  style="font-size: 10pt;">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I>John W. Jones</I></TD>
</TR>

<TR valign="top"  style="font-size: 10pt;">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I>Vice President and General Counsel</I></TD>
</TR>

<TR>
    <TD style="font-size: 24pt">&nbsp;</TD>
</TR>

<TR valign="top"  style="font-size: 10pt;">
    <TD>&nbsp;</TD>
    <TD align="left">
    <B>RADIO ONE LICENSES, LLC</B></TD>
</TR>

<TR valign="top"  style="font-size: 10pt;">
    <TD>&nbsp;</TD>
    <TD align="left">
    <B>BELL BROADCASTING COMPANY</B></TD>
</TR>

<TR valign="top"  style="font-size: 10pt;">
    <TD>&nbsp;</TD>
    <TD align="left">
    <B>RADIO ONE OF DETROIT, LLC</B></TD>
</TR>

<TR valign="top"  style="font-size: 10pt;">
    <TD>&nbsp;</TD>
    <TD align="left">
    <B>RADIO ONE OF ATLANTA, LLC</B></TD>
</TR>

<TR valign="top"  style="font-size: 10pt;">
    <TD>&nbsp;</TD>
    <TD align="left">
    <B>ROA LICENSES, LLC</B></TD>
</TR>

<TR valign="top"  style="font-size: 10pt;">
    <TD>&nbsp;</TD>
    <TD align="left">
    <B>RADIO ONE OF CHARLOTTE, LLC,</B></TD>
</TR>

<TR valign="top"  style="font-size: 10pt;">
    <TD>&nbsp;</TD>
    <TD align="left">
    <B>RADIO ONE OF AUGUSTA, LLC</B></TD>
</TR>

<TR valign="top"  style="font-size: 10pt;">
    <TD>&nbsp;</TD>
    <TD align="left">
    <B>CHARLOTTE BROADCASTING, LLC</B></TD>
</TR>

<TR valign="top"  style="font-size: 10pt;">
    <TD>&nbsp;</TD>
    <TD align="left">
    <B>RADIO ONE OF NORTH CAROLINA, LLC</B></TD>
</TR>

<TR valign="top"  style="font-size: 10pt;">
    <TD>&nbsp;</TD>
    <TD align="left">
    <B>RADIO ONE OF BOSTON, INC.</B></TD>
</TR>

<TR valign="top"  style="font-size: 10pt;">
    <TD>&nbsp;</TD>
    <TD align="left">
    <B>RADIO ONE OF BOSTON LICENSES, LLC</B></TD>
</TR>

<TR valign="top"  style="font-size: 10pt;">
    <TD>&nbsp;</TD>
    <TD align="left">
    <B>BLUE CHIP MERGER SUBSIDIARY, INC.</B></TD>
</TR>

<TR valign="top"  style="font-size: 10pt;">
    <TD>&nbsp;</TD>
    <TD align="left">
    <B>BLUE CHIP BROADCAST COMPANY</B></TD>
</TR>

<TR valign="top"  style="font-size: 10pt;">
    <TD>&nbsp;</TD>
    <TD align="left">
    <B>BLUE CHIP BROADCASTING, LTD.</B></TD>
</TR>

<TR valign="top"  style="font-size: 10pt;">
    <TD>&nbsp;</TD>
    <TD align="left">
    <B>BLUE CHIP BROADCASTING LICENSES, LTD.</B></TD>
</TR>

<TR valign="top"  style="font-size: 10pt;">
    <TD>&nbsp;</TD>
    <TD align="left">
    <B>BLUE CHIP BROADCASTING LICENSES&nbsp;II,&nbsp;LTD.</B></TD>
</TR>

<TR valign="top"  style="font-size: 10pt;">
    <TD>&nbsp;</TD>
    <TD align="left">
    <B>RADIO ONE OF INDIANA, LLC</B></TD>
</TR>

<TR valign="top"  style="font-size: 10pt;">
    <TD>&nbsp;</TD>
    <TD align="left">
    <B>RADIO ONE OF TEXAS&nbsp;I, LLC</B></TD>
</TR>

<TR valign="top"  style="font-size: 10pt;">
    <TD>&nbsp;</TD>
    <TD align="left">
    <B>RADIO ONE OF TEXAS&nbsp;II, LLC</B></TD>
</TR>

<TR valign="top"  style="font-size: 10pt;">
    <TD>&nbsp;</TD>
    <TD align="left">
    <B>SATELLITE ONE, L.L.C.</B></TD>
</TR>

<TR valign="top"  style="font-size: 10pt;">
    <TD>&nbsp;</TD>
    <TD align="left">
    <B>HAWES-SAUNDERS BROADCAST PROPERTIES, INC.</B></TD>
</TR>

<TR valign="top"  style="font-size: 10pt;">
    <TD>&nbsp;</TD>
    <TD align="left">
    <B>RADIO ONE OF DAYTON LICENSES, LLC</B></TD>
</TR>

<TR valign="top"  style="font-size: 10pt;">
    <TD>&nbsp;</TD>
    <TD align="left">
    <B>NEW MABLETON BROADCASTING CORPORATION</B></TD>
</TR>

<TR valign="top"  style="font-size: 10pt;">
    <TD>&nbsp;</TD>
    <TD align="left">
    <B>RADIO ONE MEDIA HOLDINGS, LLC</B></TD>
</TR>

</TABLE>

<DIV style="margin-top: 48pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>By:&nbsp;</TD>
    <TD align="center">
    /s/ John W. Jones</TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 3pt;">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <DIV style="border-top: 1pt solid #000000; font-size: 1pt; margin-top: 2pt" align="left">&nbsp;</DIV></TD>
</TR>

<TR valign="top"  style="font-size: 10pt;">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I>John W. Jones</I></TD>
</TR>

<TR valign="top"  style="font-size: 10pt;">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I>Vice President and General Counsel</I></TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt;">II-8
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <B>RADIO ONE OF INDIANA, L.P.</B></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    By: RADIO ONE, INC., its general partner</TD>
</TR>

</TABLE>

<DIV style="margin-top: 48pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>By:&nbsp;</TD>
    <TD align="center">
    /s/ John W. Jones</TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 3pt;">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <DIV style="border-top: 1pt solid #000000; font-size: 1pt; margin-top: 2pt" align="left">&nbsp;</DIV></TD>
</TR>

<TR valign="top"  style="font-size: 10pt;">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I>John W. Jones</I></TD>
</TR>

<TR valign="top"  style="font-size: 10pt;">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I>Vice President and General Counsel</I></TD>
</TR>

<TR>
    <TD style="font-size: 24pt">&nbsp;</TD>
</TR>

<TR valign="top"  style="font-size: 10pt;">
    <TD>&nbsp;</TD>
    <TD align="left">
    <B>RADIO ONE OF TEXAS, L.P.</B></TD>
</TR>

<TR valign="top"  style="font-size: 10pt;">
    <TD>&nbsp;</TD>
    <TD align="left">
    By: RADIO ONE OF TEXAS&nbsp;I, LLC, its general partner</TD>
</TR>

</TABLE>

<DIV style="margin-top: 48pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>By:&nbsp;</TD>
    <TD align="center">
    /s/ John W. Jones</TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 3pt;">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <DIV style="border-top: 1pt solid #000000; font-size: 1pt; margin-top: 2pt" align="left">&nbsp;</DIV></TD>
</TR>

<TR valign="top"  style="font-size: 10pt;">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I>John W. Jones</I></TD>
</TR>

<TR valign="top"  style="font-size: 10pt;">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I>Vice President and General Counsel</I></TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt;">II-9

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

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>POWER OF ATTORNEY</B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Pursuant to the requirements of the Securities Act of 1933, this
Amendment No.&nbsp;2 to the registration statement has been
signed below by the following persons in the capacities and on
the dates indicated.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="39%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
</TR>


<TR style="font-size: 8pt;">
    <TD colspan="3" align="center" nowrap><B>Signatures</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Title</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Date</B></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="7">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    &nbsp;*<BR>
    <DIV style="border-top: 1pt solid #000000; font-size: 1pt; margin-top: 2pt;">&nbsp;</DIV>
    <B>Alfred C. Liggins,&nbsp;III(1)</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    Director, President and Chief Executive Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    September&nbsp;19, 2005</TD>
</TR>

<TR>
    <TD colspan="7">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    *<BR>
    <DIV style="border-top: 1pt solid #000000; font-size: 1pt; margin-top: 2pt;">&nbsp;</DIV>
    <B>Catherine L. Hughes(2)</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    Chairperson and Secretary</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    September&nbsp;19, 2005</TD>
</TR>

<TR>
    <TD colspan="7">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    *<BR>
    <DIV style="border-top: 1pt solid #000000; font-size: 1pt; margin-top: 2pt;">&nbsp;</DIV>
    <B>Terry L. Jones(2)</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    Director</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    September&nbsp;19, 2005</TD>
</TR>

<TR>
    <TD colspan="7">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    *<BR>
    <DIV style="border-top: 1pt solid #000000; font-size: 1pt; margin-top: 2pt;">&nbsp;</DIV>
    <B>Brian W. McNeill(2)</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    Director</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    September&nbsp;19, 2005</TD>
</TR>

<TR>
    <TD colspan="7">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    *<BR>
    <DIV style="border-top: 1pt solid #000000; font-size: 1pt; margin-top: 2pt;">&nbsp;</DIV>
    <B>L. Ross Love(3)</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    Director</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    September&nbsp;19, 2005</TD>
</TR>

<TR>
    <TD colspan="7">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    *<BR>
    <DIV style="border-top: 1pt solid #000000; font-size: 1pt; margin-top: 2pt;">&nbsp;</DIV>
    <B>D. Geoffrey Armstrong(3)</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    Director</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    September&nbsp;19, 2005</TD>
</TR>

<TR>
    <TD colspan="7">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    *<BR>
    <DIV style="border-top: 1pt solid #000000; font-size: 1pt; margin-top: 2pt;">&nbsp;</DIV>
    <B>Ronald E. Blaylock(3)</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    Director</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    September&nbsp;19, 2005</TD>
</TR>

<TR>
    <TD colspan="7">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    *<BR>
    <DIV style="border-top: 1pt solid #000000; font-size: 1pt; margin-top: 2pt;">&nbsp;</DIV>
    <B>Scott R. Royster(4)</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    Executive Vice President, Chief Financial Officer and Principal
    Accounting Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    September&nbsp;19, 2005</TD>
</TR>

<TR>
    <TD colspan="7">&nbsp;</TD>
</TR>

<TR>
    <TD align="center" valign="top">
    *By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    /s/ John W. Jones<BR>
    <DIV style="border-top: 1pt solid #000000; font-size: 1pt; margin-top: 2pt;">&nbsp;</DIV>Name:
    John W. Jones<BR>
    Title: Attorney-in-Fact</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 3pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<DIV style="width: 18%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<P align="center" style="font-size: 10pt;">II-10
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>2
<FILENAME>w11131a2exv23w1.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv23w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Exhibit&nbsp;23.1
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Consent of Independent Registered Public Accounting Firm</B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We consent to the reference to our firm under the caption
&#147;Independent Registered Public
Accounting Firm&#148; in Amendment No.&nbsp;2 to Registration Statement Form S-4 and related Prospectus of
Radio One, Inc. for the registration of $200,000,000 of 6 3/8 Senior Subordinated Notes
due 2013 and to the incorporation by reference therein of our reports dated
March&nbsp;8, 2005, with respect to the consolidated financial statements and schedule of
Radio One, Inc., Radio One, Inc. management&#146;s assessment of the effectiveness of
internal control over financial reporting, and the effectiveness of internal control over
financial reporting of Radio One, Inc., included in its Annual Report (Form 10-K/A) for
the year ended December&nbsp;31, 2004, filed with the Securities and Exchange Commission.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt">&nbsp;
<img src="w11131a2ernyous1.gif" alt="ERNEST YOUNG">
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">September&nbsp;14, 2005<BR>
McLean, Virginia
</DIV>


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


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>w11131a2w1113100.gif
<DESCRIPTION>GRAPHIC
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