Midyear Media Review June 24, 2003 New York Midyear Media Review June 24, 2003 New York

Business is Solid Consolidated revenue grew nearly 6% in May Publishing +3% TV +12% Positive trends continue Publishing: improving in June TV: Q2 on plan Consolidated revenue grew nearly 6% in May Publishing +3% TV +12% Positive trends continue Publishing: improving in June TV: Q2 on plan

Cash flow: $1.6B Free cash flow: $800M Debt: $2.5B by the end of year Debt/operating cash flow: 1.5X Cash flow: $1.6B Free cash flow: $800M Debt: $2.5B by the end of year Debt/operating cash flow: 1.5X 2003: Financially Well-positioned

June 2 nd FCC Ruling Cross-ownership ban effectively eliminated TV ownership cap now 45% Restrictions on two-station clusters loosened TRB in compliance in all our markets Cross-ownership ban effectively eliminated TV ownership cap now 45% Restrictions on two-station clusters loosened TRB in compliance in all our markets

Simple Consistent Strategy Operate strong mass-media franchises in major markets Extend existing brands, develop new products Share content, cross promote brands, cross sell advertising among our businesses Operate strong mass-media franchises in major markets Extend existing brands, develop new products Share content, cross promote brands, cross sell advertising among our businesses

Value of Local Mass Media

Major Market Local Mass Media Top 3 Markets: 16% total U.S. population 25% HH incomes $150,000+

Jack Fuller President, Tribune Publishing Jack Fuller President, Tribune Publishing

Tribune Publishing Well positioned for return of Help Wanted advertising Success of preprint strategy New product development Well positioned for return of Help Wanted advertising Success of preprint strategy New product development

Impact of Economic Downturn Tribune Newspaper Help Wanted Revenues $300M $600M

Jun-90Jun-89Jun Recession Current trend remains below 1991 recovery Job Creation: YOY Change Current Recession Mar-01 Mar-00 Mar-02Mar-03

Labor Force Demand Labor Available Labor Needed Shortage of 3 million employees Million 2008

Print + Online = Powerful Combo Source: 2002 Gallup Poll of Media Usage & Consumer Behavior 85% of job seekers would use a newspaper in their job search

CareerBuilder FlexAds Integrated print and online solution Tremendous local reach Monster & HotJobs can’t compete 25% conversion rate Tremendous local reach Monster & HotJobs can’t compete 25% conversion rate

Consumer Promotion Works +46 % Q4 – Q1 Unique Visitors

Sources: The Media Audit Dec ‘02-Jan ‘03; CareerBuilder net audience estimated with print sectional audience from Gallup Poll of Media Usage 2001 and online internal Sage measurement; Chicago job counts from 3/24/03, jobs posted in past seven days; CareerBuilder online jobs include newspaper upsells. Chicago Comparison 1.6M.8M Twice as many job seekers Monster CareerBuilder Print/Online

Chicago Comparison Advertisers get BOTH print and online for only $55 more $360 Print & Online $305 Online Only Monster CareerBuilder Print/Online Sources: The Media Audit Dec ‘02-Jan ‘03; CareerBuilder net audience estimated with print sectional audience from Gallup Poll of Media Usage 2001 and online internal Sage measurement; Chicago job counts from 3/24/03, jobs posted in past seven days; CareerBuilder online jobs include newspaper upsells.

Blue Collar Job Count Over 75% of U.S. jobs Monster CareerBuilder Print/Online 2,508 1,385 Blue Collar postings in Chicago Corzen, Inc. job counts for the week of 6/15/03

Blue Collar Job Segment Over 75% of U.S. jobs

Continued Preprint Growth Preprint revenue up 31% past 5 years $550M in % market share in many markets Preprint revenue up 31% past 5 years $550M in % market share in many markets

Continued Preprint Growth Market share up 2% to 33% Market share up 4% to 71% $227M Market $400M Market

New products – LA Distinction Luxury magazine targeting affluent Los Angelenos September launch

Newsday Distinction Launched in 1996 High-end lifestyle magazine Controlled circulation Highly targeted: $150,000+

New products – RedEye

RedEye on Target Average reader is younger, more affluent than readers of Sun Times or Chicago Reader Over 170 new local accounts Average reader is younger, more affluent than readers of Sun Times or Chicago Reader Over 170 new local accounts

Success in New York

#1 Spanish-language daily in New York Daily circulation up 21% 91,000 daily circulation #1 Spanish-language daily in New York Daily circulation up 21% 91,000 daily circulation

Positioned for Growth Integrated print/online Help-Wanted products Preprint investments paying off Cost-efficient & demographically targeted new products Integrated print/online Help-Wanted products Preprint investments paying off Cost-efficient & demographically targeted new products

Patrick Mullen President, Tribune Broadcasting Patrick Mullen President, Tribune Broadcasting

1991: 6 Stations Building Scale

2003: 26 Stations in 22 top markets

8 of Top 10 Markets 40% of U.S. Households Tribune TV: Distribution  Los Angeles Chicago Dallas New York Boston Philadelphia Washington, D.C. Atlanta San Diego Sacramento Indianapolis Denver Miami Houston Hartford Seattle St. Louis Portland Grand Rapids Harrisburg Albany New Orleans  18 of Top 30

Growth Strategies Tribune TV: Focus on Top 30 Markets 54% of all TV households 64% of spot revenue Acquisitions

Tribune TV: Growth Strategies Build 2-station Clusters Existing markets Focus on Top 30 Markets

St. Louis #22 Indianapolis#25Portland#23 Television Group Expansion

Growth Strategies Tribune TV: Superstation WGN National cable channel Build 2-station Clusters Focus on Top 30 Markets

Build 2-station Clusters Growth Strategies Tribune TV: Tribune Entertainment Focus on Top 30 Markets Superstation WGN Barter Syndication

Leading Program Buyer Access to best syndicated shows Flexible licensing Early & late fringe account for over 40% of station revenue Benefits of Scale 5 th Largest Station Group

Television Network CPM increases over 20% Best of ANY network Year to date +17% Adults % Adults $710M in upfront sales Fastest growing network in November, February and May Sweeps! Tribune delivers over 50% of network’s prime-time audience

Two-Station Clusters Seattle New Orleans Hartford Indianapolis

Two-Station Cluster Advantages Shared facilities Backroom operations Cross-promotion Coordinated selling

Two-Station Cluster Advantages “Market Licenses” Provides flexibility to air shows on either or both stations

TV Group Cash Flow Margins + 8 pts. Since % 42%

Valuable National Assets 57+ million homes 57+ million homes Dual revenue stream Dual revenue stream

Valuable National Assets

Cross-selling  Content Sharing  Cross-promotion $70M incremental revenue – over HALF from cross-media advertising sales in 2002 Creating Cross-media Value

Dennis FitzSimons President and CEO Dennis FitzSimons President and CEO

Be a leader in TV consolidation Expand national footprint Continue to build two-station clusters Grow market share Grow our newspaper business Leverage brands, infrastructure Win in Classifieds: print and online Create value with interactive Continued financial discipline Be a leader in TV consolidation Expand national footprint Continue to build two-station clusters Grow market share Grow our newspaper business Leverage brands, infrastructure Win in Classifieds: print and online Create value with interactive Continued financial discipline Tribune Strategies

Ad Recovery Potential

Midyear Media Review June 24, 2003 N e w Y o r k Midyear Media Review June 24, 2003 N e w Y o r k