ITN Networks Board Meeting March 11, 2009

Financials 2008 Financial Recap The year-end audit is in partner review at Weiser LLP. Other than minor reclassifications, there should be no change to the reported EBITDA. The final report should be issued by the end of March. The year finished with Gross Rev of $234.6m, 30.5% Station Profit Margin and the Year End EBITDA of $32.5m. Voluntary Senior Debt Prepayment of $6.25m in ’08, $15.75m since inception The Leverage Ratio is 2.37 (Pass Covenant) max is 5.35 The Interest Coverage Ratio is 4.48 (Pass Covenant) min is 1.80 The Fixed Charge Coverage Ratio is 1.33 (Pass Covenant) min is 0.90, definition changed to include change in working capital

Financials 2008 by Qtr

Financials 2008 Credit and Covenants Analysis by Qtr

Financials 2009 Financial Discussion The 4 th Qtr effect on ‘09 The decision to over deliver was made initially for covenant reasons, by over delivering the 4 th qtr we are essentially moving ebitda from ‘08 to ‘09. We began to experiment with station group deals and shorter rotation buys. This experimentation led to new buy lines that were not fully utilized at each station and subsequently increased our inventory base. The new buy lines in some cases would provide higher ratings enabling us to further compete on value and not a lowest cost basis. 1 st Qtr Details The options were firmed up in the 4 th qtr, prior to the continued decline of the economy. Canceled March Station orders to improve profit and take advantage of the soft local market by leveraging March and the 2 nd Qtr combined. Take advantage of low CPM’s by increasing the over delivery carried forward from $2.8m (end of 4Q) to $6.4m. This was an extremely difficult task since you had to estimate what future options would be taken so that you do not waste over delivery. The second Qtr “Roll Back” offer resulted in scatter deals that totaled over $9m.

Financials 2009 Financial Discussion 2 nd Qtr Details The offer of “Roll Backs” to clients were well received. The cancellation of % of the options on a client basis was a reality so being proactive resulted in maintaining a good portion of our booked revenue. Initial offer of 10% Roll Back on optionable dollars did not gain the traction we had hoped, so in many cases we reset the 2 nd & 3 rd qtr upfront. Change in Buying Execution, creating minimal bases supplemented by high close in buying, creates a dynamic risk/reward only to be executed in a soft market. The close in buying takes advantage of distressed/opportunistic inventory while closely monitoring indexing, coverage and the possibility of local tightening on a market by market basis. Planners must effectively execute & maintain the national unit structure based on this new degree of complexity, while dealing with a different station weighting metrix, resulting in more volatile conversions. This is the Qtr where the bulk of the over delivery will be realized based on its high CPM. Schedules are adjusted to realize prior over delivery to maximize profit, while still maintaining the integrity of the contractual parameters sold. ITN’s proactive position of Roll Backs should put us in a priority placement for Scatter budgets.

Financials 2009 Financial Discussion 3 rd Qtr Details Options are estimated at the 2 nd Qtr option % applied to the optionable dollars, and that estimated scatter will be equal to 1Q of $9m. We have not bought the third qtr but based on over delivery and our 2 nd qtr negotiations we are estimating the profit margin to be slightly higher than ’08, if the 2 nd qtr buying initiative gains traction and optionable dollars are secured. Continue minimal base buys supplemented with close in buying while cautiously monitoring to see if the local market shows signs of tightening. 4 th Qtr Details The Billing is based on 80% of 4 Q ‘08 upfront in addition to the same scatter as 4 Q ‘08. Profit Margin is based on the ‘09 budget until we begin the 09/10 upfront negotiations.

Financials 2009 Tracking

Financials 2009 Forecast by Qtr

Financials 2009 Credit and Covenants Analysis by Qtr