1. © 2008 Borrell Associates Inc. Upcoming Reports for 2008/2009 September 4, 2008 TVB Annual Forecasting Conference Gordon Borrell, CEO, Borrell Associates Inc.

2. © 2008 Borrell Associates Inc. Local vs. National Online Advertising Source: Borrell Associates Inc., as of Q1 2008 data

3. © 2008 Borrell Associates Inc. Local Interactive Spending through 2013

4. © 2008 Borrell Associates Inc. Local Video Dominates by 2013 Source: Borrell Associates 2008 $14.1 $23.0 + 5x - 43%

5. © 2008 Borrell Associates Inc. Local TV Interactive Revenues through 2010 +50%

6. © 2008 Borrell Associates Inc. 2007 TV Interactive Revenue By Market Size Source: Borrell Associates Inc. n=613

7. © 2008 Borrell Associates Inc. Fourth Annual Benchmarking Report Benchmarking Local TV Interactive Advertising Revenues Expenses # of salespeople $ from video streaming $ from banners $ from “up-selling” $ from mobile adv. ? ? ? January 2009

8. © 2008 Borrell Associates Inc. Interactive Advertising How-To Report Benchmarking Top performers Video streaming Mobile advertising Email advertising Banner advertising Branded vs. separate sites ? ? ? November 2008 How to Increase Interactive Advertising NOW

9. © 2008 Borrell Associates Inc. New Local Brands Are Emerging

10. © 2008 Borrell Associates Inc. CAGR High for TV Sites Revenue ($ billions)*CAGR** Website Type2002200320042005200620072008 Local Online$1.7$2.1$2.7$4.8$5.7$8.7$13.140.5% Local Newspapers0.660.811.22.02.63.13.733. 5% Local TV0.060.080.120.280.450.771.1667.2% Local RadioN/A0.020.030.060.130.190.2669.9%

11. © 2008 Borrell Associates Inc. Web Site Valuation Multiples Average Website Valuation by Type Newspaper Local Television Local Radio Pure- Play Estimated Values (000s)$25,463$4,167$5,646$9,793 2008 Rev. Multiple5.87.47.75.6 2008 Cash Flow Multiple11.517.417.312.4

12. © 2008 Borrell Associates Inc. Thank You! Gordon Borrell gborrell@borrellassociates.com