ITN Networks Board Meeting June 4, 2008

Financials 2008 Financial Discussion 1Q The qtr is final and has been reported to the bank group. The actual leverage ratio is 4.31 which will reduce the applicable margin on our loans by 50 basis points. The EBITDA increased by $.3m from the last board meeting. The revenue was $.8m lower than budget, station pm was 24.0% compared to the budget of 18.0%, SG&A is $.2m higher than budget (timing issue, should be in line with budget). EBITDA was $6.7m, an increase of 76.3% over the budget of $3.8m. The increase in Margin and EBITDA is due to the EV initiative started in 4Q ’07. Obtaining information earlier has enabled ITN to act upon market trends and opportunities by making adjustments to lineups in flight to maximize profits. There was $6.0m of over delivery that could be realized in future qtrs. 2Q The forecast is based on actual booked revenue and rating information through May with an updated estimate used for June. Station costs are updated through May based on EV, for June we are using negotiated buy lines. SG&A has been updated to include any current information. The revenue projects to be $1.4m higher than budget, station pm projects to be 35.9% compared to the budget of 21.5%, SG&A is $.4m higher than budget partly due to increased broadband expenses ($.2m/qtr). EBITDA projects to be $15.6m, an increase of 136.4% over the budget of $6.6m. The increased revenue is due to the continued demand for ITN’s News and Branded Entertainment Networks. The increase in Margin and EBITDA is due to the EV initiative started in 4Q ’07. Obtaining information earlier has enabled ITN to act upon market trends and opportunities by making adjustments to lineups in flight to maximize profits. Another factor is the 4Q & 1Q over delivery which gets realized as we cut lineups to bring YTD delivery down to 100%.

Financials 2008 Financial Discussion 3Q The forecast is based on actual billing booked. The scatter market is on hold until after the upfront. We currently have $6.8m in scatter compared to $28.5m for ’07. Options are complete and there were 37.4% exercised compared to 29.1% in ’07. Ratings and Station costs have been updated to include current trends and negotiated buy lines. SG&A has been updated to include current information. The revenue projects to be $15.0m lower than budget, station pm projects to be 30.5% compared to the budget of 18.6%, SG&A is $.1m lower than budget while still including broadband expenses of $.2m. EBITDA projects to be $5.6m, an increase of 69.7% over the budget of $3.3m. The revenue decrease is due to the current state of the economy which is expected to cause a reduction in consumer advertising. The increase in Margin and EBITDA is due to the EV initiative started in 4Q ’07. Obtaining information earlier has enabled ITN to act upon market trends and opportunities by making adjustments to lineups in flight to maximize profits. 4Q A conservative estimate is being used until we get better visibility with the Upfront The forecast is based on historical trends and is prior to any upfront activity. Station costs are based on 4Q ’07 and then factoring in 1-3Q ’08 activity and trends. The revenue projects to be $30.5m lower than budget, station pm projects to be 27.0% compared to the budget of 18.8%, SG&A is $.3m lower than the budget while still including broadband expenses of $.2m. EBITDA projects to be $1.4m, a decrease of 60.0% from the budget of $3.5m. The revenue decrease is due to the current state of the economy as well as a shift in strategy by Pfizer moving away from the Late News daypart. The decrease in EBITDA is tied to lower revenue forecast.

Financials 2008 Financial Discussion When we report on the 2nd qtr with a projected leverage ratio of 2.82 we will see the applicable margin for our loans go down by 100 basis points. While we have lowered our Senior interest to 5.3%-5.6% (inclusive of the 3.0% margin) we still pay a fixed rate of 14.5% on the Mezz financing. Currently looking into an Interest rate Cap to provide protection on $30-$40m. Projected Voluntary Senior Debt Prepayment of $7.5m in ’08, $17.0m since inception. There will be over $2m in cash at year end but it may be needed in ’09.

2008 Full Year by Qtr

Financials 2008 Forecast by Qtr

Financials 2008 Credit and Covenants Analysis by Qtr