<SUBMISSION>
<ACCESSION-NUMBER>0001021408-02-013628
<TYPE>10-Q
<PUBLIC-DOCUMENT-COUNT>2
<PERIOD>20020930
<FILING-DATE>20021112
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>ENTERCOM COMMUNICATIONS CORP
<CIK>0001067837
<ASSIGNED-SIC>4832
<IRS-NUMBER>231701044
<STATE-OF-INCORPORATION>PA
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>10-Q
<ACT>34
<FILE-NUMBER>001-14461
<FILM-NUMBER>02816149
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>401 CITY AVENUE
<STREET2>SUITE 409
<CITY>BALA CYNWYD
<STATE>PA
<ZIP>19004
<PHONE>610-660-5610
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>401 CITY AVENUE
<STREET2>SUITE 409
<CITY>BALA CYNWYD
<STATE>PA
<ZIP>19004
</MAIL-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>10-Q
<SEQUENCE>1
<FILENAME>d10q.htm
<DESCRIPTION>FORM 10-Q
<TEXT>
<HTML><HEAD>
<TITLE>Form 10-Q</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <HR noshade size=4 color="#000000"><br> <p align=center><b><font SIZE=4>UNITED STATES</font></b><br><b><font SIZE=4>SECURITIES AND EXCHANGE COMMISSION</font></b><br> <b><font size=2>Washington, D.C.
20549</font></b></p> <HR noshade width="120" color="#000000"><br> <p align=center><b><font SIZE=4>FORM 10-Q</font></b></p> <HR noshade width="120" color="#000000"><br> <p align=left><font size=2>(Mark One)</font></p>
<table width="100%" cellspacing=0 cellpadding=0>
<tr>
<td width="30">&nbsp;</td>
<td width="30" valign=top><font size=2><b><font size=2><font face=Wingdings>x</font></font></b></font></td>
<td valign=top><font size=2><b><font size=2>QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</font></b></font></td></tr></table><br> <p align=center><b><font size=2>For the quarterly period ended September 30,
2002</font></b></p> <p align=center><b><font SIZE=2>OR</font></b></p>
<table width="100%" cellspacing=0 cellpadding=0>
<tr>
<td width="30">&nbsp;</td>
<td width="30" valign=top><font size=2><b><font size=2><font face=Wingdings>o</font></font></b></font></td>
<td valign=top><font size=2><b><font size=2>TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</font></b></font></td></tr></table><br> <p align=center><b><font size=2>For the transition period from
</font></b><u><b><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></u><b><font size=2> to </font></b><u><b><font
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></u><b><font size=2></font></b></p> <p align=center><b><font size=2>Commission File Number: 001-14461</font></b></p> <HR
noshade width="120" color="#000000"><br> <p align=center><b><font size=5>Entercom Communications Corp.</font></b><br> <b><font size=1>(Exact name of registrant as specified in its charter)</font></b></p> <HR noshade width="120" color="#000000"><br>
<table width="100%" cellspacing=0 cellpadding=0>
<tr>
<td width="50">&nbsp;</td>
<td align=center valign=top width="380"><font size=2><b><font size=2>Pennsylvania</font></b><br> <b><font size=1>(State or other jurisdiction of incorporation of organization)</font></b><br></font></td>
<td align=center width="80">&nbsp;</td>
<td align=center valign=top width="380"><font size=2><b><font size=2>23-1701044 </font></b><br> <b><font size=1>(I.R.S. Employer Identification No.)</font></b></font></td>
<td width="50">&nbsp;</td></tr></table><br> <p align=center><b><font size=2>401 City Avenue, Suite 409</font></b><br><b><font size=2>Bala Cynwyd, Pennsylvania 19004</font></b><br><b><font size=1>(Address of principal executive offices and Zip
Code)</font></b></p> <p align=center><b><font size=2>(610) 660-5610</font></b><br><b><font size=1>(Registrant&#146;s telephone number, including area code)</font></b></p> <p align=center><br><b><font size=1>(Former name, former address and former
fiscal year, if changed since last report)</font></b></p> <p align=left><font size=2>Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.</font></p> <p align=right><font size=2>Yes <font
face=Wingdings>x</font> No <font face=Wingdings>o</font></font></p> <p align=left><font size=2>Indicate by check mark whether the registrant</font><font face="Times New Roman" size="2"> is an accelerated filer (as defined in Rule 12b-2 of the
Exchange Act).</font></p> <p align=right><font size=2>Yes <font face=Wingdings>x</font> No <font face=Wingdings>o</font></font></p> <p align=left><font size=2>Indicate the number of shares outstanding of each of the issuer&#146;s classes of common
stock, as of the latest practicable date.</font></p>
<table width="100%" cellspacing=0 cellpadding=0 border=0>
<tr>
<td width="39">&nbsp;</td>
<td valign=top></td>
<td valign=top><font size=2>Class A Common Stock, $.01 par value -39,995,233 Shares Outstanding as of November 4, 2002</font><br><font size=2>Class B Common Stock, $.01 par value - 9,811,205 Shares Outstanding as of November 4,
2002</font></td></tr></table><br> <br><HR noshade size=4 color="#000000">

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <div align="left"></div> <p align=left><b><font size=2>
<a name="toc"></a></font></b></p> <p align=center><b><font SIZE=2>ENTERCOM COMMUNICATIONS CORP.</font></b></p> <p align=center><b><font SIZE=2>INDEX</font></b></p>
<table cellspacing=0 cellpadding=0 width="100%" align=center>
<tr>
<td valign=top align=left width="73"></td>
<td width="12">&nbsp;</td>
<td width="63">&nbsp;</td>
<td width="12">&nbsp;</td>
<td width="422">&nbsp;</td>
<td valign=bottom align=center width="46"><u><b><font size=1>Page</font></b></u></td> </tr>
<tr>
<td width="73">&nbsp;</td>
<td width="12">&nbsp;</td>
<td width="63">&nbsp;</td>
<td width="12">&nbsp;</td>
<td>&nbsp;</td>
<td width="46">&nbsp;</td> </tr>
<tr>
<td valign=top align=left width="73"><b><font size=2>Part I</font></b></td>
<td width="12">&nbsp;</td>
<td valign=top align=left colspan="3"><b><font size=2>Financial Information</font></b></td>
<td width="46" colspan="3">&nbsp;</td> </tr>
<tr>
<td width="73">&nbsp;</td>
<td width="12">&nbsp;</td>
<td width="63">&nbsp;</td>
<td width="12">&nbsp;</td>
<td>&nbsp;</td>
<td width="46">&nbsp;</td> </tr>
<tr>
<td width="73">&nbsp;</td>
<td width="12">&nbsp;</td>
<td valign=top align=left width="63"><font size=2>Item 1.</font></td>
<td width="12">&nbsp;</td>
<td valign=top align=left><u><font size=2>
<a href="#tx195_1">Financial Statements</a></font></u></td>
<td valign=bottom align=right width="46"><font size=2>3</font></td> </tr>
<tr>
<td width="73">&nbsp;</td>
<td width="12">&nbsp;</td>
<td width="63">&nbsp;</td>
<td width="12">&nbsp;</td>
<td>&nbsp;</td>
<td width="46">&nbsp;</td> </tr>
<tr>
<td width="73">&nbsp;</td>
<td width="12">&nbsp;</td>
<td valign=top align=left width="63"><font size=2>Item 2.</font></td>
<td width="12">&nbsp;</td>
<td valign=top align=left><u><font size=2>
<a href="#tx195_2">Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations</a></font></u></td>
<td valign=bottom align=right width="46"><font size=2>31</font></td> </tr>
<tr>
<td width="73">&nbsp;</td>
<td width="12">&nbsp;</td>
<td width="63">&nbsp;</td>
<td width="12">&nbsp;</td>
<td>&nbsp;</td>
<td width="46">&nbsp;</td> </tr>
<tr>
<td width="73">&nbsp;</td>
<td width="12">&nbsp;</td>
<td valign=top align=left width="63"><font size=2>Item 3.</font></td>
<td width="12">&nbsp;</td>
<td valign=top align=left><u><font size=2>
<a href="#tx195_3">Quantitative and Qualitative Disclosures About Market Risk</a></font></u></td>
<td valign=bottom align=right width="46"><font size=2>43</font></td> </tr>
<tr>
<td width="73">&nbsp;</td>
<td width="12">&nbsp;</td>
<td width="63">&nbsp;</td>
<td width="12">&nbsp;</td>
<td>&nbsp;</td>
<td width="46">&nbsp;</td> </tr>
<tr>
<td width="73">&nbsp;</td>
<td width="12">&nbsp;</td>
<td valign=top align=left width="63"><font size=2>Item 4.</font></td>
<td width="12">&nbsp;</td>
<td valign=top align=left><u><font size=2>
<a href="#tx195_4">Controls and Procedures</a></font></u></td>
<td valign=bottom align=right width="46"><font size=2>44</font></td> </tr>
<tr>
<td width="73">&nbsp;</td>
<td width="12">&nbsp;</td>
<td width="63">&nbsp;</td>
<td width="12">&nbsp;</td>
<td>&nbsp;</td>
<td width="46">&nbsp;</td> </tr>
<tr>
<td width="73">&nbsp;</td>
<td width="12">&nbsp;</td>
<td width="63">&nbsp;</td>
<td width="12">&nbsp;</td>
<td>&nbsp;</td>
<td width="46">&nbsp;</td> </tr>
<tr>
<td width="73">&nbsp;</td>
<td width="12">&nbsp;</td>
<td width="63">&nbsp;</td>
<td width="12">&nbsp;</td>
<td>&nbsp;</td>
<td width="46">&nbsp;</td> </tr>
<tr>
<td valign=top align=left width="73"><b><font size=2>Part II</font></b></td>
<td width="12">&nbsp;</td>
<td valign=top align=left colspan="3"><b><font size=2>Other Information</font></b></td>
<td width="46" colspan="3">&nbsp;</td> </tr>
<tr>
<td width="73">&nbsp;</td>
<td width="12">&nbsp;</td>
<td width="63">&nbsp;</td>
<td width="12">&nbsp;</td>
<td>&nbsp;</td>
<td width="46">&nbsp;</td> </tr>
<tr>
<td width="73">&nbsp;</td>
<td width="12">&nbsp;</td>
<td valign=top align=left width="63"><font size=2>Item 1.</font></td>
<td width="12">&nbsp;</td>
<td valign=top align=left><u><font size=2>
<a href="#tx195_5">Legal Proceedings</a></font></u></td>
<td valign=bottom align=right width="46"><font size=2>45</font></td> </tr>
<tr>
<td width="73">&nbsp;</td>
<td width="12">&nbsp;</td>
<td width="63">&nbsp;</td>
<td width="12">&nbsp;</td>
<td>&nbsp;</td>
<td width="46">&nbsp;</td> </tr>
<tr>
<td width="73">&nbsp;</td>
<td width="12">&nbsp;</td>
<td valign=top align=left width="63"><font size=2>Item 2.</font></td>
<td width="12">&nbsp;</td>
<td valign=top align=left><u><font size=2>
<a href="#tx195_6">Changes in Securities and Use of Proceeds</a></font></u></td>
<td valign=bottom align=right width="46"><font size=2>45</font></td> </tr>
<tr>
<td width="73">&nbsp;</td>
<td width="12">&nbsp;</td>
<td width="63">&nbsp;</td>
<td width="12">&nbsp;</td>
<td>&nbsp;</td>
<td width="46">&nbsp;</td> </tr>
<tr>
<td width="73">&nbsp;</td>
<td width="12">&nbsp;</td>
<td valign=top align=left width="63"><font size=2>Item 3.</font></td>
<td width="12">&nbsp;</td>
<td valign=top align=left><u><font size=2>
<a href="#tx195_7">Defaults Upon Senior Securities</a></font></u></td>
<td valign=bottom align=right width="46"><font size=2>45</font></td> </tr>
<tr>
<td width="73">&nbsp;</td>
<td width="12">&nbsp;</td>
<td width="63">&nbsp;</td>
<td width="12">&nbsp;</td>
<td>&nbsp;</td>
<td width="46">&nbsp;</td> </tr>
<tr>
<td width="73">&nbsp;</td>
<td width="12">&nbsp;</td>
<td valign=top align=left width="63"><font size=2>Item 4.</font></td>
<td width="12">&nbsp;</td>
<td valign=top align=left><u><font size=2>
<a href="#tx195_8">Submission of Matters to a Vote of Security Holders</a></font></u></td>
<td valign=bottom align=right width="46"><font size=2>45</font></td> </tr>
<tr>
<td width="73">&nbsp;</td>
<td width="12">&nbsp;</td>
<td width="63">&nbsp;</td>
<td width="12">&nbsp;</td>
<td>&nbsp;</td>
<td width="46">&nbsp;</td> </tr>
<tr>
<td width="73">&nbsp;</td>
<td width="12">&nbsp;</td>
<td valign=top align=left width="63"><font size=2>Item 5.</font></td>
<td width="12">&nbsp;</td>
<td valign=top align=left><u><font size=2>
<a href="#tx195_9">Other Information</a></font></u></td>
<td valign=bottom align=right width="46"><font size=2>46</font></td> </tr>
<tr>
<td width="73">&nbsp;</td>
<td width="12">&nbsp;</td>
<td width="63">&nbsp;</td>
<td width="12">&nbsp;</td>
<td>&nbsp;</td>
<td width="46">&nbsp;</td> </tr>
<tr>
<td width="73">&nbsp;</td>
<td width="12">&nbsp;</td>
<td valign=top align=left width="63"><font size=2>Item 6.</font></td>
<td width="12">&nbsp;</td>
<td valign=top align=left><u><font size=2>
<a href="#tx195_10">Exhibits and Reports on Form 8-K</a></font></u></td>
<td valign=bottom align=right width="46"><font size=2>46</font></td> </tr></table><br>
<table cellspacing=0 cellpadding=0 width="100%" align=center>
<tr>
<td valign=bottom align=left></td>
<td width="45">&nbsp;</td> </tr>
<tr>
<td >&nbsp;</td>
<td width="45">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=left><u><b><font size=2>
<a href="#tx195_11">Signatures</a></font></b></u></td>
<td valign=bottom align=right width="45"><font size=2>47</font></td> </tr>
<tr>
<td >&nbsp;</td>
<td width="45">&nbsp;</td> </tr>
<tr>
<td >&nbsp;</td>
<td width="45">&nbsp;</td> </tr>
<tr>
<td >&nbsp;</td>
<td width="45">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=left><u><b><font size=2>
<a href="#tx195_12">Section 302 Certifications</a></font></b></u></td>
<td valign=bottom align=right width="45"><font size=2>48</font></td> </tr></table><br> <CENTER><font size=2>2</font></CENTER>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <font size=2> </font> <p align=center><b><font size=2>
<a name="tx195_1">PART I</a></font></b></p> <p align=center><b><font SIZE=2>FINANCIAL INFORMATION</font></b></p>
<table width="100%" cellspacing=0 cellpadding=0 border=0>
<tr>
<td valign=top width="60"><b><font SIZE=2>ITEM&nbsp;1.&nbsp;&nbsp;&nbsp;</font></b></td>
<td valign=top><b><font size=2>Financial Information</font></b></td></tr></table><br> <p align=center><b><font SIZE=2>ENTERCOM COMMUNICATIONS CORP.</font></b><br><b><font SIZE=2>CONDENSED CONSOLIDATED BALANCE SHEETS</font></b><br><b><font
SIZE=2>DECEMBER 31, 2001 AND SEPTEMBER 30, 2002</font></b><br><b><font size=2>(amounts in thousands)</font></b><br><b><font size=2>(unaudited)</font></b></p> <p align=center><b><font SIZE=2>ASSETS</font></b></p>
<table width="100%" cellspacing=0 cellpadding=0>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=bottom width="90" colspan="2"><b><font SIZE=1>DECEMBER 31,</font></b><br><b><font size=1>2001</font></b></td>
<td width="8"></td>
<td align=center valign=bottom width="90" colspan="2"><b><font SIZE=1>SEPTEMBER 30,</font></b><br><b><font size=1>2002</font></b></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8">&nbsp;</td>
<td colspan="2"></td>
<td width="8">&nbsp;</td>
<td colspan="2"></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><b><font SIZE=2>CURRENT ASSETS:</font></b></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Cash and cash equivalents</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="86"><font size=2>10,751</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="86"><font size=2>71,045</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Accounts receivable, net of allowance for doubtful accounts</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="86"><font size=2>64,319</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="86"><font size=2>80,997</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Prepaid expenses and deposits</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="86"><font size=2>6,521</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="86"><font size=2>7,085</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Prepaid and refundable taxes</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="86"><font size=2>933</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="86"><font size=2>724</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Deferred tax assets</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="86"><font size=2>5,256</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="86"><font size=2>13,771</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Total current assets</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="86"><font size=2>87,780</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="86"><font size=2>173,622</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><b><font SIZE=2>INVESTMENTS</font></b></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="86"><font size=2>13,671</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="86"><font size=2>9,658</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><b><font SIZE=2>PROPERTY AND EQUIPMENT:</font></b></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Land, land easements and land improvements</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="86"><font size=2>10,542</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="86"><font size=2>11,658</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Buildings</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="86"><font size=2>11,631</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="86"><font size=2>11,362</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Equipment</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="86"><font size=2>83,388</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="86"><font size=2>86,910</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Furniture and fixtures</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="86"><font size=2>12,592</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="86"><font size=2>12,969</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Leasehold improvements</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="86"><font size=2>11,514</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="86"><font size=2>11,514</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="86"><font size=2>129,667</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="86"><font size=2>134,413</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left height="20">&nbsp;&nbsp;&nbsp;<font size=2>Accumulated depreciation</font></td>
<td width="8" height="20">&nbsp;</td>
<td valign=bottom width="4" height="20">&nbsp;</td>
<td align=right valign=bottom width="86" height="20"><font size=2>(37,680</font></td>
<td valign=bottom width="17" height="20"><font size=2>)</font></td>
<td valign=bottom width="4" height="20">&nbsp;</td>
<td align=right valign=bottom width="86" height="20"><font size=2>(46,478</font></td>
<td valign=bottom width="17" height="20"><font size=2>)</font></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="86"><font size=2>91,987</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="86"><font size=2>87,935</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Capital improvements in progress</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="86"><font size=2>345</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="86"><font size=2>5,208</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>Net property and equipment</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="86"><font size=2>92,332</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="86"><font size=2>93,143</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><b><font size=2>RADIO BROADCASTING LICENSES - Net</font></b></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="86"><font size=2>1,228,455</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="86"><font size=2>1,101,229</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><b><font size=2>GOODWILL - Net</font></b></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="86"><font size=2>4,157</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="86"><font size=2>129,964</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><b><font size=2>DEFERRED CHARGES AND OTHER ASSETS - Net</font></b></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="86"><font size=2>12,345</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="86"><font size=2>46,072</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><b><font SIZE=2>TOTAL</font></b></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="86"><font size=2>1,438,740</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="86"><font size=2>1,553,688</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td> </tr></table><br> <p align=center><b><font size=2>The accompanying notes to condensed financial statements are an integral part of these statements.</font></b></p> <CENTER><font size=2>3</font></CENTER>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <font size=2> </font> <p align=center><b><font SIZE=2>ENTERCOM COMMUNICATIONS CORP.</font></b><br><b><font SIZE=2>CONDENSED CONSOLIDATED BALANCE SHEETS</font></b><br><b><font SIZE=2>DECEMBER 31, 2001 AND SEPTEMBER 30,
2002</font></b><br><b><font size=2>(amounts in thousands)</font></b><br><b><font size=2>(unaudited)</font></b></p> <p align=center><b><font SIZE=2>LIABILITIES AND SHAREHOLDERS&#146; EQUITY</font></b></p>
<table width="100%" cellspacing=0 cellpadding=0>
<tr>
<td><font size="2"></font></td>
<td width="8"></td>
<td align=center valign=bottom width="87" colspan="2"><b><font SIZE=1>DECEMBER 31,</font></b><br> <b><font size=1>2001</font></b></td>
<td width="8"></td>
<td align=center valign=bottom width="89" colspan="2"><b><font SIZE=1>SEPTEMBER 30,</font></b><br> <b><font size=1>2002</font></b></td>
<td width="8"></td> </tr>
<tr>
<td><font size="2"></font></td>
<td width="8"></td>
<td colspan="2"> <HR noshade align=center width="100%" size=1 color="#000000"> </td>
<td width="8"></td>
<td colspan="2"> <HR noshade align=center width="100%" size=1 color="#000000"> </td>
<td width="8"></td> </tr>
<tr>
<td><font size="2"></font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size="2"><b>CURRENT LIABILITIES:</b></font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size="2">&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="83"><font size=2>10,992</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="85"><font size=2>13,445</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size="2">&nbsp;&nbsp;&nbsp;Accrued liabilities:</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salaries</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>5,446</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="85"><font size=2>8,098</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>2,689</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="85"><font size=2>1,423</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>6,536</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="85"><font size=2>8,794</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size="2">&nbsp;&nbsp;&nbsp;Derivative instruments</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>3,529</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="85"><font size=2>768</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size="2">&nbsp;&nbsp;&nbsp;Current portion of long-term debt</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>24,389</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="85"><font size=2>42,671</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td><font size="2"></font></td>
<td width="8"></td>
<td align=center valign=top colspan="2"> <HR noshade align=center width="100%" size=1 color="#000000"> </td>
<td width="8"></td>
<td align=center valign=top colspan="2"> <HR noshade align=center width="100%" size=1 color="#000000"> </td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size="2">Total current liabilities</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>53,581</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="85"><font size=2>75,199</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td><font size="2"></font></td>
<td width="8"></td>
<td align=center valign=top colspan="2"> <HR noshade align=center width="100%" size=1 color="#000000"> </td>
<td width="8"></td>
<td align=center valign=top colspan="2"> <HR noshade align=center width="100%" size=1 color="#000000"> </td>
<td width="8"></td> </tr>
<tr>
<td><font size="2"></font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size="2"><b>LONG-TERM DEBT:</b></font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank facility</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>363,625</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="85"><font size=2>257,954</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.625% Senior subordinated notes</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="85"><font size=2>150,000</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other long-term debt</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>309</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="85"><font size=2>313</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td><font size="2"></font></td>
<td width="8"></td>
<td align=center valign=top colspan="2"> <HR noshade align=center width="100%" size=1 color="#000000"> </td>
<td width="8"></td>
<td align=center valign=top colspan="2"> <HR noshade align=center width="100%" size=1 color="#000000"> </td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size="2">Total long-term debt</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>363,934</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="85"><font size=2>408,267</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td><font size="2"></font></td>
<td width="8"></td>
<td align=center valign=top colspan="2"> <HR noshade align=center width="100%" size=1 color="#000000"> </td>
<td width="8"></td>
<td align=center valign=top colspan="2"> <HR noshade align=center width="100%" size=1 color="#000000"> </td>
<td width="8"></td> </tr>
<tr>
<td><font size="2"></font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size="2"><b>OTHER LONG-TERM LIABILITIES:</b></font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred tax liabilities</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>135,974</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="85"><font size=2>70,747</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Derivative instruments</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>3,516</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="85"><font size=2>4,328</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred rent</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>854</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="85"><font size=2>1,053</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td><font size="2"></font></td>
<td width="8"></td>
<td align=center valign=top colspan="2"> <HR noshade align=center width="100%" size=1 color="#000000"> </td>
<td width="8"></td>
<td align=center valign=top colspan="2"> <HR noshade align=center width="100%" size=1 color="#000000"> </td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size="2">Total other long-term liabilities</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>140,344</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="85"><font size=2>76,128</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td><font size="2"></font></td>
<td width="8"></td>
<td align=center valign=top colspan="2"> <HR noshade align=center width="100%" size=1 color="#000000"> </td>
<td width="8"></td>
<td align=center valign=top colspan="2"> <HR noshade align=center width="100%" size=1 color="#000000"> </td>
<td width="8"></td> </tr>
<tr>
<td><font size="2"></font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size="2"><b>COMPANY-OBLIGATED MANDATORILY REDEEMABLE <br> &nbsp;&nbsp;&nbsp;&nbsp;CONVERTIBLE PREFERRED SECURITIES OF SUBSIDIARY <br> &nbsp;&nbsp;&nbsp;&nbsp;HOLDING SOLELY CONVERTIBLE DEBENTURES OF THE <br>
&nbsp;&nbsp;&nbsp;&nbsp;COMPANY (&#147;TIDES&#148;)</b></font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>125,000</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="85"><font size=2>125,000</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td><font size="2"></font></td>
<td width="8"></td>
<td align=center valign=top colspan="2"> <HR noshade align=center width="100%" size=1 color="#000000"> </td>
<td width="8"></td>
<td align=center valign=top colspan="2"> <HR noshade align=center width="100%" size=1 color="#000000"> </td>
<td width="8"></td> </tr>
<tr>
<td><font size="2"></font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size="2"><b>COMMITMENTS AND CONTINGENCIES</b></font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td><font size="2"></font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size="2"><b>SHAREHOLDERS&#146; EQUITY</b></font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred stock</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="85"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A common stock</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>348</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="85"><font size=2>396</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class B common stock</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>105</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="85"><font size=2>102</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C common stock</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="85"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>751,803</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="85"><font size=2>964,705</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retained earnings (deficit)</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>5,418</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="85"><font size=2>(96,440</font></td>
<td valign=bottom width="17"><font size=2>)</font></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unearned compensation</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>(201</font></td>
<td valign=bottom width="17"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="85"><font size=2>(288</font></td>
<td valign=bottom width="17"><font size=2>)</font></td> </tr>
<tr>
<td valign=bottom align=Left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive (loss) income</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>(1,592</font></td>
<td valign=bottom width="17"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="85"><font size=2>619</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td><font size="2"></font></td>
<td width="8"></td>
<td align=center valign=top colspan="2"> <HR noshade align=center width="100%" size=1 color="#000000"> </td>
<td width="8"></td>
<td align=center valign=top colspan="2"> <HR noshade align=center width="100%" size=1 color="#000000"> </td>
<td width="8"></td> </tr>
<tr>
<td><font size="2"></font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size="2">Total shareholders&#146; equity</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>755,881</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="85"><font size=2>869,094</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td><font size="2"></font></td>
<td width="8"></td>
<td align=center valign=top colspan="2"> <HR noshade align=center width="100%" size=1 color="#000000"> </td>
<td width="8"></td>
<td align=center valign=top colspan="2"> <HR noshade align=center width="100%" size=1 color="#000000"> </td>
<td width="8"></td> </tr>
<tr>
<td><font size="2"></font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size="2"><b>TOTAL</b></font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="83"><font size=2>1,438,740</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="85"><font size=2>1,553,688</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td><font size="2"></font></td>
<td width="8"></td>
<td align=center valign=top colspan="2"> <HR noshade align=center width="100%" size=3 color="#000000"> </td>
<td width="8"></td>
<td align=center valign=top colspan="2"> <HR noshade align=center width="100%" size=3 color="#000000"> </td>
<td width="8"></td> </tr> </table> <br> <p align=center><b><font size=2>The accompanying notes to condensed financial statements are an integral part of these statements.</font></b></p> <CENTER><font size=2>4</font></CENTER>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <font size=2> </font> <p align=center><b><font SIZE=2>ENTERCOM COMMUNICATIONS CORP.</font></b><br><b><font SIZE=2>CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS</font></b><br><b><font SIZE=2>NINE MONTHS ENDED
SEPTEMBER 30, 2001 AND 2002</font></b><br><b><font size=2>(amounts in thousands, except share and per share data)</font></b><br><b><font size=2>(unaudited)</font></b></p>
<table width="100%" cellspacing=0 cellpadding=0>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=bottom width="162" colspan="5"><b><font SIZE=1>NINE MONTHS ENDED</font></b><br><b><font SIZE=1>SEPTEMBER 30,</font></b></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td colspan="5"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=bottom width="72" colspan="2"><b><font size=1>2001</font></b></td>
<td width="8"></td>
<td align=center valign=bottom width="73" colspan="2"><b><font size=1>2002</font></b></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><b><font SIZE=2>NET REVENUES</font></b></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="68"><font size=2>249,217</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="69"><font size=2>289,367</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><b><font SIZE=2>OPERATING EXPENSES:</font></b></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Station operating expenses</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="68"><font size=2>153,037</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="69"><font size=2>170,651</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>Depreciation and amortization</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="68"><font size=2>34,032</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="69"><font size=2>11,698</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Corporate general and administrative expenses</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="68"><font size=2>9,380</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="69"><font size=2>10,704</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>Time brokerage agreement fees</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="68"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="69"><font size=2>6,682</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Net loss (gain) on sale of assets</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="68"><font size=2>22</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="69"><font size=2>(1,147</font></td>
<td valign=bottom width="17"><font size=2>)</font></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Total operating expenses</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="68"><font size=2>196,471</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="69"><font size=2>198,588</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><b><font SIZE=2>OPERATING INCOME</font></b></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="68"><font size=2>52,746</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="69"><font size=2>90,779</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><b><font SIZE=2>OTHER EXPENSE (INCOME):</font></b></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>Interest expense, including amortization of deferred financing costs of $649 in <br>&nbsp;&nbsp;&nbsp;&nbsp;2001 and $887 in 2002</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="68"><font size=2>22,352</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="69"><font size=2>19,093</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Financing cost of Company-obligated mandatorily redeemable convertible <br>&nbsp;&nbsp;&nbsp;&nbsp;preferred securities of subsidiary holding solely convertible debentures of the
<br>&nbsp;&nbsp;&nbsp;&nbsp;Company</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="68"><font size=2>5,859</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="69"><font size=2>5,859</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>Interest income</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="68"><font size=2>(234</font></td>
<td valign=bottom width="17"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="69"><font size=2>(1,706</font></td>
<td valign=bottom width="17"><font size=2>)</font></td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Equity loss from unconsolidated affiliate</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="68"><font size=2>2,889</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="69"><font size=2>3,352</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>Net loss on derivative instruments</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="68"><font size=2>1,349</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="69"><font size=2>2,269</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Total other expense</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="68"><font size=2>32,215</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="69"><font size=2>28,867</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><b><font SIZE=2>INCOME BEFORE INCOME TAXES AND ACCOUNTING CHANGES</font></b></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="68"><font size=2>20,531</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="69"><font size=2>61,912</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><b><font SIZE=2>INCOME TAXES</font></b></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="68"><font size=2>8,340</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="69"><font size=2>24,894</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><b><font SIZE=2>INCOME BEFORE ACCOUNTING CHANGES</font></b></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="68"><font size=2>12,191</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="69"><font size=2>37,018</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Cumulative effect of accounting changes, net of taxes of $377 in 2001 and $92,584 <br>&nbsp;&nbsp;&nbsp;&nbsp;in 2002</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="68"><font size=2>(566</font></td>
<td valign=bottom width="17"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="69"><font size=2>(138,876</font></td>
<td valign=bottom width="17"><font size=2>)</font></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><b><font SIZE=2>NET INCOME (LOSS)</font></b></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="68"><font size=2>11,625</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="69"><font size=2>(101,858</font></td>
<td valign=bottom width="17"><font size=2>)</font></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><b><font SIZE=2>NET INCOME (LOSS) PER SHARE - BASIC:</font></b></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Income before accounting changes</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="68"><font size=2>0.27</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="69"><font size=2>0.76</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>Cumulative effect of accounting changes, net of taxes</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="68"><font size=2>(0.01</font></td>
<td valign=bottom width="17"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="69"><font size=2>(2.85</font></td>
<td valign=bottom width="17"><font size=2>)</font></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><b><font SIZE=2>NET INCOME (LOSS) PER SHARE - BASIC</font></b></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="68"><font size=2>0.26</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="69"><font size=2>(2.09</font></td>
<td valign=bottom width="17"><font size=2>)</font></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><b><font SIZE=2>NET INCOME (LOSS) PER SHARE - DILUTED:</font></b></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>Income before accounting changes</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="68"><font size=2>0.26</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="69"><font size=2>0.75</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Cumulative effect of accounting changes, net of taxes</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="68"><font size=2>(0.01</font></td>
<td valign=bottom width="17"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="69"><font size=2>(2.81</font></td>
<td valign=bottom width="17"><font size=2>)</font></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><b><font SIZE=2>NET INCOME (LOSS) PER SHARE - DILUTED</font></b></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="68"><font size=2>0.25</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="69"><font size=2>(2.06</font></td>
<td valign=bottom width="17"><font size=2>)</font></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><b><font SIZE=2>WEIGHTED AVERAGE SHARES:</font></b></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>Basic</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="68"><font size=2>45,282,555</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="69"><font size=2>48,670,307</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>Diluted</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="68"><font size=2>46,026,312</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="69"><font size=2>49,492,507</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td> </tr></table><br> <p align=center><b><font size=2>The accompanying notes to condensed financial statements are an integral part of these statements.</font></b></p> <CENTER><font size=2>5</font></CENTER>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <font size=2> </font> <p align=center><b><font SIZE=2>ENTERCOM COMMUNICATIONS CORP.</font></b><br><b><font SIZE=2>CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS</font></b><br><b><font SIZE=2>THREE MONTHS ENDED
SEPTEMBER 30, 2001 AND 2002</font></b><br><b><font size=2>(amounts in thousands, except share and per share data)</font></b><br><b><font size=2>(unaudited)</font></b></p>
<table width="100%" cellspacing=0 cellpadding=0>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=bottom width="164" colspan="5"><b><font SIZE=1>THREE MONTHS ENDED </font></b><br><b><font SIZE=1>SEPTEMBER 30,</font></b></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td colspan="5"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=bottom width="75" colspan="2"><b><font size=1>2001</font></b></td>
<td width="8"></td>
<td align=center valign=bottom width="73" colspan="2"><b><font size=1>2002</font></b></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><b><font SIZE=2>NET REVENUES</font></b></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="71"><font size=2>85,136</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="69"><font size=2>106,719</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><b><font SIZE=2>OPERATING EXPENSES:</font></b></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Station operating expenses</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="71"><font size=2>52,621</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="69"><font size=2>61,829</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>Depreciation and amortization</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="71"><font size=2>11,460</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="69"><font size=2>4,372</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Corporate general and administrative expenses</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="71"><font size=2>2,921</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="69"><font size=2>3,437</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>Time brokerage agreement fees</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="71"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="69"><font size=2>1,317</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Net loss (gain) on sale of assets</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="71"><font size=2>7</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="69"><font size=2>(1,136</font></td>
<td valign=bottom width="17"><font size=2>)</font></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Total operating expenses</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="71"><font size=2>67,009</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="69"><font size=2>69,819</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td valign=bottom align=Left><b><font SIZE=2>OPERATING INCOME</font></b></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="71"><font size=2>18,127</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="69"><font size=2>36,900</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><b><font SIZE=2>OTHER EXPENSE (INCOME):</font></b></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>Interest expense, including amortization of deferred financing costs of $217 in <br>&nbsp;&nbsp;&nbsp;&nbsp;2001 and $318 in 2002</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="71"><font size=2>6,927</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="69"><font size=2>6,449</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Financing cost of Company-obligated mandatorily redeemable convertible <br>&nbsp;&nbsp;&nbsp;&nbsp;preferred securities of subsidiary holding solely convertible debentures of the
<br>&nbsp;&nbsp;&nbsp;&nbsp;Company</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="71"><font size=2>1,953</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="69"><font size=2>1,953</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>Interest income</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="71"><font size=2>(45</font></td>
<td valign=bottom width="17"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="69"><font size=2>(595</font></td>
<td valign=bottom width="17"><font size=2>)</font></td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Equity loss from unconsolidated affiliate</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="71"><font size=2>1,009</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="69"><font size=2>1,547</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>Net loss on derivative instruments</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="71"><font size=2>1,428</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="69"><font size=2>1,827</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Total other expense</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="71"><font size=2>11,272</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="69"><font size=2>11,181</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><b><font SIZE=2>INCOME BEFORE INCOME TAXES</font></b></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="71"><font size=2>6,855</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="69"><font size=2>25,719</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><b><font SIZE=2>INCOME TAXES</font></b></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="71"><font size=2>2,779</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="69"><font size=2>10,334</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><b><font SIZE=2>NET INCOME</font></b></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="71"><font size=2>4,076</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="69"><font size=2>15,385</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><b><font SIZE=2>NET INCOME PER SHARE - BASIC</font></b></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="71"><font size=2>0.09</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="69"><font size=2>0.31</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><b><font SIZE=2>NET INCOME PER SHARE - DILUTED</font></b></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="71"><font size=2>0.09</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="69"><font size=2>0.31</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><b><font SIZE=2>WEIGHTED AVERAGE SHARES:</font></b></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>Basic</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="71"><font size=2>45,314,925</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="69"><font size=2>49,784,171</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>Diluted</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="71"><font size=2>45,976,747</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="69"><font size=2>50,277,060</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td> </tr></table><br> <p align=center><b><font size=2>The accompanying notes to condensed financial statements are an integral part of these statements.</font></b></p> <CENTER><font size=2>6</font></CENTER>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <font size=2> </font> <p align=center><b><font SIZE=2>ENTERCOM COMMUNICATIONS CORP.</font></b><br><b><font SIZE=2>CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)</font></b><br><b><font SIZE=2>NINE
MONTHS ENDED SEPTEMBER 30, 2001 AND 2002</font></b><br><b><font size=2>(amounts in thousands)</font></b><br><b><font size=2>(unaudited)</font></b></p>
<table width="100%" cellspacing=0 cellpadding=0>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=bottom width="148" colspan="5"><b><font SIZE=1>NINE MONTHS ENDED</font></b><br><b><font SIZE=1>SEPTEMBER 30,</font></b></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td colspan="5"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=bottom width="63" colspan="2"><b><font size=1>2001</font></b></td>
<td width="8"></td>
<td align=center valign=bottom width="68" colspan="2"><b><font size=1>2002</font></b></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><b><font SIZE=2>NET INCOME (LOSS)</font></b></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="59"><font size=2>11,625</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="64"><font size=2>(101,858</font></td>
<td valign=bottom width="17"><font size=2>)</font></td> </tr>
<tr>
<td></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><b><font SIZE=2>OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX PROVISION <br>&nbsp;&nbsp;&nbsp;&nbsp;(BENEFIT)</font></b></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Unrealized gain (loss) on investments - net of tax provision of $192 in 2001 and <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;tax benefit of $395 in 2002</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>289</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="64"><font size=2>(593</font></td>
<td valign=bottom width="17"><font size=2>)</font></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Unrealized loss on hedged derivatives from cumulative effect of accounting <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;change - net of tax benefit of $457 in 2001</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>(685</font></td>
<td valign=bottom width="17"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="64"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Unrealized (loss) gain on hedged derivatives - net of tax benefit of $1,608 in 2001 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and tax provision of $1,869 in 2002</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>(2,412</font></td>
<td valign=bottom width="17"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="64"><font size=2>2,804</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><b><font SIZE=2>COMPREHENSIVE INCOME (LOSS)</font></b></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="59"><font size=2>8,817</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="64"><font size=2>(99,647</font></td>
<td valign=bottom width="17"><font size=2>)</font></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td> </tr></table><br> <p align=center><b><font size=2>The accompanying notes to condensed financial statements are an integral part of these statements.</font></b></p> <CENTER><font size=2>7</font></CENTER>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <font size=2> </font> <p align=center><b><font SIZE=2>ENTERCOM COMMUNICATIONS CORP.</font></b><br><b><font SIZE=2>CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME </font></b><br><b><font SIZE=2>THREE MONTHS
ENDED SEPTEMBER 30, 2001 AND 2002</font></b><br><b><font size=2>(amounts in thousands)</font></b><br><b><font size=2>(unaudited)</font></b></p>
<table width="100%" cellspacing=0 cellpadding=0>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=bottom width="145" colspan="5"><b><font SIZE=1>THREE MONTHS ENDED</font></b><br><b><font SIZE=1>SEPTEMBER 30,</font></b></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td colspan="5"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=bottom width="60" colspan="2"><b><font size=1>2001</font></b></td>
<td width="8"></td>
<td align=center valign=bottom width="63" colspan="2"><b><font size=1>2002</font></b></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><b><font SIZE=2>NET INCOME</font></b></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="56"><font size=2>4,076</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="59"><font size=2>15,385</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><b><font SIZE=2>OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX PROVISION <br>&nbsp;&nbsp;&nbsp;&nbsp;(BENEFIT)</font></b></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Unrealized loss on investments - net of tax benefit of $1,474 in 2001 and $587 in <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2002</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="56"><font size=2>(2,210</font></td>
<td valign=bottom width="18"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>(882</font></td>
<td valign=bottom width="17"><font size=2>)</font></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Unrealized (loss) gain on hedged derivatives - net of tax benefit of $185 in 2001 and <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;tax provision of $222 in 2002</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="56"><font size=2>(277</font></td>
<td valign=bottom width="18"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>334</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><b><font SIZE=2>COMPREHENSIVE INCOME</font></b></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="56"><font size=2>1,589</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="59"><font size=2>14,837</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td> </tr></table><br> <p align=center><b><font size=2>The accompanying notes to condensed financial statements are an integral part of these statements.</font></b></p> <CENTER><font size=2>8</font></CENTER>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <font size=2> </font> <p align=center><b><font SIZE=2>ENTERCOM COMMUNICATIONS CORP.</font></b><br><b><font SIZE=2>CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME </font></b><br><b><font SIZE=2>THREE MONTHS
ENDED SEPTEMBER 30, 2001 AND 2002</font></b><br><b><font size=2>(amounts in thousands)</font></b><br><b><font size=2>(unaudited)</font></b></p>
<table width="100%" cellspacing=0 cellpadding=0>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=bottom width="142" colspan="5"><b><font SIZE=1>NINE MONTHS ENDED</font></b><br><b><font SIZE=1>SEPTEMBER 30,</font></b></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td colspan="5"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=bottom width="59" colspan="2"><b><font size=1>2001</font></b></td>
<td width="8"></td>
<td align=center valign=bottom width="60" colspan="2"><b><font size=1>2002</font></b></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td valign=bottom align=Left><b><font SIZE=2>OPERATING ACTIVITIES:</font></b></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Net income (loss)</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="55"><font size=2>11,625</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="56"><font size=2>(101,858</font></td>
<td valign=bottom width="17"><font size=2>)</font></td> </tr>
<tr>
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Adjustments to reconcile net income (loss) to net cash provided by operating <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;activities:</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>Depreciation and amortization</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>34,032</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="56"><font size=2>11,698</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>Amortization of debt financing costs</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>649</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="56"><font size=2>887</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>Deferred taxes</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>11,972</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="56"><font size=2>21,913</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>Tax benefit on exercise of options</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>682</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="56"><font size=2>4,617</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>Provision for bad debts</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>2,608</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="56"><font size=2>2,691</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>Loss (gain) on disposition of assets</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>22</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="56"><font size=2>(1,147</font></td>
<td valign=bottom width="17"><font size=2>)</font></td> </tr>
<tr>
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>Non-cash stock-based compensation expense</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>417</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="56"><font size=2>1,047</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>Equity loss from unconsolidated affiliate</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>2,889</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="56"><font size=2>3,352</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>Net loss on derivative instruments</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>1,349</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="56"><font size=2>2,269</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>Cumulative effect of accounting changes, net of tax</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>566</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="56"><font size=2>138,876</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>Deferred rent</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="56"><font size=2>199</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>Changes in assets and liabilities (net of effects of acquisitions and dispositions):</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>Accounts receivable</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>(1,411</font></td>
<td valign=bottom width="18"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="56"><font size=2>(19,369</font></td>
<td valign=bottom width="17"><font size=2>)</font></td> </tr>
<tr>
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>Prepaid expenses and deposits</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>(613</font></td>
<td valign=bottom width="18"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="56"><font size=2>(1,981</font></td>
<td valign=bottom width="17"><font size=2>)</font></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>Prepaid and refundable income taxes</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>(3,678</font></td>
<td valign=bottom width="18"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="56"><font size=2>209</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>Accounts payable and accrued liabilities</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>(3,864</font></td>
<td valign=bottom width="18"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="56"><font size=2>2,008</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><font size=2>Net cash provided by operating activities</font></b></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>57,245</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="56"><font size=2>65,411</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td valign=bottom align=Left><b><font SIZE=2>INVESTING ACTIVITIES:</font></b></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Additions to property and equipment</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>(6,221</font></td>
<td valign=bottom width="18"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="56"><font size=2>(6,317</font></td>
<td valign=bottom width="17"><font size=2>)</font></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Proceeds from sale of property, equipment and other assets</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>133</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="56"><font size=2>2,030</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Purchases of radio station assets</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="56"><font size=2>(235,228</font></td>
<td valign=bottom width="17"><font size=2>)</font></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Deferred charges and other assets</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>(518</font></td>
<td valign=bottom width="18"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="56"><font size=2>(471</font></td>
<td valign=bottom width="17"><font size=2>)</font></td> </tr>
<tr>
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Purchase of investments</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>(5,721</font></td>
<td valign=bottom width="18"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="56"><font size=2>(458</font></td>
<td valign=bottom width="17"><font size=2>)</font></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Proceeds from investments</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>21</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="56"><font size=2>132</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Station acquisition deposits and costs</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>(190</font></td>
<td valign=bottom width="18"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="56"><font size=2>(29,972</font></td>
<td valign=bottom width="17"><font size=2>)</font></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><font size=2>Net cash used in investing activities</font></b></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>(12,496</font></td>
<td valign=bottom width="18"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="56"><font size=2>(270,284</font></td>
<td valign=bottom width="17"><font size=2>)</font></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td valign=bottom align=Left><b><font SIZE=2>FINANCING ACTIVITIES:</font></b></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Proceeds from issuance of long-term debt</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>7,078</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="56"><font size=2>195,500</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Net proceeds from stock offering</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="56"><font size=2>196,413</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Payments on long-term debt</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>(55,011</font></td>
<td valign=bottom width="18"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="56"><font size=2>(132,885</font></td>
<td valign=bottom width="17"><font size=2>)</font></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Deferred financing expenses related to bank facility and senior subordinated notes</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="56"><font size=2>(4,643</font></td>
<td valign=bottom width="17"><font size=2>)</font></td> </tr>
<tr>
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Proceeds from issuance of common stock related to incentive plans</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>413</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="56"><font size=2>500</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Proceeds from exercise of stock options</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>2,429</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="56"><font size=2>10,282</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><font size=2>Net cash (used in) provided by financing activities</font></b></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>(45,091</font></td>
<td valign=bottom width="18"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="56"><font size=2>265,167</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><b><font SIZE=2>NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS</font></b></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>(342</font></td>
<td valign=bottom width="18"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="56"><font size=2>60,294</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><b><font SIZE=2>CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR</font></b></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="55"><font size=2>13,257</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="56"><font size=2>10,751</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><b><font SIZE=2>CASH AND CASH EQUIVALENTS, END OF PERIOD</font></b></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="55"><font size=2>12,915</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="56"><font size=2>71,045</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td valign=bottom align=Left><b><font SIZE=2>SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION -</font></b></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Cash paid during the period for:</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>Interest</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="55"><font size=2>21,031</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="56"><font size=2>19,038</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>Interest on TIDES</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="55"><font size=2>3,906</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="56"><font size=2>5,859</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>Income taxes paid (refunded)</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="55"><font size=2>45</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="56"><font size=2>(198</font></td>
<td valign=bottom width="17"><font size=2>)</font></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td> </tr></table><br> <p align=center><b><font size=2>The accompanying notes to condensed financial statements are an integral part of these statements.</font></b></p> <p align=left>&nbsp;</p> <CENTER><font size=2>9</font></CENTER>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <font size=2> </font> <p align=left><b><font SIZE=2>SUPPLEMENTAL DISCLOSURE OF NON-CASH FINANCING ACTIVITY -</font></b></p> <p align=left><font size=2>In connection with the issuance of an award of Restricted Stock
for 5,000 shares of Class A Common Stock for the nine months ended September 30, 2002, the Company increased its additional paid-in capital by $184.</font></p> <p align=center><b><font size=2>The accompanying notes to condensed financial statements
are an integral part of these statements</font></b><i><font size=2>.</font></i></p> <CENTER><font size=2>10</font></CENTER>

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 <font size=2> </font> <p align=center><b><font SIZE=2>ENTERCOM COMMUNICATIONS CORP.</font></b><br><b><font SIZE=2>NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</font></b><br><b><font SIZE=2>NINE MONTHS ENDED
SEPTEMBER 30, 2001 AND 2002</font></b></p> <p align=left><b><font size=2>1.</font></b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><font SIZE=2>BASIS OF PRESENTATION</font></b></p> <p
align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2> The condensed consolidated interim unaudited financial statements included herein have been prepared by Entercom Communications Corp. and its subsidiaries, or
collectively, the &#147;Company&#148; in accordance with (1) generally accepted accounting principles for interim financial information and (2) the instructions of the Securities and Exchange Commission (the &#147;SEC&#148;) to Form 10-Q and Article
10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, the financial statements reflect all
adjustments considered necessary for a fair statement of the results of operations and financial position for the interim periods presented. All such adjustments are of a normal, recurring nature. The Company&#146;s results are subject to seasonal
fluctuations and therefore, the results shown on an interim basis are not necessarily indicative of results for a full year.</font></p> <p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>The Company operates under one
reportable business segment, radio broadcasting, for which segment disclosure is consistent with the management decision-making process that determines the allocation of resources and the measuring of performance.</font></p> <p
align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>This Form 10-Q should be read in conjunction with the financial statements and notes thereto included in the Company&#146;s audited financial statements as of and for the
year ended December 31, 2001, and filed with the SEC on February 11, 2002, as part of the Company&#146;s Form 10-K.</font></p> <p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>During February 2002, the Company filed a
universal shelf registration statement with the SEC to offer up to (1) $250.0 million in aggregate offering price of its Class A Common Stock and/or its Preferred Stock and (2) $250.0 million in aggregate principal amount or initial accreted value
of its debt securities consisting of debentures, notes or other types of debt. In connection with this registration statement, on February 27, 2002, the Company entered into separate equity and debt underwriting agreements for equity and debt
offerings that were completed on March 5, 2002 and March 8, 2002 (see Notes 5 and 9).</font></p> <p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>Operating results for the interim periods presented are not necessarily
indicative of the results that may be expected for the full year. Certain prior year amounts have been reclassified to conform to the current year&#146;s presentation, which had no effect on the financial position, results of operations or cash
flows of the Company.</font></p> <p align=left><i><b><font size=2>Recent Accounting Pronouncements</font></b></i></p> <p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>In June 2001, the Financial Accounting Standards
Board (&#147;FASB&#148;) issued Statement of Financial Accounting Standards (&#147;SFAS&#148;) No. 141, &#147;</font><i><font size=2>Business Combinations</font></i><font size=2>.&#148; Statement No. 141 addresses financial accounting and reporting
for business combinations and supersedes Accounting Principle Board (&#147;APB&#148;) Opinion No. 16, &#147;</font><i><font size=2>Business Combinations&#148;</font></i><font size=2> and FASB Statement No. 38, &#147;</font><i><font size=2>Accounting
for Preacquisition Contingencies of Purchased Enterprises</font></i><font size=2>.&#148; Statement No. 141 is effective for all business combinations initiated after June 30, 2001 and eliminates the pooling-of-interest method of accounting for
business combinations except for qualifying business combinations that were initiated prior to July 1, 2001. Statement No. 141 also changes the criteria to recognize intangible assets apart from goodwill. The Company adopted this Statement on July
1, 2001. The Company has historically used the purchase method to account for all business combinations and the adoption of this Statement did not have a material impact on the Company&#146;s financial position, cash flows or results of
operations.</font></p> <p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>In June 2001, the FASB issued SFAS No. 142, <i>&#147;Goodwill and Other Intangible Assets,&#148; </i>and SFAS No. 144 </font><i><font
size=2>&#147;Accounting for the Impairment or Disposal of Long-Lived Assets.&#148; </font></i><font size=2>See Note 2 for a discussion of Statements No. 142 and No. 144.</font></p> <p
align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>In June 2001, the FASB issued SFAS No. 143, &#147;</font><i><font size=2>Accounting for Asset Retirement Obligations</font></i><font size=2>&#148; that applies to legal
obligations associated with the retirement of a tangible long-lived asset that results from the acquisition, construction, or development and/or the normal operation of a long-lived asset. Under this Standard, guidance is provided on measuring and
recording the liability. Adoption of this Statement by the Company will be effective on</font></p> <CENTER><font size=2>11</font></CENTER>

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 <font size=2> </font> <p align=left><font size=2>January 1, 2003. The Company does not believe that the adoption of this Statement will materially impact the Company&#146;s financial position, cash flows or results of
operations.</font></p> <p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>In April 2002, the FASB issued SFAS No. 145, &#147;</font><i><font size=2>Rescission of FASB Statements No. 4, 44, and 64, Amendment of FASB
Statement No. 13, and Technical Corrections.</font></i><font size=2>&#148; SFAS No. 145 rescinds FASB Statement No. 4, &#147;</font><i><font size=2>Reporting Gains and Losses from Extinguishment of Deb</font></i><font size=2>t,&#148; and an
amendment of that Statement, FASB Statement No. 64, </font><i><font size=2>&#147;Extinguishments of Debt to Satisfy Sinking-Fund Requirements.&#148;</font></i><font size=2> SFAS No. 145 also rescinds FASB Statement No. 44, </font><i><font
size=2>&#147;Accounting for Intangible Assets of Motor Carriers.&#148;</font></i><font size=2> SFAS No. 145 amends FASB Statement No. 13, </font><i><font size=2>&#147;Accounting for Leases,&#148;</font></i><font size=2> to eliminate an inconsistency
between the required accounting for sale-leaseback transactions and the required accounting for certain lease modifications that have economic effects that are similar to sale-leaseback transactions. SFAS No. 145 also amends other existing
authoritative pronouncements to make various technical corrections, clarify meanings, or describe their applicability under changed conditions. In the past, the Company has reflected losses from extinguishments of debt as extraordinary items. Under
SFAS No. 145, debt extinguishments are often routine, recurring transactions and in most circumstances would require treatment other than as an extraordinary item. Adoption of SFAS No. 145 by the Company will be effective on January 1, 2003. Any
gain or loss on extinguishment of debt that was classified as an extraordinary item in prior periods presented that does not meet the criteria in Opinion 30 for classification as an extraordinary item shall be reclassified. The Company does not
believe that the adoption of SFAS No. 145 will materially impact the Company&#146;s financial position, cash flows or results of operations.</font></p> <p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>In June 2002,
the FASB issued SFAS No. 146, </font><i><font size=2>&#147;Accounting for Costs Associated with Exit or Disposal Activities.&#148; </font></i><font size=2> The Statement requires that a liability for a cost associated with an exit or disposal
activity be recognized when the liability is incurred and improves financial reporting by requiring that a liability for a cost associated with an exit or disposal activity be recognized and measured at fair value only when the liability is
incurred. Adoption of this Statement by the Company will be effective on January 1, 2003 and will not be retroactive to prior years. The Company does not believe that the adoption of SFAS No. 146 will materially impact the Company&#146;s financial
position, cash flows or results of operations.</font></p> <p align=left><b><font size=2>2.</font></b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><font SIZE=2>INTANGIBLE ASSETS AND GOODWILL</font></b></p> <p
align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>Effective January 1, 2002, the Company adopted SFAS No. 142, &#147;</font><i><font size=2>Goodwill and Other Intangible Assets</font></i><font size=2>&#148; that requires
that goodwill and certain intangible assets will not be amortized. Instead, these assets will be reviewed at least annually for impairment and charged to results of operations only in the periods in which the recorded value of goodwill and certain
intangibles is more than its fair value. As of the date of adoption, the Company reflected unamortized goodwill and unamortized broadcasting licenses in the amounts of $4.2 million and $1.2 billion, respectively. The Company determined that
broadcasting licenses, which previously had been amortized over the maximum period allowed of 40 years, were deemed to have indefinite useful lives. Adoption of this accounting Standard had the impact of eliminating the Company&#146;s non-cash
amortization expense for goodwill and broadcasting licenses. For comparison purposes, for the nine months and three months ended September 30, 2001, the Company recorded amortization expense for goodwill and broadcasting licenses of $24.9 million
and $8.3 million, respectively.</font></p> <p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>The following unaudited pro forma summary presents the Company&#146;s estimate of the effect of the adoption of SFAS No. 142
as of the beginning of the periods presented as reported income before accounting change and net income (loss) are adjusted to eliminate the amortization expense recognized in those periods related to goodwill and broadcasting licenses as goodwill
and broadcasting licenses are not amortized under this new accounting Standard. The pro forma amounts for the nine and three months ended September 30, 2001 do not include any adjustments for potential write-downs of goodwill and broadcasting
licenses which could have resulted had the Company adopted SFAS No. 142 as of the beginning of the periods presented and performed the required impairment tests under this Standard.</font></p> <CENTER><font size=2>12</font></CENTER>

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 <font size=2><BR> </font>
<table width="100%" cellspacing=0 cellpadding=0>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=bottom width="150" colspan="5"><b><font size=1>Nine Months Ended </font></b><br><b><font SIZE=1>SEPTEMBER 30,</font></b></td>
<td width="8"></td>
<td align=center valign=bottom width="158" colspan="5"><b><font size=1>Three Months Ended</font></b><br><b><font SIZE=1>SEPTEMBER 30,</font></b></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td colspan="5"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td colspan="5"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=bottom width="68" colspan="2"><b><font size=1>2001</font></b></td>
<td width="8"></td>
<td align=center valign=bottom width="69" colspan="2"><b><font size=1>2002</font></b></td>
<td width="8"></td>
<td align=center valign=bottom width="73" colspan="2"><b><font size=1>2001</font></b></td>
<td width="8"></td>
<td align=center valign=bottom width="68" colspan="2"><b><font size=1>2002</font></b></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8">&nbsp;</td>
<td align=center valign=bottom width="68" colspan="2"><b><font size=1>Pro Forma</font></b></td>
<td width="8">&nbsp;</td>
<td align=center valign=bottom width="69" colspan="2"><b><font size=1>As Reported</font></b></td>
<td width="8">&nbsp;</td>
<td align=center valign=bottom width="73" colspan="2"><b><font size=1>Pro Forma</font></b></td>
<td width="8">&nbsp;</td>
<td align=center valign=bottom width="68" colspan="2"><b><font size=1>As Reported</font></b></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8">&nbsp;</td>
<td colspan="2"></td>
<td width="8">&nbsp;</td>
<td colspan="2"></td>
<td width="8">&nbsp;</td>
<td colspan="2"></td>
<td width="8">&nbsp;</td>
<td colspan="2"></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>Reported income before accounting changes</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="64"><font size=2>12,191</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="65"><font size=2>37,018</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="69"><font size=2>4,076</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="64"><font size=2>15,385</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Add back: amortization of goodwill, net of tax <br>&nbsp;&nbsp;&nbsp;&nbsp;provision of $36 for the nine months ended <br>&nbsp;&nbsp;&nbsp;&nbsp;September 30, 2001and $12 for the three months
<br>&nbsp;&nbsp;&nbsp;&nbsp;ended September 30, 2001</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="64"><font size=2>54</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="65"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="69"><font size=2>17</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="64"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>Add back: amortization of broadcasting licenses, net of <br>&nbsp;&nbsp;&nbsp;&nbsp;tax provision of $9,930 for the nine months ended <br>&nbsp;&nbsp;&nbsp;&nbsp;September 30, 2001and $3,310 for the three
months <br>&nbsp;&nbsp;&nbsp;&nbsp;ended September 30, 2001</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="64"><font size=2>14,895</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="65"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="69"><font size=2>4,965</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="64"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Pro forma income before accounting changes</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="64"><font size=2>27,140</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="65"><font size=2>37,018</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="69"><font size=2>9,058</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="64"><font size=2>15,385</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>Reported cumulative effect of accounting changes, net <br>&nbsp;&nbsp;&nbsp;&nbsp;of taxes</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="64"><font size=2>(566</font></td>
<td valign=bottom width="16"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="65"><font size=2>(138,876</font></td>
<td valign=bottom width="17"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="69"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="64"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>Pro forma net income (loss)</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="64"><font size=2>26,574</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="65"><font size=2>(101,858</font></td>
<td valign=bottom width="17"><font size=2>)</font></td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="69"><font size=2>9,058</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="64"><font size=2>15,385</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Pro forma net income (loss) per share - basic:</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>Reported income before accounting changes</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="64"><font size=2>0.27</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="65"><font size=2>0.76</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="69"><font size=2>0.09</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="64"><font size=2>0.31</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Amortization of goodwill, net of taxes</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="64"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="65"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="69"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="64"><font size="2">&#151;</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>Amortization of broadcasting licenses, net of taxes</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="64"><font size=2>0.33</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="65"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="69"><font size=2>0.11</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="64"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Pro forma income before accounting changes - basic</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="64"><font size=2>0.60</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="65"><font size=2>0.76</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="69"><font size=2>0.20</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="64"><font size=2>0.31</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>Reported cumulative effect of accounting changes, net <br>&nbsp;&nbsp;&nbsp;&nbsp;of taxes</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="64"><font size=2>(0.01</font></td>
<td valign=bottom width="16"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="65"><font size=2>(2.85</font></td>
<td valign=bottom width="17"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="69"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="64"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>Pro forma net income (loss) per share - basic</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="64"><font size=2>0.59</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="65"><font size=2>(2.09</font></td>
<td valign=bottom width="17"><font size=2>)</font></td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="69"><font size=2>0.20</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="64"><font size=2>0.31</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Pro forma net income (loss) per share - diluted:</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>Reported income before accounting changes</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="64"><font size=2>0.26</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="65"><font size=2>0.75</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="69"><font size=2>0.09</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="64"><font size=2>0.31</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Amortization of goodwill, net of taxes</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="64"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="65"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="69"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="64"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>Amortization of broadcasting licenses, net of taxes</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="64"><font size=2>0.32</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="65"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="69"><font size=2>0.11</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="64"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Pro forma income before accounting changes - diluted</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="64"><font size=2>0.58</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="65"><font size=2>0.75</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="69"><font size=2>0.20</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="64"><font size=2>0.31</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>Reported cumulative effect of accounting changes, net <br>&nbsp;&nbsp;&nbsp;&nbsp;of taxes</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="64"><font size=2>(0.01</font></td>
<td valign=bottom width="16"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="65"><font size=2>(2.81</font></td>
<td valign=bottom width="17"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="69"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="64"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>Pro forma net income (loss) per share - diluted</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="64"><font size=2>0.57</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="65"><font size=2>(2.06</font></td>
<td valign=bottom width="17"><font size=2>)</font></td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="69"><font size=2>0.20</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="64"><font size=2>0.31</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Weighted average shares:</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>As reported and pro forma - basic</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="64"><font size=2>45,282,555</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="65"><font size=2>48,670,307</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="69"><font size=2>45,314,925</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="64"><font size=2>49,784,171</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>As reported and pro forma - diluted</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="64"><font size=2>46,026,312</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="65"><font size=2>49,492,507</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="69"><font size=2>45,976,747</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="64"><font size=2>50,277,060</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td> </tr></table><br> <p align=left><i><b><font size=2>Indefinite-Lived Intangibles</font></b></i></p> <p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>During the first quarter of 2002, the Company
completed the transitional non-amortizing intangible asset impairment test for broadcasting licenses and recorded to the statement of operations a $138.9 million impairment charge, net of a deferred tax benefit of $92.6 million, under the cumulative
effect of accounting change. The amount of unamortized broadcasting licenses reflected in the balance sheet as of September 30, 2002, after recording the impairment charge, was $1.1 billion. The amount of the broadcasting licenses impairment charge
was determined by relying primarily on a discounted cash flow approach assuming a start-up scenario in which the only assets held by an investor were broadcasting licenses. The Company determined the reporting unit as a radio market and compared the
carrying amount of the broadcasting licenses in each market to the fair value of the market&#146;s broadcasting licenses. The required impairment tests of broadcasting licenses may result in additional future period write-downs.</font></p>
<CENTER><font size=2>13</font></CENTER>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <font size=2> </font> <p align=left><font size=2>The Company has calculated the transition adjustment in accordance with tentative accounting guidance issued by the Emerging Issues Task Force (&#147;EITF&#148;), and
therefore, the guidance could be subject to change. The EITF is a committee appointed by the FASB and assigned the responsibility of answering implementation and interpretation questions related to this new accounting standard.</font></p> <p
align=left><i><b><font size=2>Goodwill</font></b></i></p> <p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>In order to complete the transitional assessment of goodwill as required by SFAS No. 142, the Company was
required to determine by June 30, 2002, the fair value of each market and compare it to the market&#146;s carrying amount. To the extent a market&#146;s carrying amount exceeded its fair value, an indication would have existed that the amount of
goodwill attributed to a market may be impaired and the Company must perform the second step of the transitional impairment test. In the second step, the Company must compare the implied fair value of the market&#146;s goodwill, determined by
allocating the market&#146;s fair value to all of its assets and liabilities in a manner similar to a purchase price allocation in accordance with SFAS No. 141, to its carrying amount, both of which would be measured as of the date of adoption. This
second step is required to be completed as soon as possible, but no later than the end of 2002. Any transitional impairment charge will be recognized as the cumulative effect of a change in accounting principle in the Company&#146;s consolidated
statement of operations. The Company completed the transitional assessment of goodwill and determined that the carrying amount of goodwill for each of the Company&#146;s markets did not exceed the fair value. Since the carrying amount of goodwill
did not exceed the fair value under the transitional assessment, the Company does not need to perform the second step of the transitional impairment test and accordingly, the Company does not expect to record a goodwill impairment charge in 2002.
The fair value was determined by using either an income or market approach for each market cluster. The market approach compares recent sales and offering prices of similar properties. The income approach uses the subject property&#146;s income
generated over a specified time and capitalized at an appropriate market rate to arrive at an indication of the most probable selling price. The amount of goodwill reflected in the balance sheet as of September 30, 2002 was $130.0 million. The
required impairment tests of goodwill may result in future period write-downs.</font></p> <p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>The changes in the carrying amount of goodwill for the nine months ended
September 30, 2002, are as follows:</font></p>
<table width="100%" cellspacing=0 cellpadding=0>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=bottom width="60" colspan="2"><b><font size=1>(amounts in thousands</font></b></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=bottom width="60" colspan="2"><b><font size=1>(unaudited)</font></b></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>Balance as of December 31, 2001</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="56"><font size=2>4,157</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Goodwill acquired during the nine months ended September 30, 2002</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="56"><font size=2>125,814</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>Impairment losses</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="56"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Goodwill written off related to sale of business unit</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="56"><font size=2>(7</font></td>
<td valign=bottom width="17"><font size=2>)</font></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>Balance as of September 30, 2002</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="56"><font size=2>129,964</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td> </tr></table><br><i><b><font size=2>Definite-Lived Intangibles</font></b></i> <p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>Effective January 1, 2002, the Company adopted SFAS No. 144
</font><i><font size=2>&#147;Accounting for the Impairment or Disposal of Long-Lived Assets&#148;</font></i><font size=2> that addresses financial accounting and reporting for the impairment or disposal of long-lived assets. While SFAS No. 144
supercedes SFAS No. 121, </font><i><font size=2>&#147;Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to Be Disposed Of&#148;</font></i><font size=2> it removes certain assets such as deferred tax assets, goodwill and
intangible assets not being amortized from its scope and retains the requirements of SFAS No. 121 regarding the recognition of impairment losses on long-lived assets held for use. SFAS No. 144 also supercedes the accounting and reporting provisions
of APB Opinion No. 30, </font><i><font size=2>&#147;Reporting the Results of Operations-Reporting the Effects of Disposal of a Segment of a Business, and Extraordinary, Unusual and Infrequently Occurring Events and Transactions&#148;</font></i><font
size=2> for the disposal of a segment of a business. However, it retains the requirement in Opinion No. 30 to report separately discontinued operations and extends that reporting to a component of an entity that either has been disposed of (by sale,
abandonment, or in a distribution to owners) or is classified as held for sale. The Company believes that the adoption of SFAS No. 144 did not have a material impact on the Company&#146;s financial position, cash flows or results of
operations.</font></p> <CENTER><font size=2>14</font></CENTER>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <font size=2> </font> <p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>The Company has definite-lived intangible assets that consist of advertiser lists and customer relationships and
acquired advertising contracts that are amortized in accordance with SFAS No. 142 and tested for impairment under SFAS No. 144. In accordance with SFAS No. 142, the Company reviewed the useful lives and made no changes to the useful lives of these
assets, which are amortized over the period for which these assets are expected to contribute to the Company&#146;s future cash flows. As of September 30, 2002, the Company reflected $0.2 million in unamortized definite-lived intangible assets,
which amounts are included in deferred charges and other assets on the balance sheet.</font></p> <p align=left><b><font size=2>3.</font></b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><font SIZE=2>ACQUISITIONS, DISPOSITION, OTHER EVENTS AND UNAUDITED PRO
FORMA SUMMARY</font></b></p> <p align=left><i><b><font size=2>Acquisitions for the Nine Months Ended September 30, 2002</font></b></i></p> <p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>On February 8, 2002, the
Company acquired from WCCB-TV, Inc., a subsidiary of Bahakel Communications, Ltd., the assets of WOZN-FM (formerly WKSI-FM) and WPET-AM, serving the Greensboro, North Carolina radio market, for a purchase price of $20.8 million in cash, of which
$1.0 million was paid as a deposit on November 29, 2001 and the balance was financed from borrowings under the Company&#146;s reducing revolving credit facility. On December 5, 2001, the Company began operating these stations under a time brokerage
agreement. The closing of this transaction increased the Company&#146;s ownership to six radio stations in the Greensboro, North Carolina radio market. The Company recorded goodwill of $6.8 million in connection with this purchase. The Company
anticipates that with this acquisition and the stations&#146; position in the market, the Company can compete more effectively by increasing the Company&#146; s cluster share of market revenues.</font></p> <p
align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>The purchase price allocation for this acquisition is based on information available at this time and is subject to change. For this acquisition, the aggregate purchase
price, including transaction costs of $0.1 million, was allocated as follows:</font></p> <p align=center><b><font size=2>(amounts in thousands)</font></b></p>
<table width="100%" cellspacing=0 cellpadding=0>
<tr>
<td valign=bottom align=Left><b><font size=1>Asset Description</font></b></td>
<td width="8"></td>
<td align=center valign=bottom width="60" colspan="2"><b><font size=1>Amount</font></b></td>
<td width="8"></td>
<td align=center valign=bottom width="169" colspan="2"><b><font size=1>Asset Lives</font></b></td>
<td width="8"></td> </tr>
<tr>
<td><HR noshade align=Left width="194" size=1 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>Equipment</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="56"><font size=2>297</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=Center valign=bottom width="165"><font size=2>5 to 15 years</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Furniture and equipment</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="56"><font size=2>30</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=Center valign=bottom width="165"><font size=2>5 years</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td width="4"></td>
<td></td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>Total tangible assets</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="56"><font size=2>327</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td width="4"></td>
<td></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Advertiser list and customer relationships</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="56"><font size=2>21</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=Center valign=bottom width="165"><font size=2>3 years</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>Acquired advertising contracts</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="56"><font size=2>53</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=Center valign=bottom width="165"><font size=2>less than 1 year</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Broadcasting licenses</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="56"><font size=2>13,600</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=Center valign=bottom width="165"><font size=2>non-amortizing</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>Goodwill</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="56"><font size=2>6,804</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=Center valign=bottom width="165"><font size=2>non-amortizing</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td width="4"></td>
<td></td>
<td width="8"></td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Total intangible assets</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="56"><font size=2>20,478</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td width="4"></td>
<td></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>Total purchase price</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="56"><font size=2>20,805</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td>
<td width="4"></td>
<td></td>
<td width="8"></td> </tr></table><br> <p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>On May 1, 2002, the Company acquired the assets of KALC-FM serving the Denver, Colorado radio market from Emmis Communications
Corporation (&#147;Emmis&#148;) for $88.0 million in cash, of which $8.8 million was paid as a deposit on February 15, 2002 and the balance was paid from cash on hand. On March 16, 2002, the Company began operating this station under a time
brokerage agreement. The Company recorded goodwill of $45.5 million in connection with this purchase. The Company anticipates that with the addition of KALC-FM and its position in the market, to the three other stations the Company operates in the
Denver market (see the transaction with Tribune described below in this Note 3), will allow the Company to compete more effectively by increasing the Company&#146;s cluster share of market revenues.</font></p> <p
align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>The purchase price allocation for this acquisition is based on information available at this time and is subject to change. For this acquisition, the aggregate purchase
price, including transaction costs of $0.2 million, was allocated as follows:</font></p> <CENTER><font size=2>15</font></CENTER>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <font size=2> </font> <p align=center><b><font size=2> (amounts in thousands)</font></b></p>
<table width="100%" cellspacing=0 cellpadding=0>
<tr>
<td valign=bottom align=Left><b><font size=1>Asset Description</font></b></td>
<td width="8"></td>
<td align=center valign=bottom width="60" colspan="2"><b><font size=1>Amount</font></b></td>
<td width="8"></td>
<td align=center valign=bottom width="168" colspan="2"><b><font size=1>Asset Lives</font></b></td>
<td width="8"></td> </tr>
<tr>
<td><HR noshade align=Left width="194" size=1 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>Equipment</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="56"><font size=2>945</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=Center valign=bottom width="164"><font size=2>5 to 15 years</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Furniture and equipment</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="56"><font size=2>163</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=Center valign=bottom width="164"><font size=2>5 years</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td width="4"></td>
<td></td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>Total tangible assets</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="56"><font size=2>1,108</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td width="4"></td>
<td></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Advertiser list and customer relationships</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="56"><font size=2>72</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=Center valign=bottom width="164"><font size=2>3 years</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>Acquired advertising contracts</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="56"><font size=2>548</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=Center valign=bottom width="164"><font size=2>less than 1 year</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Broadcasting licenses</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="56"><font size=2>41,000</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=Center valign=bottom width="164"><font size=2>non-amortizing</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>Goodwill</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="56"><font size=2>45,475</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=Center valign=bottom width="164"><font size=2>non-amortizing</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td width="4"></td>
<td></td>
<td width="8"></td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Total intangible assets</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="56"><font size=2>87,095</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td width="4"></td>
<td></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>Total purchase price</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="56"><font size=2>88,203</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td>
<td width="4"></td>
<td></td>
<td width="8"></td> </tr></table><br> <p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>On July 24, 2002, the Company acquired the assets of KOSI-FM and KEZW-AM serving the Denver, Colorado radio market from Tribune
Denver Radio, Inc. and Tribune Broadcasting Company (&#147;Tribune&#148;) for $125.0 million in cash. The source of the funds used to complete the transaction was as follows: (1) $110.5 million was paid from cash on hand; (2) $12.5 million of the
purchase price was applied against an $18.0 million deposit made on January 2, 2002 to Tribune; and (3) $2.0 million was used from the proceeds of the sale of KQAM-FM (see below). The Option Agreement with Tribune, dated December 24, 2001, provided
for the purchase of the assets of KOSI-FM, KEZW-AM and KQMT-FM (formerly KKHK-FM) serving the Denver, Colorado radio market, for a purchase price of $180.0 million in cash. On May 8, 2002, the Option Agreement was amended to facilitate the closing
of KOSI-FM and KEZW-AM for $125.0 million. The Company recorded goodwill of $71.9 million in connection with this purchase. The Company anticipates that with the addition of KOSI-FM and KEZW-AM and their position in the market, to the acquisition of
KALC-FM (see the transaction with Emmis described above in this Note 3) and the operation of KQMT-FM, the Company can compete more effectively by increasing the Company&#146;s cluster share of market revenues. A time brokerage agreement, which
commenced for all three stations on February 1, 2002, will continue for KQMT-FM for a period of up to approximately three years at Tribune&#146;s option. Under the amended Option Agreement, the Company may exercise an option to close on KQMT-FM for
$55.0 million in cash after the earlier of the receipt of a notice from Tribune or December 24, 2005. The closing of KQMT-FM is also conditioned on the approval of the Federal Communications Commission. Assuming the completion of the acquisition of
KQMT-FM from Tribune as described under Note 8, the Company will own four radio stations serving the Denver, Colorado radio market.</font></p> <p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>The purchase price
allocation for this acquisition is based on information available at this time and is subject to change. For this acquisition, the aggregate purchase price, including transaction costs of $0.9 million, was allocated as follows:</font></p> <p
align=center><b><font size=2>(amounts in thousands)</font></b></p>
<table width="100%" cellspacing=0 cellpadding=0>
<tr>
<td valign=bottom align=Left><font size="2"><b>Asset Description</b></font></td>
<td width="8"><font size="2"></font></td>
<td align=center valign=bottom width="60" colspan="2"><font size="2"><b>Amount</b></font></td>
<td width="8"><font size="2"></font></td>
<td align=center valign=bottom width="168" colspan="2"><font size="2"><b>Asset Lives</b></font></td>
<td width="8"><font size="2"></font></td> </tr>
<tr>
<td> <HR noshade align=Left width="194" size=1 color="#000000"> </td>
<td width="8"><font size="2"></font></td>
<td colspan="2"> <HR noshade align=center width="100%" size=1 color="#000000"> </td>
<td width="8"><font size="2"></font></td>
<td colspan="2"> <HR noshade align=center width="100%" size=1 color="#000000"> </td>
<td width="8"><font size="2"></font></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size="2">Land and land improvements</font></td>
<td width="8"><font size="2"></font></td>
<td valign=bottom width="4"><font size="2">$</font></td>
<td align=right valign=bottom width="56"><font size="2">1,096</font></td>
<td width="8"><font size="2"></font></td>
<td valign=bottom width="4"><font size="2"></font></td>
<td align=Center valign=bottom width="164"><font size="2">non-depreciating to 10 years</font></td>
<td width="8"><font size="2"></font></td> </tr>
<tr>
<td valign=bottom align=Left><font size="2">Building</font></td>
<td width="8"><font size="2"></font></td>
<td valign=bottom width="4"><font size="2"></font></td>
<td align=right valign=bottom width="56"><font size="2">25</font></td>
<td width="8"><font size="2"></font></td>
<td valign=bottom width="4"><font size="2"></font></td>
<td align=Center valign=bottom width="164"><font size="2">20 years</font></td>
<td width="8"><font size="2"></font></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size="2">Equipment</font></td>
<td width="8"><font size="2"></font></td>
<td valign=bottom width="4"><font size="2"></font></td>
<td align=right valign=bottom width="56"><font size="2">1,215</font></td>
<td width="8"><font size="2"></font></td>
<td valign=bottom width="4"><font size="2"></font></td>
<td align=Center valign=bottom width="164"><font size="2">5 to 15 years</font></td>
<td width="8"><font size="2"></font></td> </tr>
<tr>
<td valign=bottom align=Left><font size="2">Furniture and equipment</font></td>
<td width="8"><font size="2"></font></td>
<td valign=bottom width="4"><font size="2"></font></td>
<td align=right valign=bottom width="56"><font size="2">111</font></td>
<td width="8"><font size="2"></font></td>
<td valign=bottom width="4"><font size="2"></font></td>
<td align=Center valign=bottom width="164"><font size="2">5 years</font></td>
<td width="8"><font size="2"></font></td> </tr>
<tr>
<td><font size="2"></font></td>
<td width="8"><font size="2"></font></td>
<td align=center valign=top colspan="2"> <HR noshade align=center width="100%" size=1 color="#000000"> </td>
<td width="8"><font size="2"></font></td>
<td width="4"><font size="2"></font></td>
<td><font size="2"></font></td>
<td width="8"><font size="2"></font></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size="2">Total tangible assets</font></td>
<td width="8"><font size="2"></font></td>
<td valign=bottom width="4"><font size="2"></font></td>
<td align=right valign=bottom width="56"><font size="2">2,447</font></td>
<td width="8"><font size="2"></font></td>
<td width="4"><font size="2"></font></td>
<td><font size="2"></font></td>
<td width="8"><font size="2"></font></td> </tr>
<tr>
<td><font size="2"></font></td>
<td width="8"><font size="2"></font></td>
<td align=center valign=top colspan="2"> <HR noshade align=center width="100%" size=1 color="#000000"> </td>
<td width="8"><font size="2"></font></td>
<td width="4"><font size="2"></font></td>
<td><font size="2"></font></td>
<td width="8"><font size="2"></font></td> </tr>
<tr>
<td><font size="2"></font></td>
<td width="8"><font size="2"></font></td>
<td width="4"><font size="2"></font></td>
<td><font size="2"></font></td>
<td width="8"><font size="2"></font></td>
<td width="4"><font size="2"></font></td>
<td><font size="2"></font></td>
<td width="8"><font size="2"></font></td> </tr>
<tr>
<td valign=bottom align=Left><font size="2">Advertiser list and customer relationships</font></td>
<td width="8"><font size="2"></font></td>
<td valign=bottom width="4"><font size="2"></font></td>
<td align=right valign=bottom width="56"><font size="2">157</font></td>
<td width="8"><font size="2"></font></td>
<td valign=bottom width="4"><font size="2"></font></td>
<td align=Center valign=bottom width="164"><font size="2">3 years</font></td>
<td width="8"><font size="2"></font></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size="2">Acquired advertising contracts</font></td>
<td width="8"><font size="2"></font></td>
<td valign=bottom width="4"><font size="2"></font></td>
<td align=right valign=bottom width="56"><font size="2">1,173</font></td>
<td width="8"><font size="2"></font></td>
<td valign=bottom width="4"><font size="2"></font></td>
<td align=Center valign=bottom width="164"><font size="2">less than 1 year</font></td>
<td width="8"><font size="2"></font></td> </tr>
<tr>
<td valign=bottom align=Left><font size="2">Leasehold premium</font></td>
<td width="8"><font size="2"></font></td>
<td valign=bottom width="4"><font size="2"></font></td>
<td align=right valign=bottom width="56"><font size="2">271</font></td>
<td width="8"><font size="2"></font></td>
<td valign=bottom width="4"><font size="2"></font></td>
<td align=Center valign=bottom width="164"><font size="2">14 years</font></td>
<td width="8"><font size="2"></font></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size="2">Broadcasting licenses</font></td>
<td width="8"><font size="2"></font></td>
<td valign=bottom width="4"><font size="2"></font></td>
<td align=right valign=bottom width="56"><font size="2">50,000</font></td>
<td width="8"><font size="2"></font></td>
<td valign=bottom width="4"><font size="2"></font></td>
<td align=Center valign=bottom width="164"><font size="2">non-amortizing</font></td>
<td width="8"><font size="2"></font></td> </tr>
<tr>
<td valign=bottom align=Left><font size="2">Goodwill</font></td>
<td width="8"><font size="2"></font></td>
<td valign=bottom width="4"><font size="2"></font></td>
<td align=right valign=bottom width="56"><font size="2">71,872</font></td>
<td width="8"><font size="2"></font></td>
<td valign=bottom width="4"><font size="2"></font></td>
<td align=Center valign=bottom width="164"><font size="2">non-amortizing</font></td>
<td width="8"><font size="2"></font></td> </tr> </table> <br> <p align=center><font size=2>&nbsp;</font><font size=2>16</font></p>

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 <font size=2> </font> <p align=center><b><font size=2> (amounts in thousands)</font></b></p>
<table width="100%" cellspacing=0 cellpadding=0>
<tr>
<td valign=bottom align=Left><b><font size=1>Asset Description</font></b></td>
<td width="8"></td>
<td align=center valign=bottom width="60" colspan="2"><b><font size=1>Amount</font></b></td>
<td width="8"></td>
<td align=center valign=bottom width="168" colspan="2"><b><font size=1>Asset Lives</font></b></td>
<td width="8"></td> </tr>
<tr>
<td><HR noshade align=Left width="194" size=1 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>Total intangible assets</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="56"><font size=2>123,473</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=Center valign=bottom width="164"><font size=2>&nbsp;&nbsp;</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td width="4"></td>
<td></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>Total purchase price</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="56"><font size=2>125,920</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=Center valign=bottom width="164"><font size=2>&nbsp;&nbsp;</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td>
<td width="4"></td>
<td></td>
<td width="8"></td> </tr></table><br> <p align=left><i><b><font size=2>Disposition for the Nine Months Ended September 30, 2002</font></b></i></p> <p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>On July 23, 2002, the
Company sold the assets of KQAM-AM in Wichita, Kansas, to ABC, Inc., for $2.0 million in cash, resulting in a gain of $1.3 million. The sale of this station decreased the Company&#146;s ownership to six radio stations serving the Wichita, Kansas
radio market.</font></p> <p align=left><i><b><font size=2>Other Events</font></b></i></p> <p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>On February 1, 2002, the Company entered into an agreement with Classic Radio,
Inc. (&#147;Classic&#148;) to terminate, effective February 28, 2002, the KING-FM Joint Sales Agreement (&#147;JSA&#148;) that was scheduled to expire on June 30, 2002. Under this agreement, the Company served as the exclusive sales agent for the
Classic-owned KING-FM radio station located in Seattle Washington. The Company received all revenues from the sale of advertising time broadcast on KING-FM and was required to pay a monthly fee to Classic based upon calculations as defined in the
agreement. Under the terms of the JSA, the Company was responsible for all costs incurred in selling the advertising time. Classic was responsible for all costs incurred in operating the station.</font></p> <p
align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>On April 24, 2002, the Company announced that the agreement with The Baseball Club of Seattle, L.P. for the rights to broadcast the Seattle Mariners Baseball Club on the
Company&#146;s Seattle radio station would not be renewed upon expiration of the agreement on October 31, 2002.</font></p> <p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>During August 2002, the managers and members
of Local Media Internet Ventures, LLC (&#147;LMIV&#148;), of which the Company was an equity holder with an approximate 30% interest, agreed to discontinue operations. The Company&#146;s investment as of December 31, 2001 was $8.7 million and the
Company had recorded cumulative losses of $5.8 million for the periods through December 31, 2001 in the statement of operations under equity loss from unconsolidated affiliate. The Company&#146;s remaining investment in LMIV was written off as of
September 30, 2002 and the Company recorded a loss from unconsolidated affiliate of $2.9 million and $3.4 million for the nine months ended September 30, 2001 and 2002, respectively, and $1.0 million and $1.5 million for the three months ended
September 30, 2001 and 2002, respectively. Included in the equity loss from unconsolidated affiliate for the nine months and three months ended September 30, 2002, was the Company&#146;s pro rata share of the costs associated with closing the
business in the amount of $0.4 million that was paid by the Company to LMIV on September 6, 2002. The Company expects to continue with an internal program of internet development for use by the Company&#146;s radio stations.</font></p> <p
align=left><i><b><font size=2>Unaudited Pro Forma Summary</font></b></i></p> <p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>The following unaudited pro forma summary presents the consolidated results of operations
as if any acquisitions which occurred during the period of January 1, 2001 through September 30, 2002, had all occurred as of January 1, 2001, after giving effect to certain adjustments, including depreciation and amortization of assets and interest
expense on any debt incurred to fund acquisitions which would have been incurred had such acquisitions occurred as of January 1, 2001. For a discussion of these acquisitions, please refer to the Company&#146;s Form 10-K filed with the Securities and
Exchange Commission on February 11, 2002, which should be read in conjunction with our condensed consolidated financial statements, the related notes and all other information included elsewhere in this Form 10-Q. These unaudited pro forma results
have been prepared for comparative purposes only and do not purport to be indicative of what would have occurred had the acquisitions been made as of that date or results which may occur in the future.</font></p> <CENTER><font
size=2>17</font></CENTER>

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 <font size=2><BR> </font>
<table width="100%" cellspacing=0 cellpadding=0>
<tr>
<td width="947"></td>
<td width="10"></td>
<td align=center valign=bottom colspan="6"><b><font SIZE=1>NINE MONTHS ENDED </font></b><br> <b><font SIZE=1>SEPTEMBER 30,</font></b></td>
<td width="11"></td> </tr>
<tr>
<td width="947"></td>
<td width="10"></td>
<td colspan="6"> <HR noshade align=center width="100%" size=1 color="#000000"> </td>
<td width="11"></td> </tr>
<tr>
<td width="947"></td>
<td width="10"></td>
<td align=center valign=bottom colspan="6"><b><font size=1>(amounts in thousands, except per share)</font></b></td>
<td width="11"></td> </tr>
<tr>
<td width="947"></td>
<td width="10"></td>
<td align=center valign=bottom colspan="6"><b><font size=1>(Unaudited)</font></b></td>
<td width="11"></td> </tr>
<tr>
<td width="947"></td>
<td width="10"></td>
<td colspan="6"> <HR noshade align=center width="100%" size=1 color="#000000"> </td>
<td width="11"></td> </tr>
<tr>
<td width="947"></td>
<td width="10"></td>
<td align=center valign=bottom colspan="2"><b><font size=1>2001</font></b><br> <b><font size=1>Pro Forma</font></b></td>
<td width="6"></td>
<td width="5"></td>
<td align=center valign=bottom colspan="2"><b><font size=1>2002</font></b><br> <b><font size=1>Pro Forma</font></b></td>
<td width="11"></td> </tr>
<tr>
<td width="947"></td>
<td width="10"></td>
<td colspan="2"> <HR noshade align=center width="100%" size=1 color="#000000"> </td>
<td width="6"></td>
<td width="5"></td>
<td colspan="2"> <HR noshade align=center width="100%" size=1 color="#000000"> </td>
<td width="11"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left width="947"><font size=2>Net revenues</font></td>
<td width="10">&nbsp;</td>
<td valign=bottom width="12"><font size=2>$</font></td>
<td align=right valign=bottom width="101"><font size=2>268,293</font></td>
<td width="6">&nbsp;</td>
<td width="5">&nbsp;</td>
<td valign=bottom width="9"><font size=2>$</font></td>
<td align=right valign=bottom width="98"><font size=2>291,502</font></td>
<td width="11">&nbsp;</td> </tr>
<tr>
<td width="947"></td>
<td width="10"></td>
<td align=center valign=top colspan="2"> <HR noshade align=center width="100%" size=3 color="#000000"> </td>
<td width="6"></td>
<td width="5"></td>
<td align=center valign=top colspan="2"> <HR noshade align=center width="100%" size=3 color="#000000"> </td>
<td width="11"></td> </tr>
<tr>
<td width="947"></td>
<td width="10"></td>
<td colspan="2"></td>
<td width="6"></td>
<td width="5"></td>
<td colspan="2"></td>
<td width="11"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left width="947"><font size=2>Income before accounting changes</font></td>
<td width="10">&nbsp;</td>
<td valign=bottom width="12"><font size=2>$</font></td>
<td align=right valign=bottom width="101"><font size=2>8,558</font></td>
<td width="6">&nbsp;</td>
<td width="5">&nbsp;</td>
<td valign=bottom width="9"><font size=2>$</font></td>
<td align=right valign=bottom width="98"><font size=2>35,367</font></td>
<td width="11">&nbsp;</td> </tr>
<tr>
<td width="947"></td>
<td width="10"></td>
<td align=center valign=top colspan="2"> <HR noshade align=center width="100%" size=3 color="#000000"> </td>
<td width="6"></td>
<td width="5"></td>
<td align=center valign=top colspan="2"> <HR noshade align=center width="100%" size=3 color="#000000"> </td>
<td width="11"></td> </tr>
<tr>
<td width="947"></td>
<td width="10"></td>
<td colspan="2"></td>
<td width="6"></td>
<td width="5"></td>
<td colspan="2"></td>
<td width="11"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left width="947"><font size=2>Cumulative effect of accounting changes, net of taxes</font></td>
<td width="10">&nbsp;</td>
<td valign=bottom width="12"><font size=2>$</font></td>
<td align=right valign=bottom width="101"><font size=2>(566</font></td>
<td valign=bottom width="6"><font size=2>)</font></td>
<td valign=bottom width="5">&nbsp;</td>
<td valign=bottom width="9"><font size=2>$</font></td>
<td align=right valign=bottom width="98"><font size=2>(138,876</font></td>
<td valign=bottom width="11"><font size=2>)</font></td> </tr>
<tr>
<td width="947"></td>
<td width="10"></td>
<td align=center valign=top colspan="2"> <HR noshade align=center width="100%" size=3 color="#000000"> </td>
<td width="6"></td>
<td width="5"></td>
<td align=center valign=top colspan="2"> <HR noshade align=center width="100%" size=3 color="#000000"> </td>
<td width="11"></td> </tr>
<tr>
<td width="947"></td>
<td width="10"></td>
<td colspan="2"></td>
<td width="6"></td>
<td width="5"></td>
<td colspan="2"></td>
<td width="11"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left width="947"><font size=2>Net income (loss)</font></td>
<td width="10">&nbsp;</td>
<td valign=bottom width="12"><font size=2>$</font></td>
<td align=right valign=bottom width="101"><font size=2>7,992</font></td>
<td width="6">&nbsp;</td>
<td width="5">&nbsp;</td>
<td valign=bottom width="9"><font size=2>$</font></td>
<td align=right valign=bottom width="98"><font size=2>(103,509</font></td>
<td valign=bottom width="11"><font size=2>)</font></td> </tr>
<tr>
<td width="947"></td>
<td width="10"></td>
<td align=center valign=top colspan="2"> <HR noshade align=center width="100%" size=3 color="#000000"> </td>
<td width="6"></td>
<td width="5"></td>
<td align=center valign=top colspan="2"> <HR noshade align=center width="100%" size=3 color="#000000"> </td>
<td width="11"></td> </tr>
<tr>
<td width="947"></td>
<td width="10">&nbsp;</td>
<td width="12">&nbsp;</td>
<td width="101">&nbsp;</td>
<td width="6">&nbsp;</td>
<td width="5">&nbsp;</td>
<td width="9">&nbsp;</td>
<td width="98">&nbsp;</td>
<td width="11">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left width="947"><font size=2>Net income (loss) per share - basic</font></td>
<td width="10">&nbsp;</td>
<td valign=bottom width="12"><font size=2>$</font></td>
<td align=right valign=bottom width="101"><font size=2>0.18</font></td>
<td width="6">&nbsp;</td>
<td width="5">&nbsp;</td>
<td valign=bottom width="9"><font size=2>$</font></td>
<td align=right valign=bottom width="98"><font size=2>(2.13</font></td>
<td valign=bottom width="11"><font size=2>)</font></td> </tr>
<tr>
<td width="947"></td>
<td width="10"></td>
<td align=center valign=top colspan="2"> <HR noshade align=center width="100%" size=3 color="#000000"> </td>
<td width="6"></td>
<td width="5"></td>
<td align=center valign=top colspan="2"> <HR noshade align=center width="100%" size=3 color="#000000"> </td>
<td width="11"></td> </tr>
<tr>
<td width="947"></td>
<td width="10"></td>
<td colspan="2"></td>
<td width="6"></td>
<td width="5"></td>
<td colspan="2"></td>
<td width="11"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left width="947"><font size=2>Net income (loss) per share - diluted</font></td>
<td width="10">&nbsp;</td>
<td valign=bottom width="12"><font size=2>$</font></td>
<td align=right valign=bottom width="101"><font size=2>0.17</font></td>
<td width="6">&nbsp;</td>
<td width="5">&nbsp;</td>
<td valign=bottom width="9"><font size=2>$</font></td>
<td align=right valign=bottom width="98"><font size=2>(2.09</font></td>
<td valign=bottom width="11"><font size=2>)</font></td> </tr>
<tr>
<td width="947"></td>
<td width="10"></td>
<td align=center valign=top colspan="2"> <HR noshade align=center width="100%" size=3 color="#000000"> </td>
<td width="6"></td>
<td width="5"></td>
<td align=center valign=top colspan="2"> <HR noshade align=center width="100%" size=3 color="#000000"> </td>
<td width="11"></td> </tr> </table> <br> <p align=left><b><font size=2>4.</font></b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><font SIZE=2>SENIOR DEBT</font></b></p> <p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>The
Company has a bank credit agreement (the &#147;Bank Facility&#148;) with a syndicate of banks which provides for senior secured credit of $650.0 million consisting of: (1) a $325.0 million reducing revolving credit facility (&#147;Revolver&#148;)
and (2) a $325.0 million multi-draw term loan (&#147;Term Loan&#148;). The Revolver and Term Loan, which mature on September 30, 2007, each reduce on a quarterly basis beginning September 30, 2002, in quarterly amounts that vary from $12.2 million
to $16.3 million for each loan. As of September 30, 2002, the Company had $300.6 million of borrowings outstanding under the Bank Facility&#146;s Term Loan, in addition to $13.9 million in outstanding Letters of Credit under the Revolver. The
Company used a portion of the March 5, 2002 equity offering&#146;s net proceeds (Note 9), to reduce indebtedness outstanding in the amount of $93.5 million under the Revolver. Under the Term Loan, the Company also prepaid in September 2002, the
principal in the amount of $12.2 million that is due on December 31, 2002. The Bank Facility requires the Company to comply with certain financial covenants and leverage ratios that are defined terms within the agreement and that include but are not
limited to the following: (1)&nbsp;Total Debt to Operating Cash Flow, (2)&nbsp;Operating Cash Flow to Interest Expense, (3)&nbsp;Operating Cash Flow to Pro Forma Debt Service and (4)&nbsp;Operating Cash Flow to Fixed Charges. Management believes the
Company is in compliance with all of the terms of the agreement. On February 6, 2002, the Company entered into a Second Amendment under the Bank Facility that further clarified the terms under which the Company can issue subordinated debt and
modified certain terms, including the Operating Cash Flow to Pro Forma Debt Service ratio financial covenant. The Bank Facility also provides that any time prior to December 31, 2002 the Company may solicit incremental loans up to $350.0 million,
thereby increasing the Bank Facility to a total of $1.0 billion. These incremental loans are subject to syndicate approval and are governed under the same terms as the existing Bank Facility.</font></p> <p
align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>The Company enters into interest rate transactions with different banks to diversify its risk associated with interest rate fluctuations against the variable rate debt
under the Bank Facility and to comply with certain covenants under the Bank Facility. Under these transactions, the Company agrees with other parties to exchange, at specified intervals, the difference between fixed rate and floating rate interest
amounts calculated by reference to an agreed notional principal amount against the variable debt. The total notional amount of these transactions was $65.0 million as of September 30, 2002. These agreements, with initial terms that vary from 2.5
years to 10 years, effectively fix the interest at rates that vary from 5.8% to 8.3% on current borrowings equal to the total notional amount (see Note 7).</font></p> <p align=left><b><font
size=2>5.</font></b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><font SIZE=2>SENIOR SUBORDINATED NOTES</font></b></p> <p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>On February 27, 2002, the Company&#146;s wholly owned
subsidiary, Entercom Radio, LLC, entered into an underwriting agreement to sell $150.0 million of 7.625% Senior Subordinated Notes (&#147;Notes&#148;) due March 1, 2014. The Company completed this offering on March 5, 2002 and received net proceeds
of $145.7 million. There were</font></p> <CENTER><font size=2>18</font></CENTER>

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 <font size=2> </font> <p align=left><font size=2>approximately $4.3 million in deferred offering costs recorded in connection with the sale, which are being amortized to interest expense over the life of the Notes
using the effective interest rate method. The proceeds of the Notes along with the proceeds of the equity offering (see Note 9) were used to finance recent acquisitions and it is anticipated that the balance of the proceeds will be used to finance
pending acquisitions and general corporate purposes, including future acquisitions and working capital needs.</font></p> <p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>Interest on the Notes, which are in
denominations of $1,000 each, accrues at the rate of 7.625% per annum and is payable semi-annually in arrears on March 1 and September 1, commencing on September 1, 2002. The Company may redeem the notes on and after March 1, 2007 at an initial
redemption price of 103.813% of their principal amount plus accrued interest. In addition, before March 1, 2005, the Company may redeem up to 35% of the Notes at a redemption price of 107.625% of their principal amount plus accrued interest, using
proceeds of specified equity offerings. The Notes are unsecured and rank junior to the Company&#146;s senior indebtedness. In addition to the parent, Entercom Communications Corp., all of the Company&#146;s other subsidiaries (excluding Entercom
Communications Capital Trust, see Note 6) have fully and unconditionally guaranteed these Notes (&#147;Subsidiary Guarantors&#148;). Under certain covenants, the Subsidiary Guarantors are restricted from paying dividends or distributions in excess
of amounts defined under the Notes and the Subsidiary Guarantors cannot incur additional indebtedness if the Leverage Ratio of Entercom Radio, LLC exceeds a specified level.</font></p> <p align=left><b><font
size=2>6.</font></b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><font SIZE=2>CONVERTIBLE PREFERRED SECURITIES</font></b></p> <p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>On October 6, 1999, the Company sold 2,500,000
Convertible Preferred Securities, Term Income Deferrable Equity Securities (&#147;TIDES&#148;), including underwriters&#146; over-allotments at an offering price of $50.00 per security. The net proceeds to the Company after deducting underwriting
discounts and other offering expenses, was $120.5 million. Subject to certain deferral provisions, the issuer of the TIDES, Entercom Communications Capital Trust (&#147;trust&#148;), a wholly-owned subsidiary of the Company, pays quarterly calendar
distributions. The first distribution was paid on December 31, 1999. The TIDES represent undivided preferred beneficial ownership interest in the assets of the trust. The trust used the proceeds to purchase from the Company an equal amount of 6.25%
Convertible Subordinated Debentures due 2014 (&#147;Debentures&#148;). Upon the due date of the Debentures, the Company will pay the outstanding amount due to the trust and the trust will redeem all of the outstanding TIDES. The Company owns all of
the common securities issued by the trust. The trust exists for the sole purpose of issuing the common securities and the TIDES. The trust&#146;s sole assets consists of the $125.0 million aggregate principal amount of the Company&#146;s 6.25%
Convertible Subordinated Debentures due September 30, 2014. The Company has entered into several contractual arrangements for the purpose of fully, irrevocably and unconditionally guaranteeing the trust&#146;s obligations under the TIDES. The
holders of the TIDES have a preference with respect to each distribution and amounts payable upon liquidation, redemption or otherwise over the holders of the common securities of the trust. Each TIDES is convertible into shares of the
Company&#146;s Class A Common Stock at the rate of 1.1364 shares of Class A Common Stock for each TIDES. The Company completed this offering on October 6, 1999, and issued 2,500,000 TIDES at $50.00 per TIDES. As of September 30, 2002, there were 2.5
million outstanding TIDES as no holder of the TIDES had converted their shares into Class A Common Stock. The Company may elect after October 3, 2002, to redeem the Debentures in accordance with the terms of the TIDES. The TIDES are convertible into
Class A Common Stock at $44.00 per share.</font></p> <p align=left><b><font size=2>7.</font></b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><font SIZE=2>DERIVATIVE AND HEDGING ACTIVITIES</font></b></p> <p
align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>Effective January 1, 2001, the Company adopted SFAS No. 133 </font><i><font size=2>&#147;Accounting for Derivative and Hedging Activities,&#148; </font></i><font
size=2>that was amended by SFAS No. 137 and SFAS No. 138</font><i><font size=2>.</font></i><font size=2> SFAS No. 133 established accounting and reporting standards for (1) derivative instruments, including certain derivative instruments embedded in
other contracts, which are collectively referred to as derivatives and (2) hedging activities. The accounting for changes in the fair value of a derivative depends on the intended use of the derivative and the resulting designation. All derivatives,
whether designated in hedging relationships or not, are required to be recorded on the balance sheet at fair value. If the derivative is designated as a fair value hedge, the changes in the fair value of the derivative and the hedged item are
recognized in the statement of operations. If the derivative is designated as a cash flow hedge, changes in the fair value of the derivative are recorded in other comprehensive income (loss) and are recognized in the statement of operations when the
hedged item affects net income (loss). SFAS No. 133 defines new requirements for designation and documentation of hedging relationships as well as on going effectiveness assessments in order to use hedge accounting under this standard. A derivative
that does not qualify as a hedge is marked to fair value</font></p> <CENTER><font size=2>19</font></CENTER>

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 <font size=2> </font> <p align=left><font size=2>through the statement of operations. The Company formally documents all relationships between hedging instruments and hedged items, as well as its risk-management
objective and strategy for undertaking various hedge transactions. This process includes relating all derivatives that are designated as fair value or cash flow hedges to specific assets and liabilities on the balance sheet or to specific firm
commitments or forecasted transactions. The Company also formally assesses, both at the inception of the hedge and on an ongoing basis, whether each derivative is highly effective in offsetting changes in fair values or cash flows of the hedged
item. If it is determined that a derivative is not highly effective as a hedge or if a derivative ceases to be a highly effective hedge, the Company will discontinue hedge accounting prospectively.</font></p> <p align=left><b><font size=2><i>For the
Nine Months and Three Months Ended September 30, 2001</i></font></b></p> <p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>For those derivatives that did not qualify for hedge accounting treatment with an aggregate
notional amount of $30.0 million, the Company recorded to the statement of operations: (1) for the nine months ended September 30, 2001, a $0.4 million loss under the cumulative effect of accounting change as an accumulated transition adjustment and
(2) for the nine months and three months ended September 30, 2001, a $2.0 million loss and a $1.6 million loss, respectively, under net loss on derivative instruments. For those derivatives designated as cash flow hedges that qualify for hedge
accounting treatment with an aggregate notional amount of $233.0 million, the Company recorded: (1) the ineffective amount of the hedges to the statement of operations for the nine months ended September 30, 2001, as a $0.6 million loss under the
cumulative effect of accounting change as an accumulated transition adjustment and for the nine months and three months ended September 30, 2001, as a $0.7 million gain and a $0.2 million gain, respectively, under net loss on derivative instruments
and (2) the effective amount of the hedges to the statement of other comprehensive income for the nine months ended September 30, 2001, as a $1.1 million loss under the cumulative effect of accounting change as an accumulated transition adjustment
and for the nine months and three months ended September 30, 2001, as a $4.0 million loss and a $0.5 million loss, respectively, to unrealized net loss on hedged derivatives.</font></p> <p align=left><b><font size=2><i>For the Nine Months and Three
Months Ended September 30, 2002</i></font></b></p> <p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>For those derivatives that did not qualify for hedge accounting treatment with an aggregate notional amount of $30.0
million outstanding during the nine months and three months ended September 30, 2002 and which was outstanding as of September 30, 2002, the Company recorded to the statement of operations for the nine and three months ended September 30, 2002, a
$2.4 million loss and a $1.8 million loss, respectively, under loss on derivative instruments. For those derivatives designated as cash flow hedges which qualified for hedge accounting treatment with aggregate notional amounts of $233.0 million and
$95.0 million (which included certain derivative notional amounts that expired during the nine months and three months ended September 30, 2002, respectively), $35.0 million was outstanding as of September 30, 2002 and the Company recorded: (1) the
ineffective amount of the hedges to the statement of operations for the nine months and three months ended September 30, 2002, as a $.01 million gain and a marginal loss, respectively, under loss on derivative instruments and (2) the effective
amount of the hedges to the statement of other comprehensive income (loss) as a $4.7 million gain to unrealized gain on hedged derivatives. The Company expects to record a $0.5 million gain on hedged derivatives as a reclassification to the
statement of operations during the next twelve months from the adjustments that were recorded in other comprehensive income (loss). The actual amount that will be reclassified to the statement of operations during the next twelve months may vary as
a result of changes in market conditions related to interest rates.</font></p> <p align=left><b><font size=2>8.</font></b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><font SIZE=2>COMMITMENTS AND CONTINGENCIES</font></b></p> <p align=left><i><b><font
size=2>Pending Acquisitions and Disposition</font></b></i></p> <p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>The Company entered into a preliminary agreement on February 6, 1996, to acquire the assets of radio
station KWOD-FM, Sacramento, California, from Royce International Broadcasting Corporation (&#147;Royce&#148;), subject to approval by the FCC, for a purchase price of $25.0 million. Notwithstanding the Company&#146;s efforts to pursue this
transaction, Royce has been non-responsive. On July 28, 1999, the Company commenced a legal action seeking to enforce this agreement. After a trial in November 2001, the California Superior Court ruled that the February 1996 agreement was
enforceable and that the court would order specific performance of the agreement to sell KWOD. On April 30, 2002 the Court issued an Interlocutory Judgment ordering, among other things (i) that Royce sign all documents necessary to transfer the
assets relating to KWOD to the Company and to complete such transfer in</font></p> <CENTER><font size=2>20</font></CENTER>

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<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <font size=2> </font> <p align=left><font size=2>exchange for the $25.0 million purchase price, less the amount of the Company&#146;s damages to be determined by the court, and (ii) the Company place $24.8 million in
cash and a $7.5 million irrevocable standby letter of credit in an escrow account pending the transfer of the KWOD assets, the determination of the Company&#146;s damages and the outcome of Royce&#146;s appeal. Royce filed a petition in the
California Court of Appeals challenging this Interlocutory Judgment. The California Court of Appeals has temporarily stayed the Interlocutory Judgment. The Company continues to pursue a final judgment for specific performance in this matter. The
Company estimates that the impact of an unfavorable outcome will not materially impact the Company&#146;s financial position, results of operations or cash flows. The Company cannot determine if and when the transaction might be
completed.</font></p> <p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>On December 24, 2001, the Company entered into an Option Agreement with Tribune to acquire the assets of KOSI-FM, KQMT-FM (formerly KKHK-FM) and
KEZW-AM, serving the Denver, Colorado radio market, for a purchase price of $180.0 million in cash, of which $18.0 million was paid as a deposit on January 2, 2002. On July 24, 2002, the Company acquired the assets of KOSI-FM and KEZW-AM for $125.0
million in cash (see Note 3) under the Option Agreement that was amended on May 8, 2002 to facilitate the purchase of the assets under two separate transactions. A time brokerage agreement, which commenced for all three stations on February 1, 2002,
will continue for KQMT-FM for a period of up to approximately three years at Tribune&#146;s option. The amended Option Agreement also provides that the Company may exercise an option to close on KQMT-FM, for $55.0 million in cash after the earlier
of the receipt of a notice from Tribune or December 24, 2005. The closing of KQMT-FM is also conditioned on the approval of the Federal Communications Commission. Assuming the completion of the acquisition of KQMT-FM from Tribune, the Company will
own four radio stations serving the Denver, Colorado radio market.</font></p> <p align=left><i><b><font size=2>Contingencies</font></b></i></p> <p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>In October 1999, The
Radio Music License Committee (&#147;RMLC&#148;), of which the Company is a participant, filed a motion in the New York courts against Broadcast Music, Inc. (&#147;BMI&#148;) commencing a rate-making proceeding, on behalf of the radio industry,
seeking a determination of fair and reasonable industry-wide license fees. The trial of the rate court proceeding has been adjourned as RMLC and BMI are engaged in settlement discussions, with the outcome of this matter undetermined at this time.
The RMLC is also currently in negotiations with American Society of Composers, Authors and Publishers (&#147;ASCAP&#148;) on behalf of the radio industry, seeking a determination of fair and reasonable industry-wide license fees. The Company is
currently operating under interim license agreements with BMI and ASCAP for the periods commencing January 1, 1997 and January 1, 2001, respectively, at the rates and terms reflected in prior agreements. The Company&#146;s management estimates that
the impact of an unfavorable outcome with BMI and/or ASCAP will not materially impact the financial position, results of operations or cash flows of the Company.</font></p> <p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font
size=2>In December 2000, the U.S. Copyright Office, under the Digital Millennium Copyright Act, issued a final rule that AM and FM radio broadcast signals transmitted simultaneously over a digital communications network, are subject to the sound
recording copyright owner&#146;s exclusive right of performance, resulting in the imposition of license fees for Internet streaming and other digital media. The Company, along with other broadcasters and the NAB, filed an appeal of this ruling. The
Company, which ceased Internet streaming of its broadcast signals in May 2002, paid a nominal amount in fees on October 20, 2002, covering all obligations for such fees for the period ended August 31, 2002.</font></p> <p
align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>The Company is subject to various outstanding claims which arose in the ordinary course of business and to other legal proceedings. In the opinion of management, any
liability of the Company which may arise out of or with respect to these matters will not materially affect the financial position, results of operations or cash flows of the Company.</font></p> <p align=left><b><font
size=2>9.</font></b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><font SIZE=2>SHAREHOLDERS&#146; EQUITY</font></b></p> <p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>On February 27, 2002, the Company entered into an
underwriting agreement to sell 3,500,000 shares of its Class A Common Stock. The Company completed this offering on March 5, 2002 and sold 3,500,000 shares of its Class A Common Stock at a price per share of $51.25. The underwriting agreement
included an option by the underwriters to purchase within 30 days up to 525,000 additional shares of Class A Common Stock to cover over-allotments. On March 6, 2002, the underwriters exercised their option to purchase 525,000 shares of Class
A</font></p> <CENTER><font size=2>21</font></CENTER>

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<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <font size=2> </font> <p align=left><font size=2>Common Stock at a price per share of $51.25 and the Company completed this offering on March 8, 2002. The net proceeds to the Company for both offerings, after
deducting underwriting discounts and other offering expenses, were approximately $196.4 million. The Company used a portion of these proceeds in the amount of $93.5 million to reduce the Company&#146;s outstanding indebtedness under the Bank
Facility&#146;s Revolver.</font></p> <p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>On September 10, 2002, the Company&#146;s Chairman, Joseph M. Field, adopted a Planned Diversification Program
(&#147;Program&#148;) pursuant to SEC Rule 10b5-1 to sell through an independent broker-dealer up to one million shares of its Class B Common Stock over the course of the next twelve months. Upon public sale, the Class B Common Stock is
automatically converted into shares of its Class A Common Stock. As of September 30, 2002, 344,000 shares of Class B Common Stock were sold under the Program.</font></p> <p align=left><b><font
size=2>10.</font></b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><font SIZE=2>NET INCOME PER SHARE</font></b></p> <p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>The net income per share (&#147;EPS&#148;) is calculated in
accordance with Statement of Financial Accounting Standards No. 128, </font><i><font size=2>&#147;Earnings Per Share&#148;</font></i><font size=2> which requires presentation of basic net income per share and diluted net income per share. Basic net
income per share excludes dilution and is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding for the period. Diluted net income per share is computed in the same manner as
basic net income after assuming issuance of common stock for all potentially dilutive equivalent shares, which includes (1) stock options (using the treasury stock method) and (2) the Term Income Deferrable Equity Securities (&#147;TIDES&#148;)
after eliminating from net income the interest expense, net of taxes, on the TIDES. Anti-dilutive instruments are not considered in this calculation. For the nine months ended September 30, 2001 and 2002, stock options were included in the
calculation of income before accounting changes and net income (loss) per share as they were dilutive and the TIDES, which are convertible into 2,841,000 shares of Class A Common Stock, were not included in the calculation of income before
accounting changes and net income (loss) per share as their effect was anti-dilutive. For the three months ended September 30, 2001 and 2002, stock options were included in the calculation of net income per share as they were dilutive and the TIDES,
which are convertible into 2,841,000 shares of Class A Common Stock, were not included in the calculation of net income per share as their effect was anti-dilutive.</font></p>
<table width="100%" cellspacing=0 cellpadding=0>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=bottom width="405" colspan="17"><b><font SIZE=1>NINE MONTHS ENDED</font></b></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td colspan="17"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=bottom width="405" colspan="17"><b><font size=1>(amounts in thousands, except share and per share data)</font></b></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=bottom width="196" colspan="8"><b><font SIZE=1>SEPTEMBER 30, 2001</font></b></td>
<td width="8"></td>
<td align=center valign=bottom width="220" colspan="8"><b><font SIZE=1>SEPTEMBER 30, 2002</font></b></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td colspan="8"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td colspan="8"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=bottom width="56" colspan="2"><b><font size=1>Income</font></b></td>
<td width="8"></td>
<td align=center valign=bottom width="69" colspan="2"><b><font size=1>Shares</font></b></td>
<td width="8"></td>
<td align=center valign=bottom width="40" colspan="2"><b><font SIZE=1>EPS</font></b></td>
<td width="8"></td>
<td align=center valign=bottom width="72" colspan="2"><b><font size=1>Income/(Loss)</font></b></td>
<td width="8"></td>
<td align=center valign=bottom width="68" colspan="2"><b><font size=1>Shares</font></b></td>
<td width="8"></td>
<td align=center valign=bottom width="44" colspan="2"><b><font SIZE=1>EPS</font></b></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Basic net income (loss) per share:</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Income before accounting changes</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="52"><font size=2>12,191</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="65"><font size=2>45,282,555</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="36"><font size=2>0.27</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="68"><font size=2>37,018</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="64"><font size=2>48,670,307</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="40"><font size=2>0.76</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Cumulative effect of accounting <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;changes, net of taxes</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="52"><font size=2>(566</font></td>
<td valign=bottom width="16"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="65"><font size=2>&#151;</font></td>
<td valign=bottom width="16"><font size=2>&nbsp;</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="36"><font size=2>(0.01</font></td>
<td valign=bottom width="17"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="68"><font size=2>(138,876</font></td>
<td valign=bottom width="17"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="64"><font size=2>&#151;</font></td>
<td valign=bottom width="17"><font size=2>&nbsp;</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="40"><font size=2>(2.85</font></td>
<td valign=bottom width="17"><font size=2>)</font></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Net income (loss)</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="52"><font size=2>11,625</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="65"><font size=2>45,282,555</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="36"><font size=2>0.26</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="68"><font size=2>(101,858</font></td>
<td valign=bottom width="17"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="64"><font size=2>48,670,307</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="40"><font size=2>(2.09</font></td>
<td valign=bottom width="17"><font size=2>)</font></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td>
<td width="4"></td>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td>
<td width="4"></td>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Impact of options</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="65"><font size=2>743,757</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="64"><font size=2>822,200</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td width="4"></td>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td width="4"></td>
<td></td>
<td width="8"></td>
<td width="4"></td>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td width="4"></td>
<td></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Diluted net income (loss) per share:</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Income before accounting changes</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="52"><font size=2>12,191</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="65"><font size=2>46,026,312</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="36"><font size=2>0.26</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="68"><font size=2>37,018</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="64"><font size=2>49,492,507</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="40"><font size=2>0.75</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Cumulative effect of accounting <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;changes, net of taxes</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="52"><font size=2>(566</font></td>
<td valign=bottom width="16"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="65"><font size=2>&#151;</font></td>
<td valign=bottom width="16"><font size=2>&nbsp;</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="36"><font size=2>(0.01</font></td>
<td valign=bottom width="17"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="68"><font size=2>(138,876</font></td>
<td valign=bottom width="17"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="64"><font size=2>&#151;</font></td>
<td valign=bottom width="17"><font size=2>&nbsp;</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="40"><font size=2>(2.81</font></td>
<td valign=bottom width="17"><font size=2>)</font></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Net income (loss)</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="52"><font size=2>11,625</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="65"><font size=2>46,026,312</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="36"><font size=2>0.25</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="68"><font size=2>(101,858</font></td>
<td valign=bottom width="17"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="64"><font size=2>49,492,507</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="40"><font size=2>(2.06</font></td>
<td valign=bottom width="17"><font size=2>)</font></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td> </tr></table><br> <p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>For the nine months ended September 30, 2001 and 2002, outstanding options to purchase 659,751 and 107,938 shares, respectively,
of Class A Common Stock at option exercise prices ranging from $44.82 to $59.44 and from $49.28 to $57.63 per share, respectively, were excluded from the computation of diluted income before accounting change and net income (loss) per share as the
options&#146; exercise price was greater than the average market price of the stock.</font></p> <CENTER><font size=2>22</font></CENTER>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <font size=2> </font>
<table width="100%" cellspacing=0 cellpadding=0>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=bottom width="388" colspan="17"><b><font SIZE=1>THREE MONTHS ENDED</font></b></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td colspan="17"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=bottom width="388" colspan="17"><b><font size=1>(amounts in thousands, except share and per share data)</font></b></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=bottom width="193" colspan="8"><b><font SIZE=1>SEPTEMBER 30, 2001</font></b></td>
<td width="8"></td>
<td align=center valign=bottom width="207" colspan="8"><b><font SIZE=1>SEPTEMBER 30, 2002</font></b></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td colspan="8"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td colspan="8"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=bottom width="46" colspan="2"><b><font size=1>Income</font></b></td>
<td width="8"></td>
<td align=center valign=bottom width="72" colspan="2"><b><font size=1>Shares</font></b></td>
<td width="8"></td>
<td align=center valign=bottom width="41" colspan="2"><b><font SIZE=1>EPS</font></b></td>
<td width="8"></td>
<td align=center valign=bottom width="56" colspan="2"><b><font size=1>Income</font></b></td>
<td width="8"></td>
<td align=center valign=bottom width="74" colspan="2"><b><font size=1>Shares</font></b></td>
<td width="8"></td>
<td align=center valign=bottom width="40" colspan="2"><b><font SIZE=1>EPS</font></b></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Basic net income per share:</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td colspan="2"></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td colspan="2"></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Net income</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="42"><font size=2>4,076</font></td>
<td valign=bottom width="16"><font size=2>&nbsp;</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="68"><font size=2>45,314,925</font></td>
<td valign=bottom width="16"><font size=2>&nbsp;</font></td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="37"><font size=2>0.09</font></td>
<td valign=bottom width="16"><font size=2>&nbsp;</font></td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="52"><font size=2>15,385</font></td>
<td valign=bottom width="17"><font size=2>&nbsp;</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="70"><font size=2>49,784,171</font></td>
<td valign=bottom width="17"><font size=2>&nbsp;</font></td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="36"><font size=2>0.31</font></td>
<td valign=bottom width="17"><font size=2>&nbsp;</font></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td>
<td width="4"></td>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td>
<td width="4"></td>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Impact of options</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="68"><font size=2>661,822</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="70"><font size=2>492,889</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td width="4"></td>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td width="4"></td>
<td></td>
<td width="8"></td>
<td width="4"></td>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td width="4"></td>
<td></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Diluted net income per share:</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Net income</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="42"><font size=2>4,076</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="68"><font size=2>45,976,747</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="37"><font size=2>0.09</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="52"><font size=2>15,385</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="70"><font size=2>50,277,060</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="36"><font size=2>0.31</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td> </tr></table><br> <p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>For the three months ended September 30, 2001 and 2002, outstanding options to purchase 791,803 and 1,886,804 shares,
respectively, of Class A Common Stock at option exercise prices ranging from $43.31 to $59.44 and from $43.79 to $57.63 per share, respectively, were excluded from the computation of diluted net income per share as the options&#146; exercise price
was greater than the average market price of the stock.</font></p> <p align=left><b><font size=2>11.</font></b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><font SIZE=2>GUARANTOR FINANCIAL INFORMATION</font></b></p> <p
align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>Entercom Radio, LLC (&#147;Radio&#148;), a wholly-owned subsidiary of Entercom Communications Corp., is the borrower of the Company&#146;s senior debt under the Bank
Facility, described in Note 4, and is the borrower of the Company&#146;s 7.625% Senior Subordinated Notes, described in Note 5, with Entercom Communications Corp. and Radio&#146;s subsidiaries as the guarantors. Radio holds the ownership interest in
various subsidiary companies that own the operating assets, including broadcasting licenses, permits, authorizations and cash royalties. Entercom Communications Capital Trust, the holder of the TIDES, described in Note 6, is a wholly-owned
subsidiary of Entercom Communications Corp and is the holder of 6.25% Convertible Subordinated Debentures due from Entercom Communications Corp.</font></p> <p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>Under the
Bank Facility, Radio is permitted to make distributions to Entercom Communications Corp. in an amount as defined, that is required to pay Entercom Communications Corp.&#146;s reasonable overhead costs, other costs associated with conducting the
operations of Radio and its subsidiaries and interest on the TIDES. Under the Notes, Radio is permitted to make distributions to Entercom Communications Corp. in an amount, as defined, that is required to pay Entercom Communications Corp&#146;s
overhead costs and other costs associated with conducting the operations of Radio and its subsidiaries and Entercom Communications Corp&#146;s payment of interest on the TIDES.</font></p> <p
align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>The following tables set forth condensed consolidating financial information for Entercom Communications Corp., Entercom Communications Capital Trust and Entercom Radio,
LLC, for the balance sheets as of December 31, 2001 and September 30, 2002, the statements of operations for the nine months and three months ended September 30, 2001 and 2002 and the statements of cash flows for the nine months ended September 30,
2001 and 2002.</font></p> <CENTER><font size=2>23</font></CENTER>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <font size=2><BR> </font>
<table width="100%" cellspacing=0 cellpadding=0>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=bottom width="364" colspan="11"><b><font size=1>Balance Sheets as of December 31, 2001</font></b></td>
<td width="8"></td>
<td colspan="2"></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td colspan="11"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td colspan="2"></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=bottom width="86" colspan="2"><b><font size=1>Entercom</font></b><br><b><font size=1>Communications</font></b><br><b><font size=1>Corp.</font></b></td>
<td width="8"></td>
<td align=center valign=bottom width="87" colspan="2"><b><font size=1>Entercom</font></b><br><b><font size=1>Communications</font></b><br><b><font size=1>Capital</font></b><br><b><font size=1>Trust</font></b></td>
<td width="8"></td>
<td align=center valign=bottom width="61" colspan="2"><b><font size=1>Entercom</font></b><br><b><font size=1>Radio, LLC</font></b></td>
<td width="8"></td>
<td align=center valign=bottom width="63" colspan="2"><b><font size=1>Eliminations</font></b></td>
<td width="8"></td>
<td align=center valign=bottom width="61" colspan="2"><b><font size=1>Total</font></b></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>Current assets</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="82"><font size=2>5,127</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="57"><font size=2>82,653</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="59"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="57"><font size=2>87,780</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Net property and equipment</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>956</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>91,376</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>92,332</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>Radio broadcasting licenses - Net</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>1,228,455</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>1,228,455</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Goodwill - Net</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>4,157</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>4,157</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>Other long-term assets</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>1,312</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>128,866</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>26,296</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>(128,866</font></td>
<td valign=bottom width="18"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>26,016</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Investment in subsidiaries</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>887,938</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>(887,938</font></td>
<td valign=bottom width="18"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>&nbsp;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="82"><font size=2>895,333</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="83"><font size=2>128,866</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="57"><font size=2>1,432,937</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="59"><font size=2>(1,016,804</font></td>
<td valign=bottom width="18"><font size=2>)</font></td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="57"><font size=2>1,438,740</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Current liabilities</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="82"><font size=2>9,732</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="57"><font size=2>43,849</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="59"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="57"><font size=2>53,581</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>Long-term debt</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>363,934</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>363,934</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Other long-term liabilities</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>854</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>3,866</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>602,550</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>(466,926</font></td>
<td valign=bottom width="18"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>140,344</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>Total liabilities</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>10,586</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>3,866</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>1,010,333</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>(466,926</font></td>
<td valign=bottom width="18"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>557,859</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td valign=bottom align=Left><font SIZE=2>TIDES</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>128,866</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>125,000</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>(128,866</font></td>
<td valign=bottom width="18"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>125,000</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Shareholders&#146; equity</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Preferred stock</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Class A and B common stock</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>453</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>453</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Additional paid-in capital</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>751,803</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>751,803</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Retained earnings (deficit)</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>5,418</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>422,604</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>(422,604</font></td>
<td valign=bottom width="18"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>5,418</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Unearned compensation</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>(201</font></td>
<td valign=bottom width="18"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td valign=bottom width="19"><font size=2>&nbsp;&nbsp;</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>&#151;</font></td>
<td valign=bottom width="18"><font size=2>&nbsp;</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>(201</font></td>
<td valign=bottom width="17"><font size=2>)</font></td> </tr>
<tr>
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Accumulated other comprehensive <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;loss</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>(1,592</font></td>
<td valign=bottom width="18"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>(1,592</font></td>
<td valign=bottom width="17"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>1,592</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>(1,592</font></td>
<td valign=bottom width="17"><font size=2>)</font></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>Total shareholders&#146; equity</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>755,881</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>421,012</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>(421,012</font></td>
<td valign=bottom width="18"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>755,881</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>&nbsp;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="82"><font size=2>895,333</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="83"><font size=2>128,866</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="57"><font size=2>1,431,345</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="59"><font size=2>(1,016,804</font></td>
<td valign=bottom width="18"><font size=2>)</font></td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="57"><font size=2>1,438,740</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td> </tr></table><br>
<table width="100%" cellspacing=0 cellpadding=0>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=bottom width="419" colspan="14"><b><font size=1>Statements of Operations for the Nine Months Ended September 30, 2001</font></b></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td colspan="14"> <HR noshade align=center width="100%" size=1 color="#000000"> </td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=bottom width="86" colspan="2"><b><font size=1>Entercom </font></b><br> <b><font size=1>Communications</font></b><br> <b><font size=1>Corp</font></b></td>
<td width="8"></td>
<td align=center valign=bottom width="87" colspan="2"><b><font size=1>Entercom </font></b><br> <b><font size=1>Communications</font></b><br> <b><font size=1>Capital</font></b><br> <b><font size=1>Trust</font></b></td>
<td width="8"></td>
<td align=center valign=bottom width="61" colspan="2"><b><font size=1>Entercom </font></b><br> <b><font size=1>Radio, LLC</font></b></td>
<td width="8"></td>
<td align=center valign=bottom width="63" colspan="2"><b><font size=1>Eliminations</font></b></td>
<td width="8"></td>
<td align=center valign=bottom width="61" colspan="2"><b><font size=1>Total</font></b></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td colspan="2"> <HR noshade align=center width="100%" size=1 color="#000000"> </td>
<td width="8"></td>
<td colspan="2"> <HR noshade align=center width="100%" size=1 color="#000000"> </td>
<td width="8"></td>
<td colspan="2"> <HR noshade align=center width="100%" size=1 color="#000000"> </td>
<td width="8"></td>
<td colspan="2"> <HR noshade align=center width="100%" size=1 color="#000000"> </td>
<td width="8"></td>
<td colspan="2"> <HR noshade align=center width="100%" size=1 color="#000000"> </td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><b><font SIZE=2>NET REVENUES</font></b></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="82"><font size=2>393</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="83"><font size=2>5,859</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="57"><font size=2>249,217</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="59"><font size=2>(6,252</font></td>
<td valign=bottom width="18"><font size=2>)</font></td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="57"><font size=2>249,217</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"> <HR noshade align=center width="100%" size=1 color="#000000"> </td>
<td width="8"></td>
<td align=center valign=top colspan="2"> <HR noshade align=center width="100%" size=1 color="#000000"> </td>
<td width="8"></td>
<td align=center valign=top colspan="2"> <HR noshade align=center width="100%" size=1 color="#000000"> </td>
<td width="8"></td>
<td align=center valign=top colspan="2"> <HR noshade align=center width="100%" size=1 color="#000000"> </td>
<td width="8"></td>
<td align=center valign=top colspan="2"> <HR noshade align=center width="100%" size=1 color="#000000"> </td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><b><font SIZE=2>OPERATING EXPENSES (INCOME):</font></b></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Station operating expenses</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>153,430</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>(393</font></td>
<td valign=bottom width="18"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>153,037</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Depreciation and amortization</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>768</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>33,264</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>34,032</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Corporate general and administrative <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;expenses</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>9,338</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>42</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>9,380</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Net (gain) loss on sale of assets</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>(6</font></td>
<td valign=bottom width="18"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td valign=bottom width="20"><font size=2>&nbsp;</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>28</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>22</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"> <HR noshade align=center width="100%" size=1 color="#000000"> </td>
<td width="8"></td>
<td align=center valign=top colspan="2"> <HR noshade align=center width="100%" size=1 color="#000000"> </td>
<td width="8"></td>
<td align=center valign=top colspan="2"> <HR noshade align=center width="100%" size=1 color="#000000"> </td>
<td width="8"></td>
<td align=center valign=top colspan="2"> <HR noshade align=center width="100%" size=1 color="#000000"> </td>
<td width="8"></td>
<td align=center valign=top colspan="2"> <HR noshade align=center width="100%" size=1 color="#000000"> </td>
<td width="8"></td> </tr>
<tr>
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Total operating expenses</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>10,100</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>186,764</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>(393</font></td>
<td valign=bottom width="18"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>196,471</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"> <HR noshade align=center width="100%" size=1 color="#000000"> </td>
<td width="8"></td>
<td align=center valign=top colspan="2"> <HR noshade align=center width="100%" size=1 color="#000000"> </td>
<td width="8"></td>
<td align=center valign=top colspan="2"> <HR noshade align=center width="100%" size=1 color="#000000"> </td>
<td width="8"></td>
<td align=center valign=top colspan="2"> <HR noshade align=center width="100%" size=1 color="#000000"> </td>
<td width="8"></td>
<td align=center valign=top colspan="2"> <HR noshade align=center width="100%" size=1 color="#000000"> </td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><b><font SIZE=2>OPERATING INCOME (LOSS)</font></b></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>(9,707</font></td>
<td valign=bottom width="18"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>5,859</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>62,453</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>(5,859</font></td>
<td valign=bottom width="18"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>52,746</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"> <HR noshade align=center width="100%" size=1 color="#000000"> </td>
<td width="8"></td>
<td align=center valign=top colspan="2"> <HR noshade align=center width="100%" size=1 color="#000000"> </td>
<td width="8"></td>
<td align=center valign=top colspan="2"> <HR noshade align=center width="100%" size=1 color="#000000"> </td>
<td width="8"></td>
<td align=center valign=top colspan="2"> <HR noshade align=center width="100%" size=1 color="#000000"> </td>
<td width="8"></td>
<td align=center valign=top colspan="2"> <HR noshade align=center width="100%" size=1 color="#000000"> </td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><b><font SIZE=2>OTHER EXPENSE (INCOME):</font></b></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Interest expense</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>22,352</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>22,352</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Financing cost of TIDES</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>5,859</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>5,859</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>(5,859</font></td>
<td valign=bottom width="18"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>5,859</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Interest income</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>(234</font></td>
<td valign=bottom width="17"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>(234</font></td>
<td valign=bottom width="17"><font size=2>)</font></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Equity loss from unconsolidated <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;affiliate</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>2,889</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>2,889</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Net loss on derivative instruments</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>1,349</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>1,349</font></td>
<td width="8">&nbsp;</td> </tr> </table> <p>&nbsp;</p><p align="center"><font size=2>24</font></p>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <font size=2><BR> </font>
<table width="100%" cellspacing=0 cellpadding=0>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=bottom width="419" colspan="14"><b><font size=1>Statements of Operations for the Nine Months Ended September 30, 2001</font></b></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td colspan="14"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=bottom width="86" colspan="2"><b><font size=1>Entercom </font></b><br><b><font size=1>Communications</font></b><br><b><font size=1>Corp</font></b></td>
<td width="8"></td>
<td align=center valign=bottom width="87" colspan="2"><b><font size=1>Entercom </font></b><br><b><font size=1>Communications</font></b><br><b><font size=1>Capital</font></b><br><b><font size=1>Trust</font></b></td>
<td width="8"></td>
<td align=center valign=bottom width="61" colspan="2"><b><font size=1>Entercom </font></b><br><b><font size=1>Radio, LLC</font></b></td>
<td width="8"></td>
<td align=center valign=bottom width="63" colspan="2"><b><font size=1>Eliminations</font></b></td>
<td width="8"></td>
<td align=center valign=bottom width="61" colspan="2"><b><font size=1>Total</font></b></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>&nbsp;(Income) loss from equity investment<br> &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;in subsidiaries</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>(34,941</font></td>
<td valign=bottom width="18"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>34,941</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size="2">&#151;</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Total other expense</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>(29,082</font></td>
<td valign=bottom width="18"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>5,859</font></td>
<td valign=bottom width="19"><font size=2>&nbsp;</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>26,356</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>29,082</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>32,215</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><b><font SIZE=2>INCOME (LOSS) BEFORE INCOME <br>&nbsp;&nbsp;&nbsp;&nbsp;TAXES AND ACCOUNTING <br>&nbsp;&nbsp;&nbsp;&nbsp;CHANGE</font></b></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>19,375</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>36,097</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>(34,941</font></td>
<td valign=bottom width="18"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>20,531</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><b><font SIZE=2>INCOME TAX PROVISION <br>&nbsp;&nbsp;&nbsp;&nbsp;(BENEFIT)</font></b></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>7,750</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>590</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>8,340</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><b><font SIZE=2>INCOME (LOSS) BEFORE <br>&nbsp;&nbsp;&nbsp;&nbsp;ACCOUNTING CHANGE</font></b></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>11,625</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>35,507</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>(34,941</font></td>
<td valign=bottom width="18"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>12,191</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Cumulative effect of accounting <br>&nbsp;&nbsp;&nbsp;&nbsp;change, net of taxes of $377</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>(566</font></td>
<td valign=bottom width="17"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>(566</font></td>
<td valign=bottom width="17"><font size=2>)</font></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><b><font SIZE=2>NET INCOME (LOSS)</font></b></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="82"><font size=2>11,625</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="57"><font size=2>34,941</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="59"><font size=2>(34,941</font></td>
<td valign=bottom width="18"><font size=2>)</font></td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="57"><font size=2>11,625</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td> </tr></table><br>
<table width="100%" cellspacing=0 cellpadding=0>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=bottom width="419" colspan="14"><b><font size=1>Statements of Operations for the Three Months Ended September 30, 2001</font></b></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td colspan="14"> <HR noshade align=center width="100%" size=1 color="#000000"> </td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=bottom width="86" colspan="2"><b><font size=1>Entercom</font></b><br> <b><font size=1>Communications</font></b><br> <b><font size=1>Corp</font></b></td>
<td width="8"></td>
<td align=center valign=bottom width="87" colspan="2"><b><font size=1>Entercom</font></b><br> <b><font size=1>Communications</font></b><br> <b><font size=1>Capital</font></b><br> <b><font size=1>Trust</font></b></td>
<td width="8"></td>
<td align=center valign=bottom width="61" colspan="2"><b><font size=1>Entercom</font></b><br> <b><font size=1>Radio, LLC</font></b></td>
<td width="8"></td>
<td align=center valign=bottom width="63" colspan="2"><b><font size=1>Eliminations</font></b></td>
<td width="8"></td>
<td align=center valign=bottom width="61" colspan="2"><b><font size=1>Total</font></b></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td colspan="2"> <HR noshade align=center width="100%" size=1 color="#000000"> </td>
<td width="8"></td>
<td colspan="2"> <HR noshade align=center width="100%" size=1 color="#000000"> </td>
<td width="8"></td>
<td colspan="2"> <HR noshade align=center width="100%" size=1 color="#000000"> </td>
<td width="8"></td>
<td colspan="2"> <HR noshade align=center width="100%" size=1 color="#000000"> </td>
<td width="8"></td>
<td colspan="2"> <HR noshade align=center width="100%" size=1 color="#000000"> </td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><b><font SIZE=2>NET REVENUES</font></b></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="82"><font size=2>131</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="83"><font size=2>1,953</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="57"><font size=2>85,136</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="59"><font size=2>(2,084</font></td>
<td valign=bottom width="18"><font size=2>)</font></td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="57"><font size=2>85,136</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"> <HR noshade align=center width="100%" size=1 color="#000000"> </td>
<td width="8"></td>
<td align=center valign=top colspan="2"> <HR noshade align=center width="100%" size=1 color="#000000"> </td>
<td width="8"></td>
<td align=center valign=top colspan="2"> <HR noshade align=center width="100%" size=1 color="#000000"> </td>
<td width="8"></td>
<td align=center valign=top colspan="2"> <HR noshade align=center width="100%" size=1 color="#000000"> </td>
<td width="8"></td>
<td align=center valign=top colspan="2"> <HR noshade align=center width="100%" size=1 color="#000000"> </td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><b><font SIZE=2>OPERATING EXPENSES (INCOME):</font></b></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Station operating expenses</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>52,752</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>(131</font></td>
<td valign=bottom width="18"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>52,621</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Depreciation and amortization</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>260</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>11,200</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>11,460</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Corporate general and administrative <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;expenses</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>2,912</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>9</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>2,921</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Net loss on sale of assets</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>7</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>7</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"> <HR noshade align=center width="100%" size=1 color="#000000"> </td>
<td width="8"></td>
<td align=center valign=top colspan="2"> <HR noshade align=center width="100%" size=1 color="#000000"> </td>
<td width="8"></td>
<td align=center valign=top colspan="2"> <HR noshade align=center width="100%" size=1 color="#000000"> </td>
<td width="8"></td>
<td align=center valign=top colspan="2"> <HR noshade align=center width="100%" size=1 color="#000000"> </td>
<td width="8"></td>
<td align=center valign=top colspan="2"> <HR noshade align=center width="100%" size=1 color="#000000"> </td>
<td width="8"></td> </tr>
<tr>
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Total operating expenses</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>3,172</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>63,968</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>(131</font></td>
<td valign=bottom width="18"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>67,009</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"> <HR noshade align=center width="100%" size=1 color="#000000"> </td>
<td width="8"></td>
<td align=center valign=top colspan="2"> <HR noshade align=center width="100%" size=1 color="#000000"> </td>
<td width="8"></td>
<td align=center valign=top colspan="2"> <HR noshade align=center width="100%" size=1 color="#000000"> </td>
<td width="8"></td>
<td align=center valign=top colspan="2"> <HR noshade align=center width="100%" size=1 color="#000000"> </td>
<td width="8"></td>
<td align=center valign=top colspan="2"> <HR noshade align=center width="100%" size=1 color="#000000"> </td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><b><font SIZE=2>OPERATING INCOME (LOSS)</font></b></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>(3,041</font></td>
<td valign=bottom width="18"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>1,953</font></td>
<td valign=bottom width="19"><font size=2>&nbsp;</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>21,168</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>(1,953</font></td>
<td valign=bottom width="18"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>18,127</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"> <HR noshade align=center width="100%" size=1 color="#000000"> </td>
<td width="8"></td>
<td align=center valign=top colspan="2"> <HR noshade align=center width="100%" size=1 color="#000000"> </td>
<td width="8"></td>
<td align=center valign=top colspan="2"> <HR noshade align=center width="100%" size=1 color="#000000"> </td>
<td width="8"></td>
<td align=center valign=top colspan="2"> <HR noshade align=center width="100%" size=1 color="#000000"> </td>
<td width="8"></td>
<td align=center valign=top colspan="2"> <HR noshade align=center width="100%" size=1 color="#000000"> </td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><b><font SIZE=2>OTHER EXPENSE (INCOME):</font></b></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Interest expense</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>6,927</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>6,927</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Financing cost of TIDES</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>1,953</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>1,953</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>(1,953</font></td>
<td valign=bottom width="18"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>1,953</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Interest income</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>(45</font></td>
<td valign=bottom width="17"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>(45</font></td>
<td valign=bottom width="16"><font size=2>)</font></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Equity loss from unconsolidated <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;affiliate</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>1,009</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>1,009</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Net loss on derivative instruments</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>1,428</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>1,428</font></td>
<td width="8">&nbsp;</td> </tr>
<tr bgcolor="#CCEEFF">
<td valign=bottom align=Left>&nbsp;<font size=2>(Income) loss from equity investment</font><font size=2>&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size=2>in subsidiaries</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>(11,787</font></td>
<td valign=bottom width="18"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>11,787</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"> <HR noshade align=center width="100%" size=1 color="#000000"> </td>
<td width="8"></td>
<td align=center valign=top colspan="2"> <HR noshade align=center width="100%" size=1 color="#000000"> </td>
<td width="8"></td>
<td align=center valign=top colspan="2"> <HR noshade align=center width="100%" size=1 color="#000000"> </td>
<td width="8"></td>
<td align=center valign=top colspan="2"> <HR noshade align=center width="100%" size=1 color="#000000"> </td>
<td width="8"></td>
<td align=center valign=top colspan="2"> <HR noshade align=center width="100%" size=1 color="#000000"> </td>
<td width="8"></td> </tr>
<tr>
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Total other expense</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>(9,834</font></td>
<td valign=bottom width="18"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>1,953</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>9,319</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>9,834</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>11,272</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"> <HR noshade align=center width="100%" size=1 color="#000000"> </td>
<td width="8"></td>
<td align=center valign=top colspan="2"> <HR noshade align=center width="100%" size=1 color="#000000"> </td>
<td width="8"></td>
<td align=center valign=top colspan="2"> <HR noshade align=center width="100%" size=1 color="#000000"> </td>
<td width="8"></td>
<td align=center valign=top colspan="2"> <HR noshade align=center width="100%" size=1 color="#000000"> </td>
<td width="8"></td>
<td align=center valign=top colspan="2"> <HR noshade align=center width="100%" size=1 color="#000000"> </td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><b><font SIZE=2>INCOME (LOSS) BEFORE INCOME <br> &nbsp;&nbsp;&nbsp;&nbsp;TAXES</font></b></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>6,793</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>11,849</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>(11,787</font></td>
<td valign=bottom width="18"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>6,855</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><b><font SIZE=2>INCOME TAX PROVISION <br> &nbsp;&nbsp;&nbsp;&nbsp;(BENEFIT)</font></b></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>2,717</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>62</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>2,779</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"> <HR noshade align=center width="100%" size=1 color="#000000"> </td>
<td width="8"></td>
<td align=center valign=top colspan="2"> <HR noshade align=center width="100%" size=1 color="#000000"> </td>
<td width="8"></td>
<td align=center valign=top colspan="2"> <HR noshade align=center width="100%" size=1 color="#000000"> </td>
<td width="8"></td>
<td align=center valign=top colspan="2"> <HR noshade align=center width="100%" size=1 color="#000000"> </td>
<td width="8"></td>
<td align=center valign=top colspan="2"> <HR noshade align=center width="100%" size=1 color="#000000"> </td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><b><font SIZE=2>NET INCOME (LOSS)</font></b></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="82"><font size=2>4,076</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="57"><font size=2>11,787</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="59"><font size=2>(11,787</font></td>
<td valign=bottom width="18"><font size=2>)</font></td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="57"><font size=2>4,076</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"> <HR noshade align=center width="100%" size=3 color="#000000"> </td>
<td width="8"></td>
<td align=center valign=top colspan="2"> <HR noshade align=center width="100%" size=3 color="#000000"> </td>
<td width="8"></td>
<td align=center valign=top colspan="2"> <HR noshade align=center width="100%" size=3 color="#000000"> </td>
<td width="8"></td>
<td align=center valign=top colspan="2"> <HR noshade align=center width="100%" size=3 color="#000000"> </td>
<td width="8"></td>
<td align=center valign=top colspan="2"> <HR noshade align=center width="100%" size=3 color="#000000"> </td>
<td width="8"></td> </tr> </table> <br> <CENTER><font size=2>25</font></CENTER>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <font size=2><BR> </font>
<table width="100%" cellspacing=0 cellpadding=0>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=bottom width="419" colspan="14"><b><font size=1>Statements of Cash Flows for the Nine Months Ended September 30, 2001</font></b></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td colspan="14"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=bottom width="86" colspan="2"><b><font size=1>Entercom</font></b><br><b><font size=1>Communications</font></b><br><b><font size=1>Corp.</font></b></td>
<td width="8"></td>
<td align=center valign=bottom width="87" colspan="2"><b><font size=1>Entercom</font></b><br><b><font size=1>Communications</font></b><br><b><font size=1>Capital</font></b><br><b><font size=1>Trust</font></b></td>
<td width="8"></td>
<td align=center valign=bottom width="61" colspan="2"><b><font size=1>Entercom</font></b><br><b><font size=1>Radio, LLC</font></b></td>
<td width="8"></td>
<td align=center valign=bottom width="63" colspan="2"><b><font size=1>Eliminations</font></b></td>
<td width="8"></td>
<td align=center valign=bottom width="61" colspan="2"><b><font size=1>Total</font></b></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><b><font SIZE=2>OPERATING ACTIVITIES:</font></b></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><font size=2>Net cash (used in) provided by <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;operating activities</font></b></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="82"><font size=2>(2,724</font></td>
<td valign=bottom width="18"><font size=2>)</font></td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="57"><font size=2>59,969</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="59"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="57"><font size=2>57,245</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><b><font SIZE=2>INVESTING ACTIVITIES:</font></b></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Additions to property and equipment</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>(142</font></td>
<td valign=bottom width="18"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>(6,079</font></td>
<td valign=bottom width="17"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>(6,221</font></td>
<td valign=bottom width="16"><font size=2>)</font></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Proceeds from sale of property, <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;equipment and other assets</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>133</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>133</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Deferred charges and other assets</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>(518</font></td>
<td valign=bottom width="17"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>(518</font></td>
<td valign=bottom width="16"><font size=2>)</font></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Purchase of investments</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>(5,721</font></td>
<td valign=bottom width="17"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>(5,721</font></td>
<td valign=bottom width="16"><font size=2>)</font></td> </tr>
<tr>
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Proceeds from investments</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>21</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>21</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Station acquisition deposits and costs</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>(190</font></td>
<td valign=bottom width="17"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>(190</font></td>
<td valign=bottom width="16"><font size=2>)</font></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><font size=2>Net cash used in investing <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;activities</font></b></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>(142</font></td>
<td valign=bottom width="18"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td valign=bottom width="19"><font size=2>&nbsp;</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>(12,354</font></td>
<td valign=bottom width="17"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>&#151;</font></td>
<td valign=bottom width="18"><font size=2>&nbsp;</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>(12,496</font></td>
<td valign=bottom width="16"><font size=2>)</font></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><b><font SIZE=2>FINANCING ACTIVITIES:</font></b></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Proceeds from issuance of long-term <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;debt</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>7,078</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>7,078</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Payments of long-term debt</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>(55,011</font></td>
<td valign=bottom width="17"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>(55,011</font></td>
<td valign=bottom width="16"><font size=2>)</font></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Proceeds from issuance of common <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;stock related to incentive plans</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>413</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>413</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Proceeds from exercise of stock <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;options</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>2,429</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>2,429</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><font size=2>Net cash provided by (used in) <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;financing activities</font></b></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>2,842</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>(47,933</font></td>
<td valign=bottom width="17"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>(45,091</font></td>
<td valign=bottom width="16"><font size=2>)</font></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Net decrease in cash and cash <br>&nbsp;&nbsp;&nbsp;&nbsp;equivalents</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>(24</font></td>
<td valign=bottom width="18"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>(318</font></td>
<td valign=bottom width="17"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>(342</font></td>
<td valign=bottom width="16"><font size=2>)</font></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>Cash and cash equivalents, beginning of <br>&nbsp;&nbsp;&nbsp;&nbsp;year</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>24</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>13,233</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>13,257</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>Cash and cash equivalents, end of <br>&nbsp;&nbsp;&nbsp;&nbsp;period</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="82"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="57"><font size=2>12,915</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="59"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="57"><font size=2>12,915</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td> </tr></table><br> <p align=center><font size=2>&nbsp;</font><font size=2>26</font></p>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <font size=2><BR> </font>
<table width="100%" cellspacing=0 cellpadding=0>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=bottom width="419" colspan="14"><b><font size=1>Balance Sheets as of September 30, 2002</font></b></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td colspan="14"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=bottom width="86" colspan="2"><b><font size=1>Entercom</font></b><br><b><font size=1>Communications</font></b><br><b><font size=1>Corp.</font></b></td>
<td width="8"></td>
<td align=center valign=bottom width="87" colspan="2"><b><font size=1>Entercom</font></b><br><b><font size=1>Communications</font></b><br><b><font size=1>Capital</font></b><br><b><font size=1>Trust</font></b></td>
<td width="8"></td>
<td align=center valign=bottom width="61" colspan="2"><b><font size=1>Entercom</font></b><br><b><font size=1>Radio, LLC</font></b></td>
<td width="8"></td>
<td align=center valign=bottom width="63" colspan="2"><b><font size=1>Eliminations</font></b></td>
<td width="8"></td>
<td align=center valign=bottom width="61" colspan="2"><b><font size=1>Total</font></b></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8">&nbsp;</td>
<td colspan="2"></td>
<td width="8">&nbsp;</td>
<td colspan="2"></td>
<td width="8">&nbsp;</td>
<td colspan="2"></td>
<td width="8">&nbsp;</td>
<td colspan="2"></td>
<td width="8">&nbsp;</td>
<td colspan="2"></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><b><font SIZE=2>ASSETS:</font></b></td>
<td width="8">&nbsp;</td>
<td colspan="2"></td>
<td width="8">&nbsp;</td>
<td colspan="2"></td>
<td width="8">&nbsp;</td>
<td colspan="2"></td>
<td width="8">&nbsp;</td>
<td colspan="2"></td>
<td width="8">&nbsp;</td>
<td colspan="2"></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Current assets</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="82"><font size=2>3,329</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="57"><font size=2>170,293</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="59"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="57"><font size=2>173,622</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Net property and equipment</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>806</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>92,337</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>93,143</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Radio broadcasting licenses - Net</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>1,101,229</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>1,101,229</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Goodwill - Net</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>129,964</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>129,964</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Other long-term assets</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>800</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>128,866</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>54,930</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>(128,866</font></td>
<td valign=bottom width="18"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>55,730</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Investment in subsidiaries</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>997,155</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>(997,155</font></td>
<td valign=bottom width="18"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>Total assets</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="82"><font size=2>1,002,090</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="83"><font size=2>128,866</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="57"><font size=2>1,548,753</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="59"><font size=2>(1,126,021</font></td>
<td valign=bottom width="18"><font size=2>)</font></td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="57"><font size=2>1,553,688</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><b><font SIZE=2>LIABILITIES AND <br>&nbsp;&nbsp;&nbsp;&nbsp;SHAREHOLDERS&#146; EQUITY:</font></b></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Current liabilities</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="82"><font size=2>3,077</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="57"><font size=2>72,122</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="59"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="57"><font size=2>75,199</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Long-term debt</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>408,267</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>408,267</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Other long-term liabilities</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>1,053</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>3,866</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>730,140</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>(658,931</font></td>
<td valign=bottom width="18"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>76,128</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Total liabilities</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>4,130</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>3,866</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>1,210,529</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>(658,931</font></td>
<td valign=bottom width="18"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>559,594</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font SIZE=2>TIDES</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>128,866</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>125,000</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>(128,866</font></td>
<td valign=bottom width="18"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>125,000</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Shareholders&#146; equity</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>Preferred stock</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>Class A and B common stock</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>498</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>498</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>Additional paid-in capital</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>964,705</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>964,705</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>Retained earnings (deficit)</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>(96,440</font></td>
<td valign=bottom width="18"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>337,605</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>(337,605</font></td>
<td valign=bottom width="18"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>(96,440</font></td>
<td valign=bottom width="16"><font size=2>)</font></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>Unearned compensation</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>(288</font></td>
<td valign=bottom width="18"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td valign=bottom width="19"><font size=2>&nbsp;</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>&#151;</font></td>
<td valign=bottom width="17"><font size=2>&nbsp;</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>(288</font></td>
<td valign=bottom width="16"><font size=2>)</font></td> </tr>
<tr>
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>Accumulated other comprehensive <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;income</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>619</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>619</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>(619</font></td>
<td valign=bottom width="18"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>619</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Total shareholders&#146; equity</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>869,094</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>338,224</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>(338,224</font></td>
<td valign=bottom width="18"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>869,094</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>Total liabilities and shareholders&#146; <br>&nbsp;&nbsp;&nbsp;&nbsp;equity</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="82"><font size=2>1,002,090</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="83"><font size=2>128,866</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="57"><font size=2>1,548,753</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="59"><font size=2>(1,126,021</font></td>
<td valign=bottom width="18"><font size=2>)</font></td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="57"><font size=2>1,553,688</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td> </tr></table><br>
<table width="100%" cellspacing=0 cellpadding=0>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=bottom width="419" colspan="14"><b><font size=1>Statements of Operations for the Nine Months Ended September 30, 2002</font></b></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td colspan="14"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=bottom width="86" colspan="2"><b><font size=1>Entercom</font></b><br><b><font size=1>Communications</font></b><br><b><font size=1>Corp.</font></b></td>
<td width="8"></td>
<td align=center valign=bottom width="87" colspan="2"><b><font size=1>Entercom</font></b><br><b><font size=1>Communications</font></b><br><b><font size=1>Capital</font></b><br><b><font size=1>Trust</font></b></td>
<td width="8"></td>
<td align=center valign=bottom width="61" colspan="2"><b><font size=1>Entercom</font></b><br><b><font size=1>Radio, LLC</font></b></td>
<td width="8"></td>
<td align=center valign=bottom width="63" colspan="2"><b><font size=1>Eliminations</font></b></td>
<td width="8"></td>
<td align=center valign=bottom width="61" colspan="2"><b><font size=1>Total</font></b></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><b><font SIZE=2>NET REVENUES</font></b></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="82"><font size=2>401</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="83"><font size=2>5,859</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="57"><font size=2>289,367</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="59"><font size=2>(6,260</font></td>
<td valign=bottom width="18"><font size=2>)</font></td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="57"><font size=2>289,367</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><b><font SIZE=2>OPERATING EXPENSES (INCOME):</font></b></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Station operating expenses</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>171,052</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>(401</font></td>
<td valign=bottom width="18"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>170,651</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Depreciation and amortization</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>778</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>10,920</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>11,698</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Corporate general and administrative <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;expenses</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>10,649</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>55</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>10,704</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Time brokerage agreement fees</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>6,682</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>6,682</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Net gain on sale of assets</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>(1,147</font></td>
<td valign=bottom width="17"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>(1,147</font></td>
<td valign=bottom width="16"><font size=2>)</font></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Total operating expenses</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>11,427</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>187,562</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>(401</font></td>
<td valign=bottom width="18"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>198,588</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><b><font SIZE=2>OPERATING INCOME (LOSS)</font></b></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>(11,026</font></td>
<td valign=bottom width="18"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>5,859</font></td>
<td valign=bottom width="19"><font size=2>&nbsp;</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>101,805</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>(5,859</font></td>
<td valign=bottom width="18"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>90,779</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><b><font SIZE=2>OTHER EXPENSE (INCOME):</font></b></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Interest expense</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>19,093</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>19,093</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Financing cost of TIDES</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>5,859</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>5,859</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>(5,859</font></td>
<td valign=bottom width="18"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>5,859</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Interest income</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>(26</font></td>
<td valign=bottom width="18"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>(1,680</font></td>
<td valign=bottom width="17"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>(1,706</font></td>
<td valign=bottom width="16"><font size=2>)</font></td> </tr>
<tr>
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Equity loss from unconsolidated <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;affiliate</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>3,352</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>3,352</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Net loss on derivative instruments</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>2,269</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>2,269</font></td>
<td width="8">&nbsp;</td> </tr></table><br> <p align=center><font size=2>27</font></p>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <font size=2><BR> </font>
<table width="100%" cellspacing=0 cellpadding=0>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=bottom width="419" colspan="14"><b><font size=1>Statements of Operations for the Nine Months Ended September 30, 2002</font></b></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td colspan="14"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=bottom width="86" colspan="2"><b><font size=1>Entercom</font></b><br><b><font size=1>Communications</font></b><br><b><font size=1>Corp.</font></b></td>
<td width="8"></td>
<td align=center valign=bottom width="87" colspan="2"><b><font size=1>Entercom</font></b><br><b><font size=1>Communications</font></b><br><b><font size=1>Capital</font></b><br><b><font size=1>Trust</font></b></td>
<td width="8"></td>
<td align=center valign=bottom width="61" colspan="2"><b><font size=1>Entercom</font></b><br><b><font size=1>Radio, LLC</font></b></td>
<td width="8"></td>
<td align=center valign=bottom width="63" colspan="2"><b><font size=1>Eliminations</font></b></td>
<td width="8"></td>
<td align=center valign=bottom width="61" colspan="2"><b><font size=1>Total</font></b></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>(Income) loss from equity investment <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in subsidiaries</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>152,904</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>(152,904</font></td>
<td valign=bottom width="18"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Total other expense</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>158,737</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>5,859</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>23,034</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>(158,763</font></td>
<td valign=bottom width="18"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>28,867</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><b><font SIZE=2>INCOME (LOSS) BEFORE INCOME <br>&nbsp;&nbsp;&nbsp;&nbsp;TAXES AND ACCOUNTING <br>&nbsp;&nbsp;&nbsp;&nbsp;CHANGE</font></b></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>(169,763</font></td>
<td valign=bottom width="18"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td valign=bottom width="19"><font size=2>&nbsp;</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>78,771</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>152,904</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>61,912</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><b><font SIZE=2>INCOME TAXES PROVISION <br>&nbsp;&nbsp;&nbsp;&nbsp;(BENEFIT)</font></b></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>(67,905</font></td>
<td valign=bottom width="18"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>92,799</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td> <div align="right"><font size="2">&#151;</font></div> </td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>24,894</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><b><font SIZE=2>INCOME (LOSS) BEFORE <br>&nbsp;&nbsp;&nbsp;&nbsp;ACCOUNTING CHANGE</font></b></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>(101,858</font></td>
<td valign=bottom width="18"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>(14,028</font></td>
<td valign=bottom width="17"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>152,904</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>37,018</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Cumulative effect of accounting <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;change, net of taxes of $92,584</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>(138,876</font></td>
<td valign=bottom width="17"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>(138,876</font></td>
<td valign=bottom width="16"><font size=2>)</font></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><b><font SIZE=2>NET LOSS</font></b></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="82"><font size=2>(101,858</font></td>
<td valign=bottom width="18"><font size=2>)</font></td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="57"><font size=2>(152,904</font></td>
<td valign=bottom width="17"><font size=2>)</font></td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="59"><font size=2>152,904</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="57"><font size=2>(101,858</font></td>
<td valign=bottom width="16"><font size=2>)</font></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td> </tr></table><br>
<table width="100%" cellspacing=0 cellpadding=0>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=bottom width="419" colspan="14"><b><font size=1>Statements of Operations for the Three Months Ended September 30, 2002</font></b></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td colspan="14"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=bottom width="86" colspan="2"><b><font size=1>Entercom</font></b><br><b><font size=1>Communications</font></b><br><b><font size=1>Corp.</font></b></td>
<td width="8"></td>
<td align=center valign=bottom width="87" colspan="2"><b><font size=1>Entercom</font></b><br><b><font size=1>Communications</font></b><br><b><font size=1>Capital</font></b><br><b><font size=1>Trust</font></b></td>
<td width="8"></td>
<td align=center valign=bottom width="61" colspan="2"><b><font size=1>Entercom</font></b><br><b><font size=1>Radio, LLC</font></b></td>
<td width="8"></td>
<td align=center valign=bottom width="63" colspan="2"><b><font size=1>Eliminations</font></b></td>
<td width="8"></td>
<td align=center valign=bottom width="61" colspan="2"><b><font size=1>Total</font></b></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><b><font SIZE=2>NET REVENUES</font></b></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="82"><font size=2>135</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="83"><font size=2>1,953</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="57"><font size=2>106,719</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="59"><font size=2>(2,088</font></td>
<td valign=bottom width="18"><font size=2>)</font></td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="57"><font size=2>106,719</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><b><font SIZE=2>OPERATING EXPENSES (INCOME):</font></b></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Station operating expenses</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>61,964</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>(135</font></td>
<td valign=bottom width="18"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>61,829</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Depreciation and amortization</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>256</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>4,116</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>4,372</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Corporate general and administrative <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;expenses</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>3,418</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>19</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>3,437</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Time brokerage agreement fees</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>1,317</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>1,317</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Net gain on sale of assets</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>(1,136</font></td>
<td valign=bottom width="17"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>(1,136</font></td>
<td valign=bottom width="16"><font size=2>)</font></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Total operating expenses</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>3,674</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>66,280</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>(135</font></td>
<td valign=bottom width="18"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>69,819</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><b><font SIZE=2>OPERATING INCOME (LOSS)</font></b></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>(3,539</font></td>
<td valign=bottom width="18"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>1,953</font></td>
<td valign=bottom width="19"><font size=2>&nbsp;</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>40,439</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>(1,953</font></td>
<td valign=bottom width="18"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>36,900</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><b><font SIZE=2>OTHER EXPENSE (INCOME):</font></b></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Interest expense</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>6,449</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>6,449</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Financing cost of TIDES</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>1,953</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>1,953</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>(1,953</font></td>
<td valign=bottom width="18"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>1,953</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Interest income</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>(1</font></td>
<td valign=bottom width="18"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>(594</font></td>
<td valign=bottom width="17"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>(595</font></td>
<td valign=bottom width="16"><font size=2>)</font></td> </tr>
<tr>
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Equity loss from unconsolidated <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;affiliate</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>1,547</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>1,547</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Net loss on derivative instruments</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>1,827</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>1,827</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>(Income) loss from equity investment <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in subsidiaries</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>(31,133</font></td>
<td valign=bottom width="18"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>31,133</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Total other expense</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>(29,181</font></td>
<td valign=bottom width="18"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>1,953</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>9,229</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>29,180</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>11,181</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><b><font SIZE=2>INCOME (LOSS) BEFORE INCOME <br>&nbsp;&nbsp;&nbsp;&nbsp;TAXES</font></b></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>25,642</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>31,210</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>(31,133</font></td>
<td valign=bottom width="18"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>25,719</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><b><font SIZE=2>INCOME TAXES PROVISION <br>&nbsp;&nbsp;&nbsp;&nbsp;(BENEFIT)</font></b></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>10,257</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>77</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>10,334</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><b><font SIZE=2>NET INCOME (LOSS)</font></b></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="82"><font size=2>15,385</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="57"><font size=2>31,133</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="59"><font size=2>(31,133</font></td>
<td valign=bottom width="18"><font size=2>)</font></td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="57"><font size=2>15,385</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td> </tr></table><br> <p align=center><font size=2>28</font></p>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <font size=2><BR> </font>
<table width="100%" cellspacing=0 cellpadding=0>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=bottom width="419" colspan="14"><b><font size=1>Statements of Cash Flows for the Nine Months Ended September 30, 2002</font></b></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td colspan="14"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=bottom width="86" colspan="2"><b><font size=1>Entercom </font></b><br><b><font size=1>Communications</font></b><br><b><font size=1>Corp.</font></b></td>
<td width="8"></td>
<td align=center valign=bottom width="87" colspan="2"><b><font size=1>Entercom</font></b><br><b><font size=1>Communications</font></b><br><b><font size=1>Capital</font></b><br><b><font size=1>Trust</font></b></td>
<td width="8"></td>
<td align=center valign=bottom width="62" colspan="2"><b><font size=1>Entercom</font></b><br><b><font size=1>Radio, LLC</font></b></td>
<td width="8"></td>
<td align=center valign=bottom width="63" colspan="2"><b><font size=1>Eliminations</font></b></td>
<td width="8"></td>
<td align=center valign=bottom width="61" colspan="2"><b><font size=1>Total</font></b></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><b><font SIZE=2>OPERATING ACTIVITIES:</font></b></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>Net cash (used in) provided by <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;operating activities</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="82"><font size=2>(13,839</font></td>
<td valign=bottom width="18"><font size=2>)</font></td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="58"><font size=2>79,250</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="59"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="57"><font size=2>65,411</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><b><font SIZE=2>INVESTING ACTIVITIES:</font></b></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Additions to property and equipment</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>(53</font></td>
<td valign=bottom width="18"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="58"><font size=2>(6,264</font></td>
<td valign=bottom width="16"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>(6,317</font></td>
<td valign=bottom width="17"><font size=2>)</font></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Proceeds from sale of property, <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;equipment and other assets</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="58"><font size=2>2,030</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>2,030</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Purchases of radio station assets</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="58"><font size=2>(235,228</font></td>
<td valign=bottom width="16"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>(235,228</font></td>
<td valign=bottom width="17"><font size=2>)</font></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Deferred charges and other assets</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>(63</font></td>
<td valign=bottom width="18"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="58"><font size=2>(408</font></td>
<td valign=bottom width="16"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>(471</font></td>
<td valign=bottom width="17"><font size=2>)</font></td> </tr>
<tr>
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Purchase of investments</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="58"><font size=2>(458</font></td>
<td valign=bottom width="16"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>(458</font></td>
<td valign=bottom width="17"><font size=2>)</font></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Proceeds from investments</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="58"><font size=2>132</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>132</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Station acquisition deposits and costs</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="58"><font size=2>(29,972</font></td>
<td valign=bottom width="16"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>(29,972</font></td>
<td valign=bottom width="17"><font size=2>)</font></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Net inter-company loans</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>(193,119</font></td>
<td valign=bottom width="18"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td valign=bottom width="19"><font size=2>&nbsp;</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="58"><font size=2>193,119</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>&#151;</font></td>
<td valign=bottom width="18"><font size=2>&nbsp;</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>Net cash used in investing <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;activities</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>(193,235</font></td>
<td valign=bottom width="18"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="58"><font size=2>(77,049</font></td>
<td valign=bottom width="16"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>(270,284</font></td>
<td valign=bottom width="17"><font size=2>)</font></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><b><font SIZE=2>FINANCING ACTIVITIES:</font></b></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Proceeds from issuance of long-term <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;debt</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="58"><font size=2>195,500</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>195,500</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Net proceeds from stock offering</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>196,413</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="58"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>196,413</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Payments on long-term debt</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="58"><font size=2>(132,885</font></td>
<td valign=bottom width="16"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>(132,885</font></td>
<td valign=bottom width="17"><font size=2>)</font></td> </tr>
<tr>
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Deferred financing expenses related <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to bank facility and senior <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;subordinated notes</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="58"><font size=2>(4,643</font></td>
<td valign=bottom width="16"><font size=2>)</font></td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>(4,643</font></td>
<td valign=bottom width="17"><font size=2>)</font></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Proceeds from issuance of common <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;stock related to incentive plans</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>500</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="58"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>500</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Proceeds from exercise of stock <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;options</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>10,282</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="58"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>10,282</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><font size=2>Net cash provided by financing <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;activities</font></b></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>207,195</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="58"><font size=2>57,972</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>265,167</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left><font size=2>Net increase in cash and cash <br>&nbsp;&nbsp;&nbsp;&nbsp;equivalents</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>121</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="58"><font size=2>60,173</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>60,294</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>Cash and cash equivalents, beginning of <br>&nbsp;&nbsp;&nbsp;&nbsp;year</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="82"><font size=2>1</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="58"><font size=2>10,750</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="59"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="57"><font size=2>10,751</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><font size=2>Cash and cash equivalents, end of <br>&nbsp;&nbsp;&nbsp;&nbsp;period</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="82"><font size=2>122</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="83"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="58"><font size=2>70,923</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="59"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="57"><font size=2>71,045</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td> </tr></table><br> <p align=left><b><font size=2>12.</font></b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><font SIZE=2>STOCK OPTIONS</font></b></p> <p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>The
Company accounts for stock-based compensation plans under APB Opinion No. 25 for employees and under FASB No. 123 for non-employees. On June 24, 1998, the Company adopted an Equity Compensation Plan (the &#147;Compensation Plan&#148;). The
Compensation Plan allows officers (including those also serving as directors) and other employees, non-employee directors and key advisors and consultants, selected by a Committee of Board of Directors, to receive incentive stock options,
nonqualified stock options, restricted stock and stock appreciation rights in the Common Stock of the Company. The restricted stock vests over periods that vary from three to four years. The options vest over a four-year period and expire ten years
from the date of grant. The Company has reserved 2.5 million shares plus 10% of the combined classes of Common Stock outstanding at the time of grant for issuance under the Compensation Plan . The Company recognized non-cash compensation expense (1)
for the granting of restricted stock and (2) for options granted where the option price is less than the market value of shares on the grant date, for options issued to non-employees, for performance based options and for options where the exercise
period was extended for certain members of our board of directors who retired on May 2, 2002.</font></p> <p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>During the nine months ended September 30, 2001 and 2002, the
Company issued non-qualified options to purchase 852,500 shares and 1,193,432 shares, respectively, of its Class A Common Stock at prices ranging from</font></p> <CENTER><font size=2>29</font></CENTER>

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 <font size=2> </font> <p align=left><font size=2>$27.75 to $52.05 and $32.18 to $57.15, respectively, per share. All of the options become exercisable over a four-year period. The Company recognized non-cash
stock-based compensation expense in the amount of $321,000 and $948,000 for the nine months ended September 30, 2001 and 2002, respectively and $50,000 and $98,000 for the three months ended September 30, 2001 and 2002, respectively. Included in the
non-cash stock-based compensation expense for the nine months ended September 30, 2002, was the amount of $650,000 which the Company recognized in connection with a modification that extended the exercise period for grants issued to certain members
of the Company&#146;s board of directors who retired on May 2, 2002.</font></p> <p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>In connection with awards in 1999, 2000 and 2002 of Restricted Stock which vests over
periods that varies from three to four years, the Company recognized non-cash stock-based compensation expense in the amount of $96,000 and $99,000 for the nine months ended September 30, 2001 and 2002, respectively and $32,000 and $33,000 for the
three months ended September 30, 2001 and 2002, respectively.</font></p> <p align=left><b><font size=2>13.</font></b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><font SIZE=2>SUBSEQUENT EVENTS</font></b></p> <p
align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>The Company participated in an arbitration proceeding at the U.S. Copyright Office to determine the amount of the fees that are due from the use of sound recordings in
Internet streaming that is described under Note 8. The Company&#146;s Internet streaming of its broadcast signals ceased in May 2002 and on October 20, 2002, the Company paid a nominal amount in fees covering all obligations for such fees for the
period ended August 31, 2002.</font></p> <CENTER><font size=2>30</font></CENTER>

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 <font size=2><BR> </font>
<table width="100%" cellspacing=0 cellpadding=0 border=0>
<tr>
<td valign=top width="67"><b><font SIZE=2>ITEM&nbsp;2.&nbsp;&nbsp;&nbsp;</font></b></td>
<td valign=top width="1177"><b><font size=2>
<a name="tx195_2">Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations</a></font></b></td> </tr></table> <p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>This report contains, in
addition to historical information, statements by us with regard to our expectations as to financial results and other aspects of our business that involve risks and uncertainties and may constitute forward looking statements within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements reflect our current views and are based on certain assumptions. Actual results could differ materially from those currently
anticipated as a result of a number of factors, including, but not limited to, the following: (1) the highly competitive nature of, and new technologies in, the radio broadcasting industry; (2) the risks associated with our acquisition strategy
generally; (3) the control of us by Joseph M. Field and members of his immediate family; (4) our vulnerability to changes in federal legislation or regulatory policies; (5) our dependence upon our Seattle radio stations; and (6) those matters
discussed below. All statements other than statements of historical fact are &#147;forward-looking statements&#148; for purposes of federal and state securities laws, including any projections of earnings, revenues or other financial items; any
statements of the plans, strategies and objectives of management for future operations; any statements concerning proposed new services or developments; any statements regarding future economic conditions or performance; any statements of belief;
and any statements of assumptions underlying any of the foregoing. You can identify these forward-looking statements by our use of words such as &#147;anticipates,&#148; &#147;believes,&#148; &#147;continues,&#148; &#147;expects,&#148;
&#147;intends,&#148; &#147;likely,&#148; &#147;may,&#148; &#147;opportunity,&#148; &#147;plans,&#148; &#147;potential,&#148; &#147;project,&#148; &#147;will,&#148; and similar expressions to identify forward-looking statements, whether in the
negative or the affirmative. We cannot guarantee that we actually will achieve these plans, intentions or expectations. These forward-looking statements are subject to risks, uncertainties and other factors, some of which are beyond our control,
which could cause actual results to differ materially from those forecast or anticipated in such forward-looking statements. Key risks to our company are described in our annual report on Form 10-K filed with the Securities and Exchange Commission.
You should not place undue reliance on these forward-looking statements, which reflect our view only as of the date of this report. We undertake no obligation to update these statements or publicly release the result of any revision to these
statements to reflect events or circumstances after the date of this report or to reflect the occurrence of unanticipated events.</font></p> <p align=left><b><font size=2>General</font></b></p> <p
align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>We are one of the five largest radio broadcasting companies in the United States based upon 2001 revenues pro forma for completed and pending acquisitions as derived from
the latest edition of BIA Consulting, Inc. We operate in 19 markets, including Boston, Seattle, Denver, Portland, Sacramento, Kansas City, Milwaukee, Norfolk, New Orleans, Memphis, Buffalo, Greensboro, Rochester, Greenville/Spartanburg,
Wilkes-Barre/Scranton, Wichita, Madison, Gainesville/Ocala and Longview/Kelso (WA).</font></p> <p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>A radio broadcasting company derives its revenues primarily from the sale
of broadcasting time to local and national advertisers. The advertising rates that a radio station is able to charge and the number of advertisements that can be broadcast without jeopardizing listener levels largely determine those revenues.
Advertising rates are primarily based on three factors: (1) a station&#146;s audience share in the demographic groups targeted by advertisers, as measured principally by quarterly reports issued by the Arbitron Ratings Company; (2) the number of
radio stations in the market competing for the same demographic groups; and (3) the supply of and demand for radio advertising time.</font></p> <p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>Several factors may
adversely affect a radio broadcasting company&#146;s performance in any given period. In the radio broadcasting industry, seasonal revenue fluctuations are common and are due primarily to variations in advertising expenditures by local and national
advertisers. Typically, revenues are lowest in the first calendar quarter of the year. We generally incur advertising and promotional expenses to increase audiences. However, because Arbitron reports ratings quarterly, any changed ratings and any
corresponding effect on advertising revenues tend to lag behind the incurrence of advertising and promotional spending.</font></p> <p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>We include revenues recognized under
a time brokerage agreement or a similar sales agreement for stations operated by us prior to acquiring the stations in net revenues, while we reflect operating expenses associated with these stations in station operating expenses. Consequently,
there is no difference in the method of revenue and operating expense recognition between a station operated by us under a time brokerage agreement or similar sales agreement and a station owned and operated by us.</font></p> <CENTER><font
size=2>31</font></CENTER>

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 <font size=2> </font> <p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>In the following analysis, we discuss broadcast cash flow, broadcast cash flow margin and after tax cash flow.
Broadcast cash flow consists of operating income before depreciation and amortization, time brokerage agreement fees, corporate general and administrative expenses and gain or loss on sale of assets. Broadcast cash flow margin represents broadcast
cash flow as a percentage of net revenues. After tax cash flow consists of income (loss) before accounting change, plus the following: depreciation and amortization, non-cash compensation expense (which is otherwise included in corporate general and
administrative expenses), deferred taxes, the elimination, net of current taxes, of equity loss from unconsolidated affiliate, any gains or losses on sale of assets, investments and derivative instruments. Although broadcast cash flow, broadcast
cash flow margin and after tax cash flow are not measures of performance or liquidity calculated in accordance with generally accepted accounting principles, we believe that these measures are useful to an investor in evaluating our performance
because they are widely used in the broadcast industry to measure a radio company&#146;s operating performance. However, you should not consider broadcast cash flow, broadcast cash flow margin or after tax cash flow in isolation or as substitutes
for net income, operating income, cash flows from operating activities or any other measure for determining our operating performance or liquidity that is calculated in accordance with generally accepted accounting principles. In addition, because
broadcast cash flow, broadcast cash flow margin and after tax cash flow are not calculated in accordance with generally accepted accounting principles, they are not necessarily comparable to similarly titled measures employed by other
companies.</font></p> <p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>We calculate s</font><i><font size=2>ame station</font></i><font size=2> operating data by comparing the performance of stations operated by us
throughout a relevant period to the comparable performance in the prior year&#146;s corresponding period, adjusted for significant contracts that are accounted for by us as separate business units. For the nine month and three month periods ended
September 30, 2002 and 2001, </font><i><font size=2>same station</font></i><font size=2> operating data was adjusted to reflect a sports contract with the Boston Celtics that was terminated last year and a joint sales agreement with KING-FM that was
terminated as of February 28, 2002. &#147;Same station broadcast cash flow margin&#148; is the broadcast cash flow margin of the stations included in our same station calculations.</font></p> <p align=left><b><font size=2>Critical Accounting
Policies</font></b></p> <p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>Our discussion and analysis of our financial condition and results of operations are based upon our consolidated financial statements, which
have been prepared in accordance with accounting principles generally accepted in the United States. The preparation of these financial statements requires us to make estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements, and the amount of reported revenues and expenses during the reporting period. We base our estimates on historical experience and various
other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily available from other sources. Actual
results may differ from these estimates under different circumstances or using different assumptions.</font></p> <p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>We consider the following policies to be important in
understanding the judgments involved in preparing our financial statements and the uncertainties that could affect our results of operations, financial condition or cash flows.</font></p> <p align=left><i><font size=2>Revenue
Recognition</font></i></p> <p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>We recognize revenue from the sale of commercial broadcast time to advertisers when the commercials are broadcast, subject to meeting certain
conditions such as persuasive evidence that an arrangement exists, the price is fixed and determinable, and collection is reasonably assured. These criteria are generally met at the time an advertisement is broadcast, and the revenue is recorded net
of advertising agency commission.</font></p> <p align=left><i><font size=2>Allowance for Doubtful Accounts</font></i></p> <p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>We must make an estimated allowance for
doubtful accounts for estimated losses resulting from our customers&#146; inability to make payments. We specifically review historical write-off activity by market, large customer concentrations, customer creditworthiness and changes in our
customer payment terms when evaluating the adequacy of the allowance for doubtful accounts. If the financial condition of our customers were to deteriorate, resulting in an impairment of their ability to make payments, then additional allowances may
be required.</font></p> <CENTER><font size=2>32</font></CENTER>

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 <font size=2> </font> <p align=left><i><font size=2>Radio Broadcasting Licenses, Goodwill and Other Intangible Assets</font></i></p> <p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>We
have made acquisitions in the past for which a significant amount of the purchase price was allocated to broadcasting licenses and goodwill assets. As of December 31, 2001, we had recorded approximately $1.2 billion in intangible assets, which
represented approximately 86% of our total assets. The fair value of these assets is dependent on the performance of our stations. In assessing the recoverability of our indefinite-lived intangible assets, we must conduct annual impairment testing
required by SFAS No. 142, which could result in our being required to write down the carrying value of our broadcasting licenses and goodwill in future periods. We completed the transitional non-amortizing intangible asset impairment test for
broadcasting licenses and recorded to the statement of operations, a $138.9 million impairment charge, net of a deferred tax benefit of $92.6 million, under the cumulative effect of accounting change for the nine months ended September 30, 2002. We
also completed the transitional assessment of goodwill and determined that the carrying amount for each of our markets did not exceed the fair value. Since the carrying amount of each market did not exceed the fair value under the transitional
assessment, we do not need to perform the second step of the transitional impairment test and accordingly, we do not expect to record a goodwill impairment charge in 2002. As of September 30, 2002, we had approximately $1.2 billion in intangible
assets, which represented approximately 79% of our total assets.</font></p> <p align=left><i><font size=2>Contingencies and Litigation</font></i></p> <p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>On an on-going
basis, we evaluate our exposure related to contingencies and litigation and record a liability when available information indicates that a liability is probable and estimable. We also disclose significant matters that are reasonably possible to
result in a loss or are probable but not estimable.</font></p> <p align=left><i><font size=2>Estimation of Effective Tax Rates</font></i></p> <p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>We evaluate our effective
tax rates regularly and adjust rates when appropriate based on currently available information relative to statutory rates, apportionment factors and the applicable taxable income in the jurisdictions in which we operate, among other factors.
Certain of our deferred tax assets are comprised of loss carryforwards for federal and state income tax filing purposes for which recovery is dependent on the amount and timing of taxable income we ultimately generate in the future, as well as other
factors. We could recognize no benefit from our deferred tax assets or we could recognize the maximum benefit which is in accordance with our current estimate. Also, tax contingencies are recorded to address potential exposures involving tax
positions we have taken that could be challenged by taxing authorities. These potential exposures result from the varying application of statutes, rules, regulations and interpretations. We believe our estimate of the value of our tax contingencies
is a critical accounting estimate as it contains assumptions based on past experiences and judgments about potential actions by taxing jurisdictions. It is reasonably likely that the ultimate resolution of these matters may be greater or less than
the amount that we have currently accrued.</font></p> <p align=left><b><font size=2>Recent Events</font></b></p> <p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>Effective January 1, 2002, we adopted SFAS No. 142,
&#147;</font><i><font size=2>Goodwill and Other Intangible Assets</font></i><font size=2>&#148; that requires goodwill and certain other intangibles not be amortized. Amortization of costs associated with the acquisition of radio stations has
historically been a significant factor in determining our overall profitability. However, with the adoption of SFAS No. 142, amortization expense was greatly reduced for the nine months and three months ended September 30, 2002, as we discontinued
the amortization of broadcasting licenses and goodwill under the provisions of SFAS No. 142. The amortization expense for broadcasting licenses and goodwill for the nine months and three months ended September 30, 2001, was $24.9 million and $8.3
million, respectively. In addition, under the provisions of SFAS No. 142 we completed the transitional non-amortizing intangible asset impairment test for broadcasting licenses and recorded to the statement of operations, a $138.9 million charge,
net of a deferred tax benefit of $92.6 million, under the cumulative effect of accounting change for the nine months ended September 30, 2002.</font></p> <p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>On February 1,
2002, we entered into an agreement effective as of February 28, 2002, to terminate our joint sales agreement for KING-FM in the Seattle, Washington radio market, that was due to expire on June 30, 2002.</font></p> <CENTER><font
size=2>33</font></CENTER>

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 <font size=2> </font> <p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>On February 8, 2002, we acquired from WCCB-TV, Inc., a subsidiary of Bahakel Communications, Ltd., the assets of
WOZN-FM (formerly WKSI-FM) and WPET-AM, serving the Greensboro, North Carolina radio market, for a purchase price of $20.8 million, of which $1.0 million was paid as a deposit on November 29, 2001 and the balance was financed from borrowings under
our Bank Facility&#146;s Revolver. On December 5, 2001, we began operating these stations under a time brokerage agreement. The closing of this transaction increased our ownership to six radio stations in the Greensboro, North Carolina radio market.
We recorded goodwill of $6.8 million in connection with this purchase. We anticipate that with this acquisition and the stations&#146; position in the market, we can compete more effectively by increasing our cluster share of market
revenues.</font></p> <p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>On February 12, 2002, we entered into an agreement with subsidiaries of Emmis Communications Corporation to acquire the assets of KALC-FM, serving
the Denver, Colorado radio market, for a purchase price of $88.0 million in cash, of which we paid $8.8 million as a deposit on February 15, 2002 and the balance was paid from cash on hand. On March 16, 2002, we began operating this station under a
time brokerage agreement. This transaction closed on May 1, 2002. We recorded goodwill of $45.5 million in connection with this purchase. We anticipate that with the addition of KALC-FM and its position in the market, to the three other stations we
operate in the Denver market, will allow us to compete more effectively by increasing our cluster share of market revenues.</font></p> <p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>On February 27, 2002, we entered
into an underwriting agreement to sell 3,500,000 shares of our Class A common stock. We completed this offering on March 5, 2002 and sold 3,500,000 shares of our Class A common stock at a price per share of $51.25. The underwriting agreement
included an option by the underwriters to purchase within 30 days up to 525,000 additional shares of our Class A common stock to cover over-allotments. On March 6, 2002, the underwriters exercised their option to purchase 525,000 shares of our Class
A common stock at a price per share of $51.25. We completed this offering pursuant to the over-allotment option on March 8, 2002. The net proceeds to us for both offerings, after deducting underwriting discounts and other offering expenses, were
approximately $196.4 million. The proceeds were used to reduce our outstanding indebtedness in the amount of $93.5 million under the Bank Facility&#146;s Revolver, to finance acquisitions and general corporate purposes.</font></p> <p
align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>On February 27, 2002, we entered into an underwriting agreement to sell $150.0 million of 7.625% senior subordinated notes due March 1, 2014. We completed this offering on
March 5, 2002 and received net proceeds of $145.7 million. There were approximately $4.3 million in deferred offering costs recorded in connection with the sale, which are being amortized to interest expense over the life of the notes using the
effective interest rate method. The proceeds were used to finance acquisitions, general corporate purposes and working capital.</font></p> <p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>On May 2, 2002, the Board of
Directors appointed David J. Field, formerly President and Chief Operating Officer, as President and Chief Executive Officer. The position of Chief Executive Officer was formerly held by the Chairman of the Board, Joseph M. Field, who will continue
as Chairman of the Board.</font></p> <p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>On May 2, 2002, the Company recognized non-cash compensation expense of $650,000 for the nine months ended September 30, 2002 in
connection with a modification that extends the exercise period for stock options issued to certain members of the Company&#146;s board of directors who retired on May 2, 2002.</font></p> <p
align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>On June 21, 2002, upon the recommendation by the Audit Committee, the Board of Directors dismissed Arthur Andersen LLP as our independent public accountants and named
PricewaterhouseCoopers LLP as our new independent public accountants.</font></p> <p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>On July 23, 2002, we sold the assets of KQAM-AM in Wichita, Kansas, to ABC, Inc., for
$2.0 million in cash, resulting in a gain of $1.3 million. The sale of this station decreased our ownership to six radio stations serving the Wichita, Kansas radio market.</font></p> <p
align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>On July 24, 2002, we acquired the assets of KOSI-FM and KEZW-AM serving the Denver, Colorado radio market from Tribune for $125.0 million in cash. The source of the funds
used to complete the transaction was as follows: (1) $110.5 million was paid from cash on hand; (2) $12.5 million of the purchase price was applied against an $18.0 million deposit made on January 2, 2002 to Tribune; and (3) $2.0 million was used
from the proceeds of the sale of KQAM-FM. The Option Agreement with Tribune, dated December 24, 2001, provided for the purchase of the assets of KOSI-FM, KEZW-AM and KQMT-FM (formerly KKHK-FM) serving the Denver, Colorado radio market, for a
purchase price of $180.0 million in cash. On May 8, 2002, the Option Agreement was amended to</font></p> <CENTER><font size=2>34</font></CENTER>

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 <font size=2> </font> <p align=left><font size=2>facilitate the closing of KOSI-FM and KEZW-AM for $125.0 million. We recorded goodwill of $71.9 million in connection with this purchase. We anticipate that with the
addition of KOSI-FM and KEZW-AM and their position in the market, to the two other stations we operate in the Denver market, we can compete more effectively by increasing our cluster share of market revenues. A time brokerage agreement, which
commenced for all three stations on February 1, 2002, will continue for KQMT-FM for a period of up to approximately three years at Tribune&#146;s option. Under the amended Option Agreement, we may exercise an option to close on KQMT-FM, for $55.0
million in cash after the earlier of the receipt of a notice from Tribune or December 24, 2005. The closing of KQMT-FM is also conditioned on the approval of the Federal Communications Commission. Assuming the completion of the acquisition of
KQMT-FM from Tribune, we will own four radio stations serving the Denver, Colorado radio market.</font></p> <p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>During August 2002, the managers and members of Local Media
Internet Ventures, LLC (&#147;LMIV&#148;), of which we were an equity holder with an approximate 30% interest, agreed to discontinue operations. Our investment as of December 31, 2001 was $8.7 million and we had recorded cumulative losses of $5.8
million for the periods through December 31, 2001 in the statement of operations under equity loss from unconsolidated affiliate. Our remaining investment in LMIV was written off as of September 30, 2002 and we recorded a loss from unconsolidated
affiliate of $2.9 million and $3.4 million for the nine months ended September 30, 2001 and 2002, respectively, and $1.0 million and $1.5 million for the three months ended September 30, 2001 and 2002, respectively. Included in the equity loss from
unconsolidated affiliate as reflected above for the nine months and three months ended September 30, 2002, were our pro rata share of the costs associated with closing the business, for which a contribution of $0.4 million was paid to LMIV by us on
September 6, 2002.</font></p> <p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>On September 10, 2002, our Chairman, Joseph M. Field, adopted a Planned Diversification Program pursuant to SEC Rule 10b5-1 to sell
through an independent broker-dealer up to one million shares of our Class B common stock over the course of the next twelve months. Upon public sale, the Class B common Stock is automatically converted into shares of our Class A Common Stock. As of
September 30, 2002, 344,000 shares of Class B were sold under the Program and converted into shares of Class A common stock. Assuming the sale of the entire one million shares under the Program, Mr.&nbsp;Field will remain our largest
shareholder.</font></p> <p align=left><b><font size=2>Results of Operations</font></b></p> <p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>Our results of operations represent the operations of the radio stations
owned or operated pursuant to time brokerage agreements or joint sales agreements during the relevant periods. The following is a discussion of our results of operations for the nine months and three months ended September 30, 2002 and, 2001, and
should be read in conjunction with our condensed consolidated financial statements and the related notes included elsewhere in this Form 10-Q.</font></p> <p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>Several
factors affected our results of operations for the nine months and three months ended September 30, 2002 that did not affect the corresponding period of the prior year. During the nine months and three months ended September 30, 2002: (1) we
acquired on July 24, 2002 for $125.0 million two radio stations that on February 1, 2002 we began operating in Denver under a time brokerage agreement, that contributed to higher net revenues, station operating expenses, depreciation and
amortization expense, time brokerage fees and lower interest income; (2) we began operating a radio station on February 1, 2002 in Denver under a time brokerage agreement that contributed to higher net revenues, station operating expenses and time
brokerage fees; (3) we acquired on May 1, 2002 for $88.0 million a radio station in Denver, that on March 16, 2002 we began operating under a time brokerage agreement, that contributed to higher net revenues, station operating expenses, depreciation
and amortization expense, time brokerage fees and lower interest income; (4) we acquired on February 8, 2002 for $20.8 million two radio stations in Greensboro that on December 5, 2001 we began operating under a time brokerage agreement, that
contributed to higher net revenues, station operating expenses, depreciation and amortization and interest expense; (5) we terminated as of February 28, 2002, our joint sales agreement for KING-FM in Seattle, that contributed to lower net revenues
and station operating expenses during 2002; (6) we did not renew our rights to broadcast the Boston Celtics or sell the advertising in these broadcasts under a contract that expired during the second quarter of 2001, that contributed to lower net
revenues and lower station operating expenses during 2002; (7) we received net proceeds of $196.4 million from an equity offering and net proceeds of $145.7 million from the offering of senior subordinated notes, a portion of which the proceeds of
these notes was used for reducing outstanding indebtedness under our Revolver, which resulted in decreased interest expense during 2002; (8) we allowed derivatives</font></p> <CENTER><font size=2>35</font></CENTER>

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 <font size=2> </font> <p align=left><font size=2>designated as cash flow hedges with a total notional amount of $198.0 million to expire during 2002 without entering into new derivatives, which contributed to lower
interest expense during 2002; (9) we wrote down our remaining investment in LMIV and incurred additional costs associated with closing the business, that contributed to a higher equity loss from an unconsolidated affiliate; (10) we discontinued the
amortization of broadcasting licenses and goodwill effective January 1, 2002, which significantly reduced our amortization expense during 2002; and (11) we extended the period of exercise for stock options issued to certain members of the
Company&#146;s board of directors who retired on May 2, 2002, that contributed to higher non-cash compensation costs.</font></p> <p align=left><b><font size=2>Nine months ended September 30, 2002 compared to the nine months ended September 30,
2001</font></b></p> <p align=left><i><b><font size=2>Net Revenues:&nbsp;</font></b></i><font size=2>Net revenues increased 16.1% to $289.4 million for the nine months ended September 30, 2002 from $249.2 million for the nine months ended September
30, 2001. Of this increase, $17.3 million is attributed to our acquisitions of stations in the Denver and Greensboro markets, net of the termination of contracts for KING-FM and the Boston Celtics and the disposition of a Wichita station. On a same
station basis, net revenues increased 9.0% to $270.7 million from $248.4 million. Same station net revenues increased primarily due to: (1) an improvement in the advertising sector of the economy which resulted in increased sales in most of our
markets, with New Orleans, Sacramento and Kansas City contributing most to our overall improvement and, to a lesser extent, (2) comparison to the prior year&#146;s third quarter that included the events of September 11, 2001 whereby radio
advertising was severely curtailed for several days and the postponement in the prior year&#146;s third quarter of a week&#146;s worth of advertising in connection with contracts for sporting events that were moved to the fourth quarter of 2001 due
to the events of September 11, 2001.</font></p> <p align=left><i><b><font size=2>Station Operating Expenses:&nbsp;</font></b></i><font size=2>Station operating expenses increased 11.5% to $170.7 million for the nine months ended September 30, 2002
from $153.0 million for the nine months ended September 30, 2001. Of this increase, $6.5 million is attributed to acquisitions of stations in the Denver and Greensboro markets, net of the termination of contracts for KING-FM and the Boston Celtics
and the disposition of a Wichita station. On a same station basis, station operating expenses increased 6.6% to $160.9 million from $150.9 million. Same station operating expenses increased due to an increase in the variable expenses associated with
the increase in same station net revenues for the reasons described above and an overall increase in promotional expenses, offset by cost reduction efforts.</font></p> <p align=left><i><b><font size=2>Depreciation and Amortization
Expenses:&nbsp;</font></b></i><font size=2>Depreciation and amortization expenses decreased 65.6% to $11.7 million for the nine months ended September 30, 2002 from $34.0 million for the nine months ended September 30, 2001. The decrease was mainly
attributable to the adoption effective as of January 1, 2002 of SFAS No. 142, &#147;</font><i><font size=2>Goodwill and Other Intangible Assets,&#148;</font></i><font size=2> as described more fully in the footnotes to the condensed financial
statements under Recent Accounting Pronouncements. Adoption of this accounting standard had the impact of eliminating our amortization expense for goodwill and broadcasting licenses. For comparison purposes, for the nine months ended September 30,
2001, we recorded amortization expense for goodwill and broadcasting licenses of $24.9 million. We completed the transitional non-amortizing intangible asset impairment test for broadcasting licenses and recorded to the statement of operations, a
$138.9 million charge, net of a deferred tax benefit of $92.6 million, as a cumulative effect of accounting change. We also completed the transitional assessment of goodwill and determined that the carrying amount of each of our markets did not
exceed the fair value. Since the carrying amount of each market did not exceed the fair value under the transitional assessment, we do not need to perform the second step of the transitional impairment test and accordingly, we do not expect to
record a goodwill impairment charge in 2002.</font></p> <p align=left><i><b><font size=2>Corporate General and Administrative Expenses</font></b></i><font size=2>:&nbsp;Corporate general and administrative expenses, which includes non-cash
compensation expense, increased 14.1% to $10.7 million for the nine months ended September 30, 2002 from $9.4 million for the nine months ended September 30, 2001. Exclusive of non-cash compensation expense, corporate general and administrative
expenses increased 7.7% to $9.7 million for the nine months ended September 30, 2002 from $9.0 million for the nine months ended September 30, 2001. The increase was primarily due to inflation, the addition of several new staff positions and the
costs associated with an increase in the number of stations owned or operated during this period as compared to the prior period, partially offset by cost containment measures. Non-cash compensation expense increased 151.1% to $1.0 million for the
nine months ended September 30, 2002 from $0.4 million for the nine months ended September 30, 2001. The increase in non-cash compensation expense was primarily due to the recognition of $0.7 million in non-cash compensation expense from the May 2,
2002 modification of option grants for retiring members of our board of directors.</font></p> <CENTER><font size=2>36</font></CENTER>

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 <font size=2> </font> <p align=left><i><b><font size=2>Interest Expense: </font></b></i><font size=2>Interest expense, including the financing cost of our 6.25% Convertible Preferred Securities Term Income Deferrable
Equity Securities (TIDES) and amortization of deferred financing costs, decreased 11.6% to $25.0 million for the nine months ended September 30, 2002 from $28.2 million for the nine months ended September 30, 2001. The decrease in interest expense
was mainly attributable to (1) the expiration at various times during the nine months ended September 30, 2002 of derivatives designated as cash flow hedges with a total notional amount of $198.0 million that effectively fixed our variable rate debt
between 6.0% and 6.3%; (2) a reduction of $93.5 million in our outstanding indebtedness as of March 5, 2002 from a portion of the cash proceeds from our equity offering; and (3) an overall reduction in interest rates from the prior year period,
offset by the increase in interest expense from the $150.0 million 7.625% Senior Subordinated Notes issued on March 5, 2002.</font></p> <p align=left><i><b><font size=2>Income Before Income Taxes and Accounting Changes:</font></b></i><font size=2>
Income before income tax and accounting changes increased to $61.9 million for the nine months ended September 30, 2002 from $20.5 million for the nine months ended September 30, 2001. The increase in the income before income taxes and accounting
change is mainly attributable to: (1) the impact of eliminating our amortization expense for goodwill and broadcasting licenses which accounted for $24.9 million of our depreciation and amortization expense in the prior year period; (2) improvement
in net revenues, net of an increase in operating expenses, for the reasons described above; and (3) a reduction in interest expense as a result of the factors described above under interest expense, offset by an increase in net expense from time
brokerage agreement fees and an increase in the net loss from derivative instruments.</font></p> <p align=left><i><b><font size=2>Net Income (Loss):</font></b></i><font size=2> We had a net loss of $101.9 million for the nine months ended September
30, 2002 in comparison to net income of $11.6 million for the nine months ended September 30, 2001. The decrease in net income is mainly attributable to a $138.9 million impairment charge, net of a deferred tax benefit of $92.6 million, under the
cumulative effect of accounting change as an accumulated transition adjustment attributable to the adoption on January 1, 2002 of SFAS No. 142, </font><i><font size=2>&#147;Goodwill and Other Intangible Assets&#148;</font></i><font size=2>, which
was offset by a $24.8 million increase in income before accounting changes, for the reasons described above, net of taxes.</font></p> <p align=left><b><font size=2>Other Data</font></b></p> <p align=left><i><b><font size=2>Broadcast Cash
Flow:</font></b></i><font size=2> Broadcast cash flow increased 23.4% to $118.7 million for the nine months ended September 30, 2002 from $96.2 million for the nine months ended September 30, 2001. Of this increase, $10.8 million is attributed to
our acquisitions, net of the termination of contracts for KING-FM and the Boston Celtics and the disposition of a Wichita station. In addition, on a same station basis, broadcast cash flow increased 40.6% to $109.9 million from $97.5 million for the
same reasons that same station net revenues increased, net of an increase in operating expenses, which are described above.</font></p> <p align=left><i><b><font size=2>Broadcast Cash Flow Margin:</font></b></i><font size=2> The broadcast cash flow
margin increased to 41.0% for the nine months ended September 30, 2002 from 38.6% for the nine months ended September 30, 2001. On a same station basis, our broadcast cash flow margin increased to 40.6% from 39.3%. The increase is primarily
attributable to the same reasons that same station net revenues, net of an increase in operating expenses, and same station broadcast cash flow increased, which are described above.</font></p> <p align=left><i><b><font size=2>After Tax Cash
Flow:</font></b></i><font size=2> After tax cash flow increased 19.9% to $75.5 million for the nine months ended September 30, 2002 from $63.0 million for the nine months ended September 30, 2001. The increase in after tax cash flow was positively
affected by: (1) the increase in broadcast cash flow for the reasons described above; (2) the federal and state tax deductions from an increase in amortization and depreciation expense attributable to the purchase of radio station assets during the
current period; and (3) the decrease in interest expense, net of tax, for the reasons described above under interest expense, offset by an increase in time brokerage agreement fees.</font></p> <p align=left><b><font size=2>Three months ended
September 30, 2002 compared to the three months ended September 30, 2001</font></b></p> <p align=left><i><b><font size=2>Net Revenues:</font></b></i><font size=2> Net revenues increased 25.4% to $106.7 million for the three months ended September
30, 2002 from $85.1 million for the three months ended September 30, 2001. Of this increase, $7.3 million is attributed to our acquisitions of stations in the Denver and Greensboro markets, net of the termination of contracts for KING-FM and the
Boston Celtics and the disposition of a Wichita station. On a same station basis, net revenues increased 15.5% to $106.7 million from $92.4 million. Same station net revenues increased primarily due to: (1) an improvement in the</font></p>
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 <font size=2> </font> <p align=left><font size=2>advertising sector of the economy which resulted in increased sales in most of our markets, with Seattle, Portland and Kansas City contributing most to our overall
improvement; (2) comparison to the prior year&#146;s quarter that included the events of September 11, 2001 whereby radio advertising was severely curtailed for several days; and (3) the postponement in the prior year&#146;s quarter of a week&#146;s
worth of advertising in connection with contracts for sporting events that were moved to the fourth quarter of 2001 due to the events of September 11, 2001.</font></p> <p align=left><i><b><font size=2>Station Operating Expenses:</font></b></i><font
size=2> Station operating expenses increased 17.5% to $61.8 million for the three months ended September 30, 2002 from $52.6 million for the three months ended September 30, 2001. Of this increase, $2.7 million is attributed to our acquisitions of
stations in the Denver and Greensboro markets, net of the termination of contracts for KING-FM and the Boston Celtics and the disposition of a Wichita station. On a same station basis, station operating expenses increased 11.3% to $61.8 million from
$55.5 million. Same station operating expenses increased due to an increase in the variable expenses associated with the increase in same station net revenues for the reasons described above, an increase in promotional expenses and a higher than
inflationary increase in general liability and employee group insurance, offset by cost reduction efforts.</font></p> <p align=left><i><b><font size=2>Depreciation and Amortization Expenses:</font></b></i><font size=2> Depreciation and amortization
expenses decreased 61.9% to $4.4 million for the three months ended September 30, 2002 from $11.5 million for the three months ended September 30, 2001. The decrease was mainly attributable to the adoption effective as of January 1, 2002 of SFAS No.
142, &#147;</font><i><font size=2>Goodwill and Other Intangible Assets,&#148;</font></i><font size=2> as described more fully in the footnotes to the condensed financial statements under Recent Accounting Pronouncements. Adoption of this accounting
standard had the impact of eliminating our amortization expense for goodwill and broadcasting licenses. For comparison purposes, for the three months ended September 30, 2001, we recorded amortization expense for goodwill and broadcasting licenses
of $8.3 million.</font></p> <p align=left><i><b><font size=2>Corporate General and Administrative Expenses</font></b></i><b><font size=2>:</font></b><font size=2> Corporate general and administrative expenses, which includes non-cash compensation
expense, increased 17.7% to $3.4 million for the three months ended September 30, 2002 from $2.9 million for the three months ended September 30, 2001. Exclusive of non-cash compensation expense, corporate general and administrative expenses
increased 16.5% to $3.3 million for the three months ended September 30, 2002 from $2.8 million for the three months ended September 30, 2001. The increase was primarily due to inflation, the addition of several new staff positions and an increase
in the costs associated with an increase in the number of stations owned or operated during this period as compared to the prior period, partially offset by cost containment measures. Non-cash compensation expense remained flat at $0.1 million for
the three months ended September 30, 2002 as compared to the three months ended September 30, 2001.</font></p> <p align=left><i><b><font size=2>Interest Expense: </font></b></i><font size=2>Interest expense, including the financing cost of our 6.25%
Convertible Preferred Securities Term Income Deferrable Equity Securities (TIDES) and amortization of deferred financing costs, decreased 5.4% to $8.4 million for the three months ended September 30, 2002 from $8.9 million for the three months ended
September 30, 2001. The decrease in interest expense was mainly attributable to (1) the expiration during 2002 of derivatives designated as cash flow hedges with a total notional amount of $198.0 million, including $60.0 million on July 25, 2002,
that effectively fixed our variable rate debt between 6.0% and 6.3%; (2) a reduction of $93.5 million in our outstanding indebtedness as of March 5, 2002 from a portion of the cash proceeds from our equity offering; (3) an overall reduction in
interest rates from the prior year period, offset by the increase in interest expense from the $150.0 million 7.625% Senior Subordinated Notes issued on March 5, 2002.</font></p> <p align=left><i><b><font size=2>Income Before Income
Taxes:</font></b></i><font size=2> Income before income taxes increased to $25.7 million for the three months ended September 30, 2002 from $6.9 million for the three months ended September 30, 2001. The increase in the income before income taxes is
mainly attributable to: (1) the impact of eliminating our amortization expense for goodwill and broadcasting licenses which accounted for $8.3 million of our depreciation and amortization expense in the prior year period; (2) improvement in net
revenues, net of an increase in operating expenses, for the reasons described above; and (3) a reduction in interest expense as a result of the factors described above under interest expense, offset by an increase in net expense from time brokerage
agreement fees.</font></p> <p align=left><i><b><font size=2>Net Income:</font></b></i><font size=2> Net income increased to $15.4 million for the three months ended September 30, 2002 from $4.1 million for the three months ended September 30, 2001.
The increase in net income is mainly attributable to the factors described above, net of income taxes.</font></p> <CENTER><font size=2>38</font></CENTER>

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 <font size=2> </font> <p align=left><b><font size=2>Other Data</font></b></p> <p align=left><i><b><font size=2>Broadcast Cash Flow:</font></b></i><font size=2> Broadcast cash flow increased 38.1% to $44.9 million for
the three months ended September 30, 2002 from $32.5 million for the three months ended September 30, 2001. Of this increase, $4.6 million is attributed to our acquisitions of stations in the Denver and Greensboro markets, net of the termination of
contracts for KING-FM and the Boston Celtics and the disposition of a Wichita station. On a same station basis, broadcast cash flow increased 21.7% to $44.9 million from $36.9 million for the same reasons that same station net revenues increased,
net of an increase in operating expenses, which are described above.</font></p> <p align=left><i><b><font size=2>Broadcast Cash Flow Margin: </font></b></i><font size=2>The broadcast cash flow margin increased to 42.1% for the three months ended
September 30, 2002 from 38.2% for the three months ended September 30, 2001. On a same station basis, our broadcast cash flow margin increased to 42.1% from 40.0%. The increase is primarily attributable to the same reasons that same station net
revenues, net of an increase in operating expenses, and same station broadcast cash flow increased, which are described above.</font></p> <p align=left><i><b><font size=2>After Tax Cash Flow:</font></b></i><font size=2> After tax cash flow increased
37.4% to $29.6 million for the three months ended September 30, 2002 from $21.5 million for the three months ended September 30, 2001. The increase in after tax cash flow was positively affected by: (1) the increase in broadcast cash flow for the
reasons described above; (2) the federal and state tax deductions from an increase in amortization and depreciation expense attributable to the purchase of radio station assets during the current period; and (3) the decrease in interest expense, net
of tax, for the reasons described above under interest expense, offset by an increase in time brokerage agreement fees.</font></p> <p align=left><b><font size=2>Liquidity and Capital Resources</font></b></p> <p
align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>Historically we have used a significant portion of our capital resources to consummate acquisitions. Generally, these acquisitions are funded from one or a combination of
the following sources: (1)&nbsp;our bank facility (described below); (2) the sale of securities; (3)&nbsp;the swapping of our radio stations in transactions which qualify as &#147;like-kind&#148; exchanges under Section 1031 of the Internal Revenue
Code; (4)&nbsp;internally-generated cash flow; and (5) cash and cash equivalents on hand.</font></p> <p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>Net cash flows provided by operating activities were $65.4 million
and $57.2 million for the nine months ended September 30, 2002 and 2001, respectively. Changes in our net cash flows provided by operating activities are primarily a result of changes in advertising revenues and station operating expenses, which are
affected by the acquisition and disposition of radio stations during those periods. For the nine months ended September 30, 2002, cash flows provided by operating activities were positively affected by an improvement in net revenues, net of station
operating expenses and new stations owned or operated by us during this period, offset by a net increase in outstanding accounts receivable of $18.0 million for the same reasons that cash flows provided by operating activities were positively
affected during this period. For the nine months ended September 30, 2001, cash flows were negatively affected by the general weakness in the advertising sector and the effect of the tragic events of September 11, 2001, whereby radio advertising was
severely curtailed for several days.</font></p> <p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>Net cash flows used in investing activities were $270.3 million and $12.5 million for the nine months ended September
30, 2002 and 2001, respectively. Net cash flows provided by financing activities were $265.2 million for the nine months ended September 30, 2002 and net cash flows used in financing activities were $45.1 million for the nine months ended September
30, 2001. The cash flows for the nine months ended September 30, 2002 reflect acquisitions of radio station assets, deposits for pending acquisitions and the consummation of debt and equity offerings, net of a reduction in outstanding indebtedness.
The cash flows for the nine months ended September 30, 2001 reflect additions to property and equipment, investments consummated and the net increase in payments of long-term debt.</font></p> <p
align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>During February 2002, we filed a universal shelf registration statement with the SEC to offer up to (1) $250.0 million in aggregate offering price of our Class A common
stock and/or preferred stock and (2) $250.0 million in aggregate principal amount or initial accreted value of our debt securities consisting of debentures, notes or other types of debt. Under this shelf registration statement, on February 27, 2002,
we entered into separate equity and debt underwriting agreements for equity and debt offerings and filed prospectus supplements with the SEC. We completed the equity offering on March 5, 2002 and including the underwriters&#146; exercise of their
over-allotment</font></p> <CENTER><font size=2>39</font></CENTER>

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 <font size=2> </font> <p align=left><font size=2>option which was completed on March 8, 2002, we issued $206.3 million of our Class A common stock at a price per share of $51.25 and completed the debt offering on
March 5, 2002, and issued $150.0 million in 7.625% senior subordinated notes due March 1, 2014. We received net proceeds of approximately $196.4 million under the equity offerings and incurred offering expenses of approximately $9.9 million. We
received net proceeds of approximately $145.7 million under the debt offering and incurred offering expenses of approximately $4.3 million. We used a portion of the net proceeds from the March 5, 2002 equity offering to reduce $93.5 million of our
outstanding indebtedness under our credit facility.</font></p> <p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>On a continuing basis, credit rating agencies such as Moody&#146;s Investor Services and Standard and
Poor&#146;s evaluate our debt. As a result of their review, our credit rating could change. Management believes that any significant downgrade in our credit rating could adversely impact on our future liquidity. The effect of a change in the credit
rating includes, but is not limited to, interest rate changes under any future bank facilities, debentures, notes or other types of debt</font></p> <p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>As of September 30,
2002, we had $71.0 million in cash and cash equivalents. During the nine months ended September 30, 2002, we increased our net outstanding debt by $62.6 million as a result of the issuance of $150.0 million of senior subordinated notes, offset by
the net reduction in outstanding indebtedness of $87.4 million. We also acquired radio station assets in the amount of $235.2 million and increased our acquisition deposits and costs in the amount of $30.0 million. As of September 30, 2002, we had
$300.6&nbsp;million of borrowings outstanding under our bank facility in addition to outstanding letters of credit in the amount of $13.9 million and $150.0 million in senior subordinated notes. In September 2002, we repaid $12.2 million of
principal under our term loan that was required to be repaid by December 31, 2002. We expect to use the credit available of $298.9 million under the revolving credit facility, subject to defined revolving commitment reductions as described below and
subject to compliance with the covenants under the bank facility at the time of borrowing, and cash on hand to fund pending and future acquisitions.</font></p> <p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>Under
our universal shelf registration statement, since we did not issue the full amount available, we may from time to time, subject to market conditions, offer and issue debentures, notes, bonds and other evidence of indebtedness in an amount up to
$100.0 million and shares of our Class A common stock and/or preferred stock in an aggregate offering price of up to $43.7 million. Unless otherwise described in future prospectus supplements, we expect to use the net proceeds from any future sale
of securities, if any, registered under this universal shelf registration statement for general corporate purposes, which may include additions to working capital, capital expenditures, repayment or redemption of existing indebtedness, or
acquisitions.</font></p> <p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>In addition to debt service and quarterly distributions under the TIDES, our principal liquidity requirements are for working capital and
general corporate purposes, including capital expenditures, and, if appropriate opportunities arise, acquisitions of additional radio stations. Capital expenditures for the nine months ended September 30, 2002, were $6.3 million. We estimate that an
additional amount of capital expenditures for the balance of 2002 will be between $2.5 and $4.0 million and we anticipate that our capital expenditure needs for 2003 will not differ materially from the current year. We believe that cash on hand and
cash from operating activities, together with available borrowings under our bank facility revolver, should be sufficient to permit us to meet our financial obligations and fund our operations. However, we may require additional financing for future
acquisitions, if any, and we cannot assure you that we will be able to obtain such financing on terms considered favorable by us.</font></p> <p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>We entered into our bank
facility as of December&nbsp;16, 1999, with a syndicate of banks for $650.0&nbsp;million in senior credit consisting of: (1) $325.0 million in a reducing revolving credit facility and (2) $325.0 million in a multi-draw term loan that was fully drawn
as of September 29, 2000. Our bank facility was established to: (1)&nbsp;refinance existing indebtedness; (2)&nbsp;provide working capital; and (3)&nbsp;fund corporate acquisitions. At our election, interest on any outstanding principal accrues at a
rate based on either LIBOR plus a spread that ranges from 0.75% to 2.375% or on the prime rate plus a spread of up to 1.125%, depending on our leverage ratio. Under the bank facility, the reducing revolving credit facility and the multi-draw term
loan mature on September 30, 2007 and reduce on a quarterly basis beginning September 30, 2002 in amounts that vary from $12.2 million to $16.3 million for each loan. We anticipate that we will meet these quarterly debt reduction commitments through
one or more of the following: (1) cash flows from operations; (2) additional permitted borrowings, if any, under the reducing revolving credit facility; (3) cash on hand; and (4) other debt or equity offerings. The bank facility requires that we
comply with certain financial covenants and leverage ratios that are defined terms within the agreement and</font></p> <CENTER><font size=2>40</font></CENTER>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <font size=2> </font> <p align=left><font size=2>compliance with these terms affects our ability to draw down under the revolver. Certain of these financial covenants and leverage ratios include but are not limited to
the following: (1)&nbsp;total debt to operating cash flow, (2)&nbsp;operating cash flow to interest expense, (3)&nbsp;operating cash flow to pro forma debt service and (4)&nbsp;operating cash flow to fixed charges. Management believes we are in
compliance with all of the terms of the agreement. Failure to comply with our financial covenants or other terms of the agreement could result in the acceleration of the maturity of our outstanding debt. The bank facility also provides that through
December 31, 2002, we may solicit incremental loans up to $350.0 million, thereby increasing the bank facility to a total of $1.0 billion. This incremental borrowing is subject to syndicate approval and is governed under the same terms as the
existing bank facility.</font></p> <p align=left><b><font size=2>Summary Disclosures about Contractual Obligations and Commercial Commitments</font></b></p> <p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>The
following tables reflect a summary of our contractual cash obligations and other commercial commitments for the remainder of the year 2002 and thereafter:</font></p>
<table width="100%" cellspacing=0 cellpadding=0>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=bottom width="331" colspan="14"><b><font size=1>Payments due by period</font></b></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td colspan="14"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=bottom width="331" colspan="14"><b><font size=1>(amounts in thousands)</font></b></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td colspan="14"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td valign=bottom align=Left><b><font size=1>Contractual Cash Obligations:</font></b></td>
<td width="8"></td>
<td align=center valign=bottom width="56" colspan="2"><b><font size=1>Total</font></b></td>
<td width="8"></td>
<td align=center valign=bottom width="57" colspan="2"><b><font size=1>10<font size="1">/01</font>/2002</font></b><br> <b><font size=1>to</font></b><br> <b><font size=1>12<font size="1">/31</font>/2002</font></b></td>
<td width="8"></td>
<td align=center valign=bottom width="56" colspan="2"><b><font size=1>1 to 3</font></b><br><b><font size=1>years </font></b></td>
<td width="8"></td>
<td align=center valign=bottom width="58" colspan="2"><b><font size=1>4 to 5</font></b><br><b><font size=1>years </font></b></td>
<td width="8"></td>
<td align=center valign=bottom width="58" colspan="2"><b><font size=1>After 5</font></b><br><b><font size=1>years</font></b></td>
<td width="8"></td> </tr>
<tr>
<td><HR noshade align=Left width="111" size=1 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Long-term debt (1)</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="52"><font size=2>300,938</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="53"><font size=2>8</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="52"><font size=2>186,919</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="54"><font size=2>113,781</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="54"><font size=2>230</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font SIZE=2>TIDES (2)</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="52"><font size=2>125,000</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="52"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>125,000</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Senior subordinated notes (3)</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="52"><font size=2>150,000</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="52"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>150,000</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Operating leases</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="52"><font size=2>53,030</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>1,539</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="52"><font size=2>19,632</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>10,920</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>20,939</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Sports programming</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="52"><font size=2>47,600</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>4,267</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="52"><font size=2>35,909</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>7,424</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>On-air talent</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="52"><font size=2>30,347</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>4,523</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="52"><font size=2>24,266</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>1,357</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>201</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Television advertising</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="52"><font size=2>3,513</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>550</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="52"><font size=2>2,963</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Other operating contracts</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="52"><font size=2>11,282</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>1,790</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="52"><font size=2>9,342</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>150</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><b><font size=2>Total Contractual Cash Obligations</font></b></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="52"><font size=2>721,710</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="53"><font size=2>12,677</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="52"><font size=2>279,031</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="54"><font size=2>133,632</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="54"><font size=2>296,370</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td> </tr></table><br>
<table width="100%" cellspacing=0 cellpadding=0 border=0>
<tr>
<td width="20">&nbsp;</td>
<td valign=top></td>
<td width="10">&nbsp;</td>
<td align=Right valign=top width="20"><font size=2>(1)</font></td>
<td width="10">&nbsp;</td>
<td valign=top><font size=2>Under our bank facility, the maturity on our outstanding debt could be accelerated if we do not maintain certain covenants.</font></td></tr></table><br>
<table width="100%" cellspacing=0 cellpadding=0 border=0>
<tr>
<td width="20">&nbsp;</td>
<td valign=top></td>
<td width="10">&nbsp;</td>
<td align=Right valign=top width="20"><font size=2>(2)</font></td>
<td width="10">&nbsp;</td>
<td valign=top><font size=2>Entercom Communications Capital Trust, our wholly-owned subsidiary pays quarterly calendar distributions. The TIDES represent undivided preferred beneficial ownership interest in the assets of the trust. The trust used
the proceeds from the sale of the TIDES to purchase from us an equal amount of 6.25% Convertible Subordinated Debentures due 2014. Under certain circumstances, the TIDES could be redeemed in cash by us at our option or converted to equity at the
holder&#146;s option.</font></td></tr></table><br>
<table width="100%" cellspacing=0 cellpadding=0 border=0>
<tr>
<td width="20">&nbsp;</td>
<td valign=top></td>
<td width="10">&nbsp;</td>
<td align=Right valign=top width="20"><font size=2>(3)</font></td>
<td width="10">&nbsp;</td>
<td valign=top><font size=2> Entercom Radio, LLC, our wholly-owned subsidiary pays interest semi-annually in arrears on March 1, and September 1, at the rate of 7.625% on Notes in denominations of $1,000 each, due March 1, 2014. Under certain
circumstances, the Notes could be redeemed in cash by us at our option prior to the due date of the Notes.</font></td></tr></table><br> <CENTER><font size=2>41</font></CENTER>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <font size=2><BR> </font>
<table width="100%" cellspacing=0 cellpadding=0>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=bottom width="331" colspan="14"><b><font size=1>Amount of Commitment Expiration Per Period</font></b></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td colspan="14"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=bottom width="331" colspan="14"><b><font size=1>(amounts in thousands)</font></b></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td colspan="14"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td valign=bottom align=Left><b><font size=1>&nbsp;</font></b></td>
<td width="8"></td>
<td align=center valign=bottom width="56" colspan="2"><b><font size=1>Total</font></b><br><b><font size=1>amounts</font></b><br><b><font size=1>committed</font></b></td>
<td width="8"></td>
<td align=center valign=bottom width="57" colspan="2"><b><font size=1>10<font size="1">/01</font>/2002</font></b><br> <b><font size=1>to</font></b><br> <b><font size=1>12<font size="1">/31</font>/2002</font></b></td>
<td width="8"></td>
<td align=center valign=bottom width="56" colspan="2"><b><font size=1>1 to 3</font></b><br><b><font size=1>years</font></b></td>
<td width="8"></td>
<td align=center valign=bottom width="58" colspan="2"><b><font size=1>4 to 5</font></b><br><b><font size=1>years</font></b></td>
<td width="8"></td>
<td align=center valign=bottom width="58" colspan="2"><b><font size=1>After 5</font></b><br><b><font size=1>years</font></b></td>
<td width="8"></td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr>
<td valign=bottom align=Left><b><font size=2>Other Commercial Commitments</font></b></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Letters of Credit (1)</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="52"><font size=2>13,870</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="53"><font size=2>6,200</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="52"><font size=2>7,670</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="54"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="54"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Guarantee (2)</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="52"><font size=2>1,721</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>133</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="52"><font size=2>1,588</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Partnership (3)</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="52"><font size=2>538</font></td>
<td width="8">&nbsp;</td>
<td width="4">&nbsp;</td>
<td>&nbsp;</td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="52"><font size=2>538</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Derivatives (4)</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="52"><font size=2>5,096</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="52"><font size=2>768</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>4,328</font></td>
<td width="8">&nbsp;</td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left>&nbsp;&nbsp;&nbsp;<font size=2>Pending transactions (5)</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="52"><font size=2>74,500</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="53"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="52"><font size=2>74,500</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4">&nbsp;</td>
<td align=right valign=bottom width="54"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="8"></td> </tr>
<tr BGCOLOR="#CCEEFF">
<td valign=bottom align=Left><b><font size=2>Total Other Commercial Commitments</font></b></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="52"><font size=2>95,725</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="53"><font size=2>6,333</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="52"><font size=2>85,064</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="54"><font size=2>&#151;</font></td>
<td width="8">&nbsp;</td>
<td valign=bottom width="4"><font size=2>$</font></td>
<td align=right valign=bottom width="54"><font size=2>4,328</font></td>
<td width="8">&nbsp;</td> </tr>
<tr>
<td></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td>
<td align=center valign=top colspan="2"><HR noshade align=center width="100%" size=3 color="#000000"></td>
<td width="8"></td> </tr></table><br>
<table width="100%" cellspacing=0 cellpadding=0 border=0>
<tr>
<td width="20">&nbsp;</td>
<td valign=top></td>
<td width="10">&nbsp;</td>
<td align=Right valign=top width="20"><font size=2>(1)</font></td>
<td width="10">&nbsp;</td>
<td valign=top><font size=2>Under several different agreements, we are obligated to provide a letter of credit for: (a) a sports contract; (b) a court order in connection with the pending acquisition of KWOD-FM from Royce, as described below under
Part II, Item 1, Legal Proceedings (we cannot determine if and when the transaction might be completed or if we will be permitted to operate the station under a time brokerage agreement); and (c) a general insurance
policy.</font></td></tr></table><br>
<table width="100%" cellspacing=0 cellpadding=0 border=0>
<tr>
<td width="20">&nbsp;</td>
<td valign=top></td>
<td width="10">&nbsp;</td>
<td align=Right valign=top width="20"><font size=2>(2)</font></td>
<td width="10">&nbsp;</td>
<td valign=top><font size=2>We have a contingent liability to the national sales representative of the former owner of one of our markets. This obligation is the responsibility of our current national sales representative and arose in connection
with our acquisition of the stations involved.</font></td></tr></table><br>
<table width="100%" cellspacing=0 cellpadding=0 border=0>
<tr>
<td width="20">&nbsp;</td>
<td valign=top></td>
<td width="10">&nbsp;</td>
<td align=Right valign=top width="20"><font size=2>(3)</font></td>
<td width="10">&nbsp;</td>
<td valign=top><font size=2>Under a partnership agreement, carried as an investment, we are obligated to increase our investment.</font></td></tr></table><br>
<table width="100%" cellspacing=0 cellpadding=0 border=0>
<tr>
<td width="20">&nbsp;</td>
<td valign=top></td>
<td width="10">&nbsp;</td>
<td align=Right valign=top width="20"><font size=2>(4)</font></td>
<td width="10">&nbsp;</td>
<td valign=top><font size=2>At September 30, 2002, we have interest rate transactions outstanding where we agree with other parties to exchange, at specified intervals, the difference between fixed rate and floating rate interest amounts calculated
by reference to an agreed notional amount against the variable debt. The notional amount outstanding at September 30, 2002 was $65.0 million. The marked to market valuation is determined by using quoted market prices from the counter-parties to
these agreements. Under certain circumstances, the interest rate transaction liability of $5.1 million at September 30, 2002, could be due and payable prior to the expiration of the agreements.</font></td></tr></table><br>
<table width="100%" cellspacing=0 cellpadding=0 border=0>
<tr>
<td width="20">&nbsp;</td>
<td valign=top></td>
<td width="10">&nbsp;</td>
<td align=Right valign=top width="20"><font size=2>(5)</font></td>
<td width="10">&nbsp;</td>
<td valign=top><font size=2>We currently have outstanding pending acquisitions to acquire: (1) KQMT-FM from Tribune for a purchase price of $55.0 million, of which $5.5 million of the purchase price was applied against an $18.0 million deposit made
on January 2, 2002 to Tribune and (2) KWOD-FM from Royce for a purchase price of $25.0 million, of which $24.8 million has been placed in an escrow account under a court order (we cannot determine if and when the transaction might be completed or if
we will be permitted to operate the station under a time brokerage agreement).</font></td></tr></table><br> <p align=left><b><font size=2>Recent Accounting Pronouncements</font></b></p> <p
align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>In June 2001, the FASB issued SFAS No. 143, &#147;</font><i><font size=2>Accounting for Asset Retirement Obligations</font></i><font size=2>&#148; that applies to legal
obligations associated with the retirement of a tangible long-lived asset that results from the acquisition, construction, or development and/or the normal operation of a long-lived asset. Adoption of this Statement by us will be effective on
January 1, 2003. We do not believe that the adoption of SFAS No. 143 will materially impact our financial position, cash flows or results of operations.</font></p> <p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>In
April 2002, the FASB issued SFAS No. 145</font><i><font size=2>, </font></i><font size=2>&#147;</font><i><font size=2>Rescission of FASB Statements No. 4, 44, and 64, Amendment of FASB Statement No. 13, and Technical Corrections.</font></i><font
size=2>&#148; SFAS No. 145 rescinds FASB Statement No. 4, &#147;</font><i><font size=2>Reporting Gains and Losses from Extinguishment of Debt,</font></i><font size=2>&#148; and an amendment of that Statement, FASB Statement No. 64,
&#147;</font><i><font size=2>Extinguishments of Debt to Satisfy Sinking-Fund Requirements.</font></i><font size=2>&#148; SFAS No. 145 also rescinds FASB Statement No. 44, &#147;</font><i><font size=2>Accounting for Intangible Assets of Motor
Carriers.</font></i><font size=2>&#148; SFAS No. 145 amends FASB Statement No. 13, &#147;</font><i><font size=2>Accounting for Leases,</font></i><font size=2>&#148; to eliminate an inconsistency between the required accounting for sale-leaseback
transactions and the required accounting for certain lease modifications that have economic effects that are similar to</font></p> <CENTER><font size=2>42</font></CENTER>

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 <font size=2> </font> <p align=left><font size=2>sale-leaseback transactions. SFAS No. 145 also amends other existing authoritative pronouncements to make various technical corrections, clarify meanings, or describe
their applicability under changed conditions. In the past, we have reflected losses from extinguishments of debt an extraordinary items. Under SFAS No. 145, debt extinguishments are often routine, recurring transactions and in most circumstances
would require treatment other than as an extraordinary item. Adoption of SFAS No. 145 by the Company will be effective on January 1, 2003. Any gain or loss on extinguishment of debt that was classified as an extraordinary item in prior periods
presented that does not meet the criteria in Opinion 30 for classification as an extraordinary item shall be reclassified. We do not believe that the adoption of SFAS No. 145 will materially impact our financial position, cash flows or results of
operations.</font></p> <p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>In June 2002, the FASB issued SFAS No. 146, </font><i><font size=2>&#147;Accounting for Costs Associated with Exit or Disposal Activities.&#148;
</font></i><font size=2> The Statement requires that a liability for a cost associated with an exit or disposal activity be recognized when the liability is incurred and improves financial reporting by requiring that a liability for a cost
associated with an exit or disposal activity be recognized and measured at fair value only when the liability is incurred. Adoption of this Statement by us will be effective on January 1, 2003 and will not be retroactive to prior years. We do not
believe that the adoption of SFAS No. 146 will materially impact our financial position, cash flows or results of operations.</font></p> <p align=left><b><font size=2>Regulatory Disclosures</font></b></p> <p
align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>On October 10, 2002 the Federal Communications Commission adopted standards and procedures to allow operation of radio stations using the In Band On Channel
(&#147;IBOC&#148;) digital radio broadcasting system developed by iBiquity Digital Corporation for FM and daytime AM broadcasting. It is anticipated that radio stations will begin installing and operating IBOC systems over the course of the next
several years. The IBOC systems are expected to provide significant improvements in broadcast signal quality for listeners with digital receivers. The installation costs of IBOC equipment at our stations that plan to convert to this system in 2003
are estimated to be $1.0 million and are included in our capital expenditure estimate for 2003.</font></p>
<table width="100%" cellspacing=0 cellpadding=0 border=0>
<tr>
<td valign=top width="60"><b><font SIZE=2>ITEM&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;</font></b></td>
<td valign=top><b><font size=2>
<a name="tx195_3">Quantitative and Qualitative Disclosures About Market Risk</a></font></b></td></tr></table><br> <p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>Under certain bank facility covenants that are
measured periodically, we may be required from time to time to protect ourselves from interest rate fluctuations through the use of derivative rate hedging instruments. As a result, we have entered into interest rate transactions with various banks,
which we call the rate hedging transactions, designed to mitigate our exposure to significantly higher floating interest rates. These transactions are referred to as a &#147;collar&#148; or a &#147;swap&#148;. A collar consists of a rate cap
agreement that establishes an upper limit or &#147;cap&#148; for the base LIBOR rate and a rate floor agreement that establishes a lower limit or &#147;floor&#148; for the base LIBOR rate. Collar agreements covering a rate cap and a rate floor have
been entered into simultaneously with the same bank. Swap agreements require that we pay a fixed rate of interest on the notional amount to a bank and the bank pay to us a variable rate equal to three-month LIBOR. As of September 30, 2002, we have
rate hedging transactions in place for a total notional amount of $65.0 million. The fair value of the rate hedging transactions at September 30, 2002, based upon current market rates, is included as derivative instruments in current liabilities and
other long-term liabilities according to the respective maturity date of the instrument.</font></p> <p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>Our credit exposure under these agreements is limited to the cost of
replacing an agreement in the event of non-performance by our counter-party. To minimize this risk, we select high credit quality counter-parties. We do not anticipate nonperformance by such counter-parties, and no material loss would be expected in
the event of the counter-parties&#146; nonperformance. All of the rate hedging transactions are tied to the three-month LIBOR interest rate, which may fluctuate significantly on a daily basis. The valuation for each of these rate hedging
transactions is affected by the change in the three-month LIBOR rate and the forward interest rate to maturity. Any increase in the three-month LIBOR rate or the forward interest rate to maturity results in a more favorable valuation, while any
decrease in the three-month LIBOR rate or forward interest rate to maturity results in a less favorable valuation for each of the rate hedging transactions. The three-month LIBOR rate and the forward interest rate to maturity at September 30, 2002
was lower as compared to the rate at December 31, 2001. The increase in market value liability of the instruments as of September 30, 2002, was due primarily to a reduction in the forward interest rate to maturity for each of the transactions and a
marginal decrease in LIBOR rates, offset by the expiration of $198.0 million in rate hedging transactions. Effective January 1, 2001, we adopted the Financial Accounting Standards Board&#146;s</font></p> <CENTER><font size=2>43</font></CENTER>

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 <font size=2> </font> <p align=left><font size=2>Statement of Accounting Standards No. 133 entitled </font><i><font size=2>&#147;Accounting for Derivative and Hedging Activities,&#148;</font></i><font size=2> that was
amended by SFAS No. 137 and SFAS No. 138. SFAS No. 133 established accounting and reporting standards for (1) derivative instruments, including certain derivative instruments embedded in other contracts, which are collectively referred to as
derivatives and (2) hedging activities.</font></p> <p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>See also additional disclosures regarding &#147;Liquidity and Capital Resources&#148; made under Item 2
above.</font></p>
<table width="100%" cellspacing=0 cellpadding=0 border=0>
<tr>
<td valign=top width="60"><b><font SIZE=2>ITEM&nbsp;4.&nbsp;&nbsp;&nbsp;</font></b></td>
<td valign=top><b><font size=2>
<a name="tx195_4">Controls and Procedures</a></font></b></td></tr></table><br> <p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>Based on their most recent evaluation, which was completed within 90 days of the filing
of this Form 10-Q, our President and Chief Executive Officer and Executive Vice President and Chief Financial Officer, believe our disclosure controls and procedures (as defined in Exchange Act Rules 13a-14 and 15d-14) are effective. There were not
any significant changes in internal controls or in other factors that could significantly affect these controls subsequent to the date of their evaluation, and there has not been any corrective action with regard to significant deficiencies and
material weaknesses.</font></p> <CENTER><font size=2>44</font></CENTER>

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 <font size=2> </font> <p align=center><b><font size=2>
<a name="tx195_5">PART II</a></font></b></p> <p align=center><b><font SIZE=2>OTHER INFORMATION</font></b></p>
<table width="100%" cellspacing=0 cellpadding=0 border=0>
<tr>
<td valign=top width="60"><b><font SIZE=2>ITEM&nbsp;1.&nbsp;&nbsp;&nbsp;</font></b></td>
<td valign=top><b><font size=2>Legal Proceedings</font></b></td></tr></table><br> <p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>We are from time to time involved in litigation incidental to the conduct of our
business, but we are not a party to any lawsuit or proceeding that, in our opinion, is likely to have a material adverse effect on us.</font></p> <p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>We entered into a
preliminary agreement on February 6, 1996, to acquire the assets of radio station KWOD-FM, Sacramento, California, from Royce International Broadcasting Corporation (&#147;Royce&#148;), subject to approval by the FCC, for a purchase price of $25.0
million. Notwithstanding our efforts to pursue this transaction, Royce has been non-responsive. On July 28, 1999, we commenced a legal action seeking to enforce this agreement. After a trial in November 2001, the California Superior Court ruled that
the February 1996 agreement was enforceable and that the court would order specific performance of the agreement to sell KWOD. On April 30, 2002, the Court issued an Interlocutory Judgment ordering, among other things (i) that Royce sign all
documents necessary to transfer the assets relating to KWOD to us and to complete such transfer in exchange for the $25.0 million purchase price, less the amount of our damages to be determined by the court and (ii) that we place $24.8 million in
cash and a $7.5 million irrevocable standby letter of credit in an escrow account pending the transfer of the KWOD assets, the determination of our damages and the outcome of Royce&#146;s appeal. Royce has filed a petition in the California Court of
Appeals challenging this Interlocutory Judgment. The California Court of Appeals has temporarily stayed the Interlocutory Judgment. We continue to pursue a final judgment for specific performance. We estimate that the impact of an unfavorable
outcome will not materially impact our financial position, results of operations or cash flows. We cannot determine if and when the transaction might be completed.</font></p> <p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font
size=2>In October 1999, The Radio Music License Committee, of which we are a participant, filed a motion in the New York courts against Broadcast Music, Inc. commencing a rate-making proceeding, on behalf of the radio industry, seeking a
determination of fair and reasonable industry-wide license fees. The trial of the rate court proceeding has been adjourned as RMLC and BMI are engaged in settlement discussions, with the outcome of this matter undetermined at this time. The RMLC is
also currently in negotiations with the American Society of Composers, Authors and Publishers (&#147;ASCAP&#148;) on behalf of the radio industry, seeking a determination of fair and reasonable industry-wide license fees. We are currently operating
under interim license agreements with BMI and ASCAP for the periods commencing January 1, 1997 and January 1, 2001, respectively, at the rates and terms reflected in prior agreements. We estimate that the impact of an unfavorable outcome of the
motion against BMI or the current negotiations with ASCAP will not materially impact our financial position, results of operations or cash flows.</font></p> <p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>In December
2000, the U.S. Copyright Office, under the Digital Millennium Copyright Act, issued a final rule that AM and FM radio broadcast signals transmitted simultaneously over a digital communications network, are subject to the sound recording copyright
owner&#146;s exclusive right of performance, resulting in the imposition of license fees for Internet streaming and other digital media. We, along with other broadcasters and the NAB, filed an appeal of this ruling. We ceased Internet streaming of
our broadcast signals in May 2002 and paid a nominal amount in fees on October 20, 2002, covering all obligations for such fees for the period ended August 31, 2002.</font></p>
<table width="100%" cellspacing=0 cellpadding=0 border=0>
<tr>
<td valign=top width="60"><b><font SIZE=2>ITEM&nbsp;2.&nbsp;&nbsp;&nbsp;</font></b></td>
<td valign=top><b><font size=2>
<a name="tx195_6">Changes in Securities and Use of Proceeds</a></font></b></td> </tr></table> <p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>None to report.</font></p>
<table width="100%" cellspacing=0 cellpadding=0 border=0>
<tr>
<td valign=top width="60"><b><font SIZE=2>ITEM&nbsp;3.&nbsp;&nbsp;&nbsp;</font></b></td>
<td valign=top><b><font size=2>
<a name="tx195_7">Defaults Upon Senior Securitie</a></font></b></td> </tr></table> <p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>None to report.</font></p>
<table width="100%" cellspacing=0 cellpadding=0 border=0>
<tr>
<td valign=top width="60"><b><font SIZE=2>ITEM&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;</font></b></td>
<td valign=top><b><font size=2>
<a name="tx195_8">Submission of Matters to a Vote of Security Holders</a></font></b></td></tr></table> <p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>None to report.</font></p> <CENTER><font
size=2>45</font></CENTER>

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<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <font size=2><BR> </font>
<table width="100%" cellspacing=0 cellpadding=0 border=0>
<tr>
<td valign=top width="60" height="21"><b><font SIZE=2>ITEM&nbsp;5.&nbsp;&nbsp;&nbsp;</font></b></td>
<td valign=top height="21"><b><font size=2>
<a name="tx195_9">Other Information</a></font></b></td> </tr></table> <p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>&nbsp;&nbsp;None to report.</font></p>
<table width="100%" cellspacing=0 cellpadding=0 border=0>
<tr>
<td valign=top width="60"><b><font SIZE=2>ITEM&nbsp;6.&nbsp;&nbsp;&nbsp;</font></b></td>
<td valign=top><b><font size=2>
<a name="tx195_10">Exhibits and Reports on Form 8-K</a></font></b></td></tr></table><br>
<table width="100%" cellspacing=0 cellpadding=0 border=0>
<tr>
<td width="39">&nbsp;</td>
<td valign=top width="20"><font size=2>(a)</font></td>
<td width="17">&nbsp;</td>
<td valign=top><font size=2>Exhibits</font></td></tr></table><br>
<table cellspacing=0 cellpadding=0 width="100%" align=center>
<tr>
<td valign=bottom align=center width="31">&nbsp;</td>
<td valign=bottom align=center width="56">&nbsp;</td>
<td valign=bottom align=center width="60"><b><font size=1>Exhibit</font></b><br> <u><b><font size=1>Number</font></b></u></td>
<td valign=bottom align=left width="1075"><u><b><font size=1>Description</font></b></u></td> </tr>
<tr>
<td width="31">&nbsp;</td>
<td width="56">&nbsp;</td>
<td width="60">&nbsp;</td>
<td width="1075">&nbsp;</td> </tr>
<tr>
<td valign=top align=center width="31">&nbsp;</td>
<td valign=top align=center width="56">&nbsp;</td>
<td valign=top align=center width="60"><font size=2>3.01</font></td>
<td valign=top align=left width="1075"><font size=2>Amended and Restated Articles of Incorporation of Entercom Communications Corp. (1)</font></td> </tr>
<tr>
<td width="31">&nbsp;</td>
<td width="56">&nbsp;</td>
<td width="60">&nbsp;</td>
<td width="1075">&nbsp;</td> </tr>
<tr>
<td valign=top align=center width="31">&nbsp;</td>
<td valign=top align=center width="56">&nbsp;</td>
<td valign=top align=center width="60"><font size=2>3.02</font></td>
<td valign=top align=left width="1075"><font size=2>Amended and Restated Bylaws of Entercom Communications Corp. (2)</font></td> </tr>
<tr>
<td width="31">&nbsp;</td>
<td width="56">&nbsp;</td>
<td width="60">&nbsp;</td>
<td width="1075">&nbsp;</td> </tr>
<tr>
<td valign=top align=center width="31">&nbsp;</td>
<td valign=top align=center width="56">&nbsp;</td>
<td valign=top align=center width="60"><font size=2>4.01</font></td>
<td valign=top align=left width="1075"><font size=2>Indenture for the Convertible Subordinated Debentures due 2014 among Entercom Communications Corp., as issuer, and Wilmington Trust Company, as indenture trustee (3)</font></td> </tr>
<tr>
<td width="31">&nbsp;</td>
<td width="56">&nbsp;</td>
<td width="60">&nbsp;</td>
<td width="1075">&nbsp;</td> </tr>
<tr>
<td valign=top align=center width="31">&nbsp;</td>
<td valign=top align=center width="56">&nbsp;</td>
<td valign=top align=center width="60"><font size=2>4.02</font></td>
<td valign=top align=left width="1075"><font size=2>Indenture dated as of March 5, 2002 by and among Entercom Radio, LLC and Entercom Capital, Inc., as co-issuers, the Guarantors named therein and HSBC Bank USA, as trustee (2).</font></td> </tr>
<tr>
<td width="31">&nbsp;</td>
<td width="56">&nbsp;</td>
<td width="60">&nbsp;</td>
<td width="1075">&nbsp;</td> </tr>
<tr>
<td valign=top align=center width="31">&nbsp;</td>
<td valign=top align=center width="56">&nbsp;</td>
<td valign=top align=center width="60"><font size=2>4.03</font></td>
<td valign=top align=left width="1075"><font size=2>First Supplemental Indenture dated as of March 5, 2002 by and among Entercom Radio, LLC and Entercom Capital, Inc., as co-issuers, the Guarantors named therein and HSBC Bank USA, as trustee
(2).</font></td> </tr>
<tr>
<td width="31">&nbsp;</td>
<td width="56">&nbsp;</td>
<td width="60">&nbsp;</td>
<td width="1075">&nbsp;</td> </tr>
<tr>
<td valign=top align=center width="31">&nbsp;</td>
<td valign=top align=center width="56">&nbsp;</td>
<td valign=top align=center width="60"><font size=2>10.01</font></td>
<td valign=top align=left width="1075"><font size=2>Employment Agreement, dated August 6, 2002, between the Registrant and Stephen F. Fisher (4).</font></td> </tr>
<tr>
<td valign=top align=center width="31">&nbsp;</td>
<td valign=top align=center width="56">&nbsp;</td>
<td valign=top align=center width="60">&nbsp;</td>
<td valign=top align=left width="1075">&nbsp;</td> </tr>
<tr>
<td valign=top align=center width="31">&nbsp;</td>
<td valign=top align=center width="56">&nbsp;</td>
<td valign=top align=center width="60">&nbsp;</td>
<td valign=top align=left width="1075">&nbsp;</td> </tr>
<tr>
<td valign=top align=center width="31">&nbsp;</td>
<td valign=top align=center width="56">&nbsp;</td>
<td width="60"> <center> <font size=2>(1)</font> </center> </td>
<td width="1075"><font size=2>Incorporated by reference to our Registration Statement on Form S-1 (File No. 333-61381).</font></td> </tr>
<tr>
<td valign=top align=center width="31">&nbsp;</td>
<td valign=top align=center width="56">&nbsp;</td>
<td valign=top align=center width="60">&nbsp;</td>
<td valign=top align=left width="1075">&nbsp;</td> </tr>
<tr>
<td valign=top align=center width="31">&nbsp;</td>
<td valign=top align=center width="56">&nbsp;</td>
<td width="60"> <center> <font size=2>(2)</font> </center> </td>
<td width="1075"><font size=2>Incorporated by reference to our Quarterly Report on Form 10-Q for the quarter ended March 31, 2002 (File No. 001-14461).</font></td> </tr>
<tr>
<td valign=top align=center width="31">&nbsp;</td>
<td valign=top align=center width="56">&nbsp;</td>
<td width="60">&nbsp;</td>
<td width="1075">&nbsp;</td> </tr>
<tr>
<td valign=top align=center width="31">&nbsp;</td>
<td valign=top align=center width="56">&nbsp;</td>
<td width="60"> <center> <font size=2>(3)</font> </center> </td>
<td width="1075"><font size=2>Incorporated by reference to our Registration Statement on Form S-1 (File No. 333-86843)</font></td> </tr>
<tr>
<td valign=top align=center width="31">&nbsp;</td>
<td valign=top align=center width="56">&nbsp;</td>
<td width="60">&nbsp;</td>
<td width="1075">&nbsp;</td> </tr>
<tr>
<td valign=top align=center width="31">&nbsp;</td>
<td valign=top align=center width="56">&nbsp;</td>
<td width="60"> <center> <font size=2>(4)</font> </center> </td>
<td width="1075"><font size=2>Incorporated by reference to our Quarterly Report on Form 10-Q for the quarter ended June 30, 2002 (File No. 001-14461).</font></td> </tr>
<tr>
<td valign=top align=center width="31">&nbsp;</td>
<td valign=top align=center width="56">&nbsp;</td>
<td width="60">&nbsp;</td>
<td width="1075">&nbsp;</td> </tr> </table>
<table width="100%" cellspacing=0 cellpadding=0 border=0>
<tr>
<td width="39">&nbsp;</td>
<td valign=top width="20"><font size=2>(b)</font></td>
<td width="17">&nbsp;</td>
<td valign=top><font size=2>Reports filed on Form 8-K</font></td> </tr> </table> <p>&nbsp;</p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>On August 7, 2002, we filed a current report on Form 8-K under Item 2 announcing the
completion on July 24, 2002 of our acquisition of two radio stations in the Denver market (KOSI-FM and KEZW-AM) from Tribune Broadcasting Company for $125 million in cash and under Item 7 that no financial statements were required to be filed as a
result of this acquisition.</font></p> <p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>On August 13, 2002, we filed a current report on Form 8-K under Item 9 in connection with Section 906 of the Sarbanes-Oxley Act
of 2002 that provided a certification by the President and Chief Executive Officer and a certification by the Executive Vice President and Chief Financial Officer in connection with the filing of the quarterly report on Form 10-Q of us for the
quarterly period ended June 30, 2002.</font></p> <CENTER><font size=2>46</font></CENTER>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <font size=2> </font> <p align=center><b><font size=2>
<a name="tx195_11">SIGNATURES</a></font></b></p> <p align=left><font size=2>Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly
authorized.</font></p>
<table cellspacing=0 cellpadding=0 align=center>
<tr>
<td valign=bottom align=left width="306"></td>
<td width="15">&nbsp;</td>
<td width="33">&nbsp;</td>
<td valign=bottom align=left width="273"><b><font SIZE=2>ENTERCOM COMMUNICATIONS CORP.</font></b><br><b><font size=1>(Registrant)</font></b></td> </tr>
<tr>
<td valign=bottom align=left width="306"><br> <font size=2>Date:&nbsp;&nbsp;November 12, 2002</font></td>
<td width="15">&nbsp;</td>
<td valign=bottom align=left width="33"><font size=2>&nbsp;</font></td>
<td valign=bottom align=left width="273"><br><font size=2>/s/&nbsp;D</font><FONT SIZE=1>AVID </FONT><FONT SIZE=2>J</FONT><FONT SIZE=1>. </FONT><FONT SIZE=2>F</FONT><FONT SIZE=1>IELD</FONT></TD> </tr>
<tr>
<td width="4"></td>
<td width="4"></td>
<td width="4"></td>
<td align=center valign=top ><HR noshade align=center width="100%" size=1 color="#000000"></td> </tr>
<tr>
<td width="306">&nbsp;</td>
<td width="15">&nbsp;</td>
<td width="33">&nbsp;</td>
<td valign=bottom align=left width="273"><b><font size=1>Name: David J. Field</font></b><br><b><font size=1>Title: President and Chief Executive Officer</font></b></td> </tr></table><br>
<table cellspacing=0 cellpadding=0 align=center>
<tr>
<td valign=bottom align=left width="306"></td>
<td width="15">&nbsp;</td>
<td width="33">&nbsp;</td>
<td width="273">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=left width="306"><br> <font size=2>Date:&nbsp;&nbsp;November 12, 2002</font></td>
<td width="15">&nbsp;</td>
<td valign=bottom align=left width="33"><font size=2>&nbsp;</font></td>
<td valign=bottom align=left width="273"><br><font size=2>/s/&nbsp;S</font><FONT SIZE=1>TEPHEN </FONT><FONT SIZE=2>F</FONT><FONT SIZE=1>. </FONT><FONT SIZE=2>F</FONT><FONT SIZE=1>ISHER</FONT></TD> </tr>
<tr>
<td width="4"></td>
<td width="4"></td>
<td width="4"></td>
<td align=center valign=top ><HR noshade align=center width="100%" size=1 color="#000000"></td> </tr>
<tr>
<td width="306">&nbsp;</td>
<td width="15">&nbsp;</td>
<td width="33">&nbsp;</td>
<td valign=bottom align=left width="273"><b><font size=1>Name: Stephen F. Fisher</font></b><br><b><font size=1>Title: Executive Vice President and Chief Financial Officer</font></b><br><b><font size=1>(Principal Financial and Accounting
Officer)</font></b></td> </tr></table><br> <CENTER><font size=2>47</font></CENTER>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <font size=2> </font> <p align=center><u><b><font size=2>
<a name="tx195_12">CERTIFICATION OF PRESIDENT AND CHIEF EXECUTIVE OFFICER</a></font></b></u></p> <p align=left><font size=2>I,&nbsp;David J. Field, certify that:</font></p> <p align=left><font size=2>1. I&nbsp;have reviewed this quarterly report on
Form 10-Q of Entercom Communications Corp.;</font></p> <p align=left><font size=2>2.&nbsp;Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the
statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report;</font></p> <p align=left><font size=2>3.&nbsp;Based on my knowledge, the financial
statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this
quarterly report;</font></p> <p align=left><font size=2>4.&nbsp;The registrant&#146;s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-14 and
15d-14) for the registrant and we have:</font></p> <p align=left><font size=2>a)&nbsp;designed such disclosure controls and procedures to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made
known to us by others within those entities, particularly during the period in which this quarterly report is being prepared;</font></p> <p align=left><font size=2>b)&nbsp;evaluated the effectiveness of the registrant&#146;s disclosure controls and
procedures as of a date within 90 days prior to the filing date of this quarterly report (the &#147;Evaluation Date&#148;); and</font></p> <p align=left><font size=2>c)&nbsp;presented in this quarterly report our conclusions about the effectiveness
of the disclosure controls and procedures based on our evaluation as of the Evaluation Date;</font></p> <p align=left><font size=2>5.&nbsp;The registrant&#146;s other certifying officers and I have disclosed, based on our most recent evaluation, to
the registrant&#146;s auditors and the audit committee of registrant&#146;s board of directors (or persons performing the equivalent function):</font></p> <p align=left><font size=2>a)&nbsp;all significant deficiencies in the design or operation of
internal controls which could adversely affect the registrant&#146;s ability to record, process, summarize and report financial data and have identified for the registrant&#146;s auditors any material weaknesses in internal controls; and</font></p>
<p align=left><font size=2>b)&nbsp;any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#146;s internal controls; and</font></p> <p align=left><font size=2>6.&nbsp;The
registrant&#146;s other certifying officers and I have indicated in this quarterly report whether or not there were significant changes in internal controls or in other factors that could significantly affect internal controls subsequent to the date
of our most recent evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.</font></p>
<table cellspacing=0 cellpadding=0 align=center>
<tr>
<td valign=bottom align=left width="306"><font size=2>Date:&nbsp;November 12, 2002</font></td>
<td width="15">&nbsp;</td>
<td width="33">&nbsp;</td>
<td width="273">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=left width="306"><font size=2>/s/&nbsp;D</font><FONT SIZE=1>AVID </FONT><FONT SIZE=2>J</FONT><FONT SIZE=1>. </FONT><FONT SIZE=2>F</FONT><FONT SIZE=1>IELD</FONT></TD>
<td width="15">&nbsp;</td>
<td valign=bottom align=left width="33"><font size=2>&nbsp;</font></td>
<td valign=bottom align=left width="273"><br></td> </tr>
<tr>
<td align=center valign=top ><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="4"></td>
<td width="4"></td>
<td width="4"></td> </tr>
<tr>
<td valign=bottom align=left width="306"><b><font size=1>Name: David J. Field</font></b><br><b><font size=1>Title: President and Chief Executive Officer</font></b></td>
<td width="15">&nbsp;</td>
<td width="33">&nbsp;</td>
<td width="273">&nbsp;</td> </tr></table><br> <CENTER><font size=2>48</font></CENTER>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <font size=2> </font> <p align=center><u><b><font SIZE=2>CERTIFICATION OF EXECUTIVE VICE PRESIDENT AND CHIEF FINANCIAL OFFICER</font></b></u></p> <p align=left><font size=2>I,&nbsp;Stephen F. Fisher, certify
that:</font></p> <p align=left><font size=2>1. I&nbsp;have reviewed this quarterly report on Form 10-Q of Entercom Communications Corp.;</font></p> <p align=left><font size=2>2.&nbsp;Based on my knowledge, this quarterly report does not contain any
untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly
report;</font></p> <p align=left><font size=2>3.&nbsp;Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of
operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report;</font></p> <p align=left><font size=2>4.&nbsp;The registrant&#146;s other certifying officers and I are responsible for establishing and
maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:</font></p> <p align=left><font size=2>a)&nbsp;designed such disclosure controls and procedures to ensure that
material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared;</font></p> <p
align=left><font size=2>b)&nbsp;evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures as of a date within 90 days prior to the filing date of this quarterly report (the &#147;Evaluation Date&#148;); and</font></p>
<p align=left><font size=2>c)&nbsp;presented in this quarterly report our conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of the Evaluation Date;</font></p> <p align=left><font
size=2>5.&nbsp;The registrant&#146;s other certifying officers and I have disclosed, based on our most recent evaluation, to the registrant&#146;s auditors and the audit committee of registrant&#146;s board of directors (or persons performing the
equivalent function):</font></p> <p align=left><font size=2>a)&nbsp;all significant deficiencies in the design or operation of internal controls which could adversely affect the registrant&#146;s ability to record, process, summarize and report
financial data and have identified for the registrant&#146;s auditors any material weaknesses in internal controls; and</font></p> <p align=left><font size=2>b)&nbsp;any fraud, whether or not material, that involves management or other employees who
have a significant role in the registrant&#146;s internal controls; and</font></p> <p align=left><font size=2>6.&nbsp;The registrant&#146;s other certifying officers and I have indicated in this quarterly report whether or not there were significant
changes in internal controls or in other factors that could significantly affect internal controls subsequent to the date of our most recent evaluation, including any corrective actions with regard to significant deficiencies and material
weaknesses.</font></p>
<table cellspacing=0 cellpadding=0 align=center>
<tr>
<td valign=bottom align=left width="306"><font size=2>Date:&nbsp;November 12, 2002</font></td>
<td width="15">&nbsp;</td>
<td width="33">&nbsp;</td>
<td width="273">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=left width="306"><br><font size=2>/s/&nbsp;S</font><FONT SIZE=1>TEPHEN </FONT><FONT SIZE=2>F</FONT><FONT SIZE=1>. </FONT><FONT SIZE=2>F</FONT><FONT SIZE=1>ISHER</FONT></TD>
<td width="15">&nbsp;</td>
<td valign=bottom align=left width="33"><font size=2>&nbsp;</font></td>
<td valign=bottom align=left width="273"><br></td> </tr>
<tr>
<td align=center valign=top ><HR noshade align=center width="100%" size=1 color="#000000"></td>
<td width="4"></td>
<td width="4"></td>
<td width="4"></td> </tr>
<tr>
<td valign=bottom align=left width="306"><b><font size=1>Name: Stephen F. Fisher</font></b><br><b><font size=1>Title: Executive Vice President and Chief Financial Officer</font></b><br><b><font size=1>(Principal Financial and Accounting
Officer)</font></b></td>
<td width="15">&nbsp;</td>
<td width="33">&nbsp;</td>
<td width="273">&nbsp;</td> </tr></table><br> <CENTER><font size=2>49</font></CENTER>
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