EX-99.C.I

P R OJ EC T T OP H A T

Disclaimer

The information herein has been prepared by Lazard Freres & Co. LLC (“Lazard”) based upon information supplied by The Head Corporation (“Head”) or publicly available, and portions of the information herein may be based upon certain statements, projections and forecasts provided by Head with respect to the anticipated future performance of Hat Television (“Hat’). We have relied upon the accuracy and completeness of the foregoing information, and have not assumed any responsibility for any independent verification of such information or any independent valuation or appraisal of any of the assets or liabilities of Hat or any other entity, or concerning solvency or fair value of Hat or any other entity. With respect to financial forecasts, we have assumed that they have been reasonably prepared on bases reflecting the best currently available projections and judgments of management of Head and Hat as to the future financial performance of Hat; we assume no responsibility for and express no view as to such forecasts or the assumptions on which they are based. The information set forth herein is based upon economic, monetary, market and other conditions as in effect on, and the information made available to us as of, the date hereof, unless indicated otherwise. These materials and the information contained herein are confidential and may not be disclosed publicly or made available to third parties without the prior written consent of Lazard. Lazard has been retained to provide financial advice to Head, and will not be responsible for and will not provide any tax, accounting, actuarial, legal or other specialist advice.

P R OJ EC T T OP H A T I HA T: M AR KE T C API T A LI Z A TI O N A N D T R ADI N G D Y N AMI CS

Hat: Market Capitalization and Multiples

($ in millions, except per share data)

Summary Capitalization

Stock Price (as of 8/21/07) $20.01

% 52 week high 71.1% % 52 week low 107.0% Class A & B Basic Shares Out. 93.9

Dilution From Options & RSU 0.0

Dilution From Capital Trust Notes 0.0

Diluted Shares Outstanding 93.9 Equity Market Capitalization $1,879

Revolving Credit Facilities $ 100

Senior Notes ^(a) 407

Private Placement Debt 360

Capital Trust Notes ^(b) 134

Capital Lease Obligations 0

Plus: Total Debt/Preferred (6/30/07) $1,001 Less: Cash and Cash Equivalents ^(c) ($33) Enterprise Value $2,847

Less: Investments (@ Book Value) (42)

Adjusted Enterprise Value $2,805

Options Outstanding

# of Wt. Avg. Dilution Options Ex. Price Effect

2.207 $19.57 0.049

2.345 24.08 0.000

4.092 25.80 0.000

0.148 28.87 0.000

0.014 36.44 0.000

0.167 25.62 0.000

Total 8.973 0.049

Trading Multiples (Hat Mgmt. Est.)

Enterprise Value as a Multiple of:

06/07 Average Revenue $ 786 3.57x 07/08 Average Revenue 807 3.48

06/07 Average BCF $ 304 9.2x 07/08 Average BCF 309 9.1

06/07 Average EBITDA ^(d) $ 266 10.5x 07/08 Average EBITDA ^(d) 274 10.3

Price as a Multiple of:

06/07 Average FCFS ^(e) $0.85 23.6x 07/08 Average FCFS ^(e) 0.97 20.7

Source: Company filings, Hat Projections provided by Head and FactSet.

(a) Includes $125 million principal amount of 7.0% senior notes due November 2007, $166 million principal amount of 7.0% senior notes due 2018 and $116 million principal amount of 7.5% senior notes due 2027. (b) Convertible into 5.128 million Class A common stock. (c) Includes $0.07 quarterly cash dividend per share, paid July 15, 2007. (d) EBITDA after non-cash stock-based compensation expense and excluding equity income from unconsolidated investments. (e) FCFS = (Net Income excluding equity income from unconsolidated investments + D&A – Capital Expenditures) / Fully Diluted Shares Outstanding.

P R OJ EC T T OP H A T I HA T: M AR KE T C API T A LI Z A TI O N A N D T R ADI N G D Y N AMI CS

Hat: Stock Price Performance (Last 3 Years)

Float and Liquidity (inmillions)

Public Float 22.445

Toatl Shares Outstanding 93.923

Volume Statistics (shares in millions)

Avg. Daily Volume (LTM) 0.124

%Total Shares Outstanding 0.1% %of Float 0.6% Avg. Monthly Volume (LTM) 3.760

%of Total Shares Outstanding 4.0% %of Float 16.8% Volume Volume Weighted Unweighted Weighted Unweighted Current (08/21/07) $20.01 $20.01 Last 6-month Avg. $24.26 $24.95 3-Year Average 24.31 24.50 Last 3-month Avg. 23.04 23.42 LTM Average 24.37 24.87 Last 2-month Avg. 21.61 22.23 LTM High 27.87 27.87 Last 1-month Avg. 20.65 20.88 LTM Low 19.74 19.74

Source: FactSet. Note: Hat (post the August 29, 1997 merger) reached an all-time high closing price of $40.00 on June 30, 1998 and an all-time low closing price of $16.70 on October 19, 2001. (a) Television index includes the “pure play” television comparables of Gray, Young, Fisher and Sinclair, and excludes Nexstar and LIN Television which announced on May 17, 2007 and May 18, 2007, respectively, that each company would explore strategic alternatives.

P R OJ EC T T OP H A T I HA T: M AR KE T C API T A LI Z A TI O N A N D T R ADI N G D Y N AMI CS

Hat: Stock Price Performance (Last 12 Months)

Price $30.00

High (4/17/07): $27.87 22 Nov 06 29 Mar 07
Low (8/16/07): $19.74 Announced Director Michael Declared quarterly cash dividend of E. Pulitzer to retire from $0.07 per share

4 Jun 07

Board in May 2007

Signed TV content revenue-

31 Aug 06 sharing agreement with Completion of YouTube WKCF-TV acquisition for $217.5 million 25.00 23 Fev 07

Announced FY06 27 Apr 07 19 Dec 06 results and EPS of Announced Michael Gay $1.06 vs. $0.88 per 1Q07 results named share (excl. special and EPS of Executive items) a year earlier $0.05 vs. $0.14 $21.94 Producer of per share a 26 Oct 06 Digital Media 13 Apr 07 year earlier Announced Content Reaffirmed FY07 revenue 3Q06 results and guidance in the range of $754 -

20.00 EPS of $0.18 vs. $778m $20.01 7 Dec 06 4 May 07 $0.13 per share a Declared Declared 30 Aug 06 year earlier quarterly cash quarterly cash Jacques Natz dividend of dividend of $0.07 named Director $0.07 per per share of Digital Media share 26 Jul 07

Content

Announced 2Q07 results and EPS of $0.18 vs. $0.27 per share a year earlier, and provided revised guidance 15.00

21 Aug 06 20 Nov 06 19 Feb 07 21 May 07 21 Aug 07

Source: FactSet, Company press releases and Factiva.

P R OJ EC T T OP H A T I HA T: M AR KE T C API T A LI Z A TI O N A N D T R ADI N G D Y N AMI CS

Hat: Stock Price Trading Analysis (Last One Month)

PERCENT OF VOLUME WHICH TRADED IN EACH STOCK PRICE RANGE

70.0%

63.7% 60.0

50.0 Volume Weighted Avg. Last One Month: $20.65 Unweighted Avg. Last One Month: 20.88
40.0

Total Trading Volume (in millions): 5.66

30.0

17.1% 20.0

12.3% 10.0 4.3% 2.5% 0.0 $19.00-20.00 $20.01-21.00 $21.01-22.00 $22.01-23.00 $23.01-24.00

PERCENT OF VOLUME WHICH TRADED BELOW EACH STOCK PRICE

125.0%

100.0% 100.0 93.2% 88.9% 76.8% 75.0

50.0 25.0 16.8% 0.0 $20.00 $21.00 $22.00 $23.00 $24.00

Source: FactSet.
Note: As of August 21, 2007.

P R OJ EC T T OP H A T I HA T: M AR KE T C API T A LI Z A TI O N A N D T R ADI N G D Y N AMI CS

Hat: Stock Price Trading Analysis (Last 12 Months)

PERCENT OF VOLUME WHICH TRADED IN EACH STOCK PRICE RANGE

30.0% Volume Weighted Avg. Last 12 Months: $24.37 24.7% Unweighted Avg. Last 12 Months: 24.87 22.4% Total Trading Volume (in millions): 31.26 20.0 17.5%

11.5% 10.0

5.0% 5.8% 5.5% 4.4% 3.1%

0.0 $19.00-20.00 $20.01-21.00 $21.01-22.00 $22.01-23.00 $23.01-24.00 $24.01-25.00 $25.01-26.00 $26.01-27.00 $27.01-28.00

PERCENT OF VOLUME WHICH TRADED BELOW EACH STOCK PRICE

125.0%

100.0% 94.5% 100.0

72.1% 75.0

47.4% 50.0 41.5% 24.0% 19.6% 25.0 14.6% 3.1% 0.0 $20.00 $21.00 $22.00 $23.00 $24.00 $25.00 $26.00 $27.00 $28.00

Source: FactSet.
Note: As of August 21, 2007.

P R OJ EC T T OP H A T I HA T: M AR KE T C API T A LI Z A TI O N A N D T R ADI N G D Y N AMI CS

Hat: Ownership Profile of the Class A and B Common Stock

($ in millions)

SHAREHOLDERS Shares Held Market Value % Held Institutional Holders

Private Capital Management 10,082,184 $ 202 10.7% Eubel Brady & Suttman 1,074,332 21 1.1% Renaissance Technologies 1,073,600 21 1.1% GW Capital 937,671 19 1.0% Dimensional Fund Advisors 815,078 16 0.9% Vanguard Group 798,496 16 0.9% Optimum Investment Advisors 765,675 15 0.8% Barclays Global Investors 586,757 12 0.6% American Century 509,200 10 0.5% ABN AMRO Asset Management 499,600 10 0.5% Other Institutional Holders 4,693,392 94 5.0% Total Institutions 21,835,985 $ 437 23.2% Insiders/Stakeholders

Head^(a) 68,800,628 $1,377 73.3% Robert Marbut 375,861 8 0.4% Michael E Pulitzer 87,437 2 0.1% Harry T Hawks 405,033 8 0.4% David Pulver 114,656 2 0.1% Victor F Ganzi 50,000 1 0.1% Frank A Bennack Jr 25,000 1 0.0% John G Conomikes 20,000 0 0.0% Caroline L Williams 61,946 1 0.1% David J Barrett 927,850 19 1.0% Other Insiders 610,049 12 0.6% Total Insiders 71,478,460 $1,430 76.1%

Other 608,942 $ 12 0.6% Total Shares Outstanding 93,923,387 $1,879

^100.0% PRIVATE CAPITAL MANAGEMENT ESTIMATED OWNERSHIP Position

Date Shares Held Change % Change Price ^(b)

06/30/07 10,082,184 819,087 8.84 $26.07

03/31/07 9,263,097 810,435 9.59 26.16

12/31/06 8,452,662 29,789 0.35 25.05

09/30/06 8,422,873 1,612,829 23.68 21.92

06/30/06 6,810,044 (315,017) (4.42) 22.54

03/31/06 7,125,061 (96,630) (1.34) 23.78

12/31/05 7,221,691 124,150 1.75 24.06

09/30/05 7,097,541 1,889,900 36.29 25.21

06/30/05 5,207,641 1,268,300 32.20 24.98

03/31/05 3,939,341 1,379,609 53.90 25.59

12/31/04 2,559,732 748,530 41.33 25.59

09/30/04 1,811,202 — — 24.45 Estimated Average ^(c) $24.83

Source: FactSet and Company filings as of August 21, 2007. (a) Includes 41.3 million Class B shares (b) Reflects average share price for the quarter, based on publicly-available information. (c) Total estimated average net purchase price based on the average price per quarter weighted by the accumulated number of shares over the period.

P R OJ EC T T OP H A T II FIN A N CIA L AN A L YS I S S U MM AR Y

Financial Analysis Summary: Basis for the Hat Projections

($in millions) Head provided Lazard with Hat management’s “5-Year Plan” through 2011

5-Year Plan dated August 2007 reflects Hat management’s most recent views on the financial prospects of Hat

Head extended the 5-Year Plan out through 2012 assuming an EBITDA growth rate of 12.0% of the preceding 4 ^th year EBITDA (i.e., growth of 12.0% over 2008 estimated EBITDA ^(a) )

Lazard reviewed and discussed with Head management the 5-Year Plan and assumptions. Lazard did not review the forecasts or discuss the projected financial performance of Hat with representatives of Hat

Lazard did not evaluate the validity or impact of any potential performance benefits or operational efficiencies from the proposed Transaction

HISTORICAL AND PROJECTED EBITDA AND GROWTH

CAGR 1999A/2006A: 0.6% Y-o-Y EBITDA ^(b) CAGR 2007E/2011E: 2.2% Growth $350 50% 325 29.5% 26.3% 30.8% 30% 21 .8% 21.4% 27.2% 24.1%

300

10% 275 $345.8 $351.5 $333.1 $332.5 $313.8 -10% $309.2 (11.3%) 250 $296.5 (14.7%) (19.0%) (16.9%) $283.9 $276.3 $274.3 (29.2%) $254.1 -30% 225 $244.9 (31.3%) $252.9 $229.0

200 -50% 1999A 2000A 2001A 2002A 2003A 2004A 2005A 2006A 2007E2008E2009E2010E 2011E2012E Hat Management Five Year Plan Head Estimate

Source: Hat Projections provided by Head and Head estimates. (a) Based on 2006/2010 growth in EBITDA of 12.1%. (b) EBITDA before stock-based compensation and excluding equity income from unconsolidated investments. Historical period (1999-2005) EBITDA includes equity income from unconsolidated investments.

P R OJ EC T T OP H A T II FIN A N CIA L AN A L YS I S S U MM AR Y

Financial Analysis Summary

IMPLIED EQUITY VALUE PER SHARE

$40.00 30.00 $27.87 $25.88 $26.32 $25.01$24.99 $23.56 $24.25 $23.56 $23.01 Current Price 20.00 $20.71 $20.01 as of $20.97$21.24 $19.74$19.41 8/21/07 10.00 0.00 52-Week Trading Equity ResearchComparablePrecedent Precedent DCF Analysis Hypothetical LBO Range Current Target Company Analysis Transactions: Transactions: Analysis (a) Prices (Hat Projections) Minority Buy-Outs Hypothetical Change of Control (a)

Min. 15.0% IRR Terminal Average 7.0x-9.0x Leverage 10.5x–11.5x 11.5x–12.5x 2011E/12E EBITDA EBITDA multiples of NPV discounted at Avg. 2007E/08E 15%–25% Avg. 2007E/08E Multiples of 10.5x–11.5x 10.5x-11.5x Methodology: Closing Prices 10.0% EBITDA Premium to Current EBITDA WACC 7.0–8.5% 2011 Exit

Note: Valuations as of September 30, 2007 for relevant analyses.
(a) Head owns 73.3% of Hat and has stated it is not interested in selling any of its shares. This analysis is shown for illustrative purposes only given the inability to effect a change of control transaction.

P R OJ EC T T OP H A T II FIN A N CIA L AN A L YS I S S U MM AR Y

Illustrative Transaction Offer Price Analysis

Analysis at Various Prices Price as of: 8/21/07

Premium (1-Day Prior) - 10.0% 15.0% 20.0% 25.0% 30.0% Share Price $20.01 $22.01 $23.01 $24.01 $25.01 $26.01

FD Shares Outstanding 93.9 94.1 94.2 94.3 94.4 94.6

Market Value $1,879 $2,072 $2,168 $2,264 $2,362 $2,462

Net Debt 968 968 968 968 968 968

Enterprise Value $2,847 $3,040 $3,136 $3,232 $3,330 $3,430

Less: Unconsolidated Investments (42) (42) (42) (42) (42) (42)

Adjusted Enterprise Value $2,805 $2,998 $3,094 $3,190 $3,288 $3,388 Adj. Enterprise Value as a Multiple of:

FY2007E BCF $ 279 10.1x 10.7x 11.1x 11.4x 11.8x 12.1x Avg. FY2007E/08E BCF 309 9.1 9.7 10.0 10.3 10.6 11.0

FY2008E BCF 339 8.3 8.8 9.1 9.4 9.7 10.0

FY2007E EBITDA ^(a) $ 243 11.5x 12.3x 12.7x 13.1x 13.5x 13.9x Avg. FY2007E/08E EBITDA ^(a) 274 10.3 11.0 11.3 11.7 12.0 12.4

FY2008E EBITDA ^(a) 304 9.2 9.9 10.2 10.5 10.8 11.1

Share Price as a Multiple of:

FY 2007E EPS $ 0.78 25.8x 28.3x 29.6x 30.9x 32.2x 33.5x FY 2008E EPS 1.16 17.2 19.0 19.8 20.7 21.6 22.4

FY 2007E FCFPS ^(b) $ 0.66 30.4x 33.5x 35.0x 36.5x 38.0x 39.5x FY 2008E FCFPS ^(b) 1.28 15.7 17.2 18.0 18.8 19.6 20.4

Premium/(Discount) to:

1- Week Prior $20.20 (0.9%) 9.0% 13.9% 18.9% 23.8% 28.8% 4-Week Prior 22.58 (11.4%) (2.5%) 1.9% 6.3% 10.8% 15.2% 1- Month Average 20.88 (4.2%) 5.4% 10.2% 15.0% 19.8% 24.6% 12- Month Average 24.87 (19.5%) (11.5%) (7.5%) (3.4%) 0.6% 4.6% 52-Week High 27.87 (28.2%) (21.0%) (17.4%) (13.8%) (10.3%) (6.7%)

Source: Company filings, Hat Projections provided by Head and FactSet. (a) EBITDA after non-cash stock-based compensation expense and excluding equity income from unconsolidated investments. (b) FCFS = (Net Income excluding equity income from unconsolidated investments + D&A – Capital Expenditures) / Fully Diluted Shares Outstanding.

P R OJ EC T T OP H A T II FIN A N CIA L AN A L YS I S S U MM AR Y

Equity Research: Current Target Prices

PRICE TARGET DATE OF PRICE AT PRESENT

BROKER REPORT RECOMMENDATION REPORT DATE CURRENT VALUE ^{( a )}

Merrill Lynch 7/27/2007 Neutral $20.94 — -

Deutsche Bank 7/27/2007 Buy $20.94 $24.00 ^(b) $22.19

Bear Stearns 7/27/2007 Market Weight $20.94 — -

Wachovia 7/26/2007 Market Weight $19.93 $21.00 — $23.00 $19.41 — $21.26 JPMorgan 7/26/2007 Neutral $19.93 — -

BMO 7/26/2007 Market Perform $19.93 $24.00 $22.19

Barrington 7/26/2007 Outperform $19.93 $28.00 ^(c) $25.88

Zacks 3/16/2007 Hold $25.77 $27.00 $24.96

Average $24.50 $22.65 Median 24.00 22.19 Low-High Range $21.00-$28.00 $19.41-$25.88

Source: Wall Street Research.
(a) Discounted to 9/30/2007 at cost of equity of 10.0% (assumed Hat cost of equity), assumes target period of 12 months. (b) Reduced from $26.00 to $24.00 on July 27, 2007. (c) Reduced from $33.00 to $28.00 on July 26, 2007.

P R OJ EC T T OP H A T II FIN A N CIA L AN A L YS I S S U MM AR Y

Equity Research: Current Revenue and EBITDA Estimates

($ in millions)

WALL STREET EQUITY RESEARCH ESTIMATES ^(a) Report Total Revenue Firm Date FY2007E FY2008E FY2009E Merrill Lynch 7/27/2007 $754.0 $804.0 $801.0 Deutsche Bank 7/27/2007 746.9 828.7 - Bear Stearns 7/27/2007 750.0 834.4 - Wachovia 7/26/2007 754.0 823.3 - JPMorgan 7/26/2007 — — - BMO 7/26/2007 758.0 849.0 - Barrington 7/26/2007 759.5 883.4 811.1 Average Research $753.7 $837.1 $806.1 Management Case 763.7 849.4 806.0 Difference ($) (10.0) (12.3) 0.1 Difference (%) (1.3%) (1.5%) 0.0%

Report EBITDA ^(b) Firm Date FY2007E FY2008E FY2009E Merrill Lynch 7/27/2007 $234.0 $262.0 $255.0 Deutsche Bank 7/27/2007 228.6 291.4 - Bear Stearns 7/27/2007 231.6 278.1 - Wachovia 7/26/2007 232.5 285.3 - JPMorgan 7/26/2007 — — - BMO 7/26/2007 240.0 316.0 - Barrington 7/26/2007 239.4 326.9 242.8 Average Research $234.4 $293.3 $248.9 Management Case 243.1 304.1 244.3 Difference ($) ($8.8) ($10.8) $ 4.6 Difference (%) (3.7%) (3.7%) 1.8%

Source: Wall Street Research. (a) Excludes research estimates prior to earnings release. (b) After stock-based compensation and excluding equity income from unconsolidated investments.

P R OJ EC T T OP H A T II FIN A N CIA L AN A L YS I S S U MM AR Y

Comparable Company Analysis: Stock Price Performance

INDEXED STOCK PERFORMANCE

160 150 140 130

120 106 110 102 100 96

90 95 80

1 Jan 07 16 Feb 07 3 Apr 07 20 May 07 5 Jul 07 21 Aug 07

S&P 500 Newspaper Index (a) TV Index (b) Radio Index (c) Cable Index (d) Large Cap Ent Index (e)

TOTAL EQUITY RETURNS SINCE JANUARY 1, 2007YTD 2006 2005 2004 2003 2002 2001

Nexstar^(f) 77.0% 64.3% (10.7%) (40.0%) — — -

LIN TV^(g) 35.6% 21.1% (29.4%) (47.7%) (44.6%) — -

Gray Television 16.5% 1.2% (35.2%) (32.5%) 5.4% (0.4%) (29.2%) Sinclair 16.0% 39.4% 44.0% (10.7%) 15.1% 41.4% 33.4% Fisher 10.4% 17.8% (0.1%) (3.4%) (7.4%) 12.3% (8.5%) Hat (20.9%) (14.4%) (21.7%) (24.6%) (13.6%) (3.4%) 1.9% Young (27.3%) (21.2%) (80.6%) (89.8%) (84.4%) (88.6%) (93.9%) TV Index^(b) 6.3% 18.2% (23.9%) (40.6%) (19.0%) (9.8%) (26.9%) Belo (4.5%) (15.9%) (30.2%) (34.4%) (11.5%) 2.1% 21.6% Journal Comm. (17.2%) (23.4%) (39.9%) (40.5%) — — -

Media General (26.7%) (45.1%) (56.4%) (56.1%) (51.7%) (41.1%) (18.3%)

INDEX OF PUBLIC MARKET TELEVISION TRADING MULTIPLES ^{( h )}

EV/Forward EBITDA

14x

12 10

9.4x 8

Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Current

(a) Newspaper Index: Belo, E.W. Scripps, Gannett, Journal Register, Journal Communications, Lee, McClatchy, Media General, New York Times, Tribune and Washington Post.
(b) Television Index: Gray, Young, Fisher and Sinclair. On May 17, 2007 and on May 18, 2007, respectively, Nexstar and LIN Television announced that each company would explore strategic alternatives. On August 3, 2007, Nexstar announced suspension of its process. (c) Radio Index: Citadel, Cox Radio, Emmis, Entercom, and Radio One. (d) Cable Index: Cablevision, Comcast, Mediacom and Time Warner Cable. (e) Large Cap Entertainment Index: CBS, Disney, News Corp., Time Warner and Viacom. (f) Nexstar’s Initial Public Offering was in November 2003. (g) LIN’s Initial Public Offering was in May 2002. (h) Represents median of Gray, Hat, LIN, Nexstar and Sinclair.

P R OJ EC T T OP H A T II FIN A N CIA L AN A L YS I S S U MM AR Y

Comparable Company Analysis: Multiples, Leverage and Dividend Yields

2007 AND 2008 EV/EBITDA TRADING MULTIPLES ^(a) CREDIT NET DEBT/CY2007E EBITDA

12.0x 30.0x 27.4x 9.6x 2007 10.0

25.0 8.3x

7.5x

8.0 6.9x 20.0 13.7x 6.0 5.1x 15.0 13.2x 12.3x 4.2x 4.0x 11.5x 11.2x 11.2x 7.9x 4.0 3.3x 10.0 7.9x 7.1x 2.0 1.1x 5.0 0.0 0.0 Gray TV Nexstar LIN TV Sinclair Hat — Hat — Young Media Belo Journal Young Gray LIN TV Hat — Hat — Nexstar Sinclair Media Belo Journal Research Mgmt General Comm. Research Mgmt General Comm. Avg. 2007E/ — 11.4x 10.7x 10.8x 10.3x 9.6x 10.7x 7.6x 7.5x 6.6x 2008E CURRENT DIVIDEND YIELDS 6% 15.0x 2008 5.03% 5% 9.6x 10.2x 4%

10.0 9.8x 9.2x 3.42% 9.0x 8.4x 2.91% 2.90% 7.3x 7.1x 3% 6.2x 2% 1.40% 1.41% 5.0 1%

0% 0.0

LIN TV Nexstar Young Hat Gray TV Sinclair Belo Journal Media Young Gray LIN TV Hat - Hat — Nexstar Sinclair Media Belo Journal Comm. General Research Mgmt General Comm.

Source: Company filings, Hat Projections provided by Head, Wall Street Research and FactSet.
(a) On May 17, 2007 and on May 18, 2007, respectively, Nexstar and LIN Television announced that each company would explore strategic alternatives. On August 3, 2007, Nexstar announced suspension of its process.

PROJ ECT TOP HAT II FINANCIAL ANALYS I S S UMMAR Y

Precedent Transactions (Minority Buy-Outs): Premia and Form of Consideration

SELECTED MINORITY BUY-OUTS SINCE 2000

MEDIAN FINAL PRICE PREMIUM TO PRICE BEFORE ANNOUNCEMENT

40.0%

35.0%

31.2% 30.0% 26.0% 25.0% 23.5%

22.4% 22.5% 20.5% 20.0% 17.3% 15.0% 15.0% 13.8% 12.7% 11.6% 10.5% 10.0% 5.0% 0.0% Cash Only Stock Only Cash/Stock All Deals (19 Deals) (13 Deals) (4 Deals) (36 Deals)

1 Day 1 Week 4 Weeks Prior to Announcement

Source: SDC and public filings.
Note: Includes selected US minority buy-out transactions over $250 million since January 1, 2000, where owner of 50% or more of the economics/voting interest acquires remaining public shares. Based on publicly-available data as of August 21, 2007. Median calculation excludes the Enron Corp/Azurix cash transaction announced 10/27/2000 and the Alfa Mutual Co./Alfa Corp cash transaction announced 7/17/2007.

PROJ ECT TOP HAT II FINANCIAL ANALYS I S S UMMAR Y

Precedent Transactions (Minority Buy-Outs): Initial Price Premium for Cash Offers

SELECTED MINORITY BUY-OUTS SINCE 2000

MEDIAN INITIAL PRICE PREMIUM TO PRICE BEFORE ANNOUNCEMENT

30% 25% 21.0% 20% 15.5% 14.5% 14.7%15.0% 14.9% 14.5%14.1% 15% 13.6%13.5% 14.1% 13.3% 13.5% 12.5% 12.6% 10% 5% 0% % Not Held by 0–10% 10–20% 20–30% 30–40% 40–50% All Controlling Shareholder 0 Deal 7 Deals 5 Deals 4 Deals4 Deals 20 Deals 1 Day 1 Week 4 Weeks Prior to Announcement

Source: SDC and public filings .
Note: Includes selected US minority buy-out transactions over $250 million since January 1, 2000, where owner of 50% or more of the economics/voting interest acquires remaining public shares. B ased on publicly-available data as of August 21, 2007. Median calculation excludes the Enron Corp/Azurix cash transaction announced 10/27/2000.

PROJ ECT TOP HAT II FINANCIAL ANALYS I S S UMMAR Y

Precedent Transactions (Minority Buy-Outs): Final Price Premium for Cash Offers

SELECTED MINORITY BUY-OUTS SINCE 2000

MEDIAN FINAL PRICE PREMIUM TO PRICE BEFORE ANNOUNCEMENT

50% 40% 38.1% 32.9%33.6% 32.5% 33.1% 31.0% 31.2% 29.3% 30% 27.9% 26.0% 24.5% 24.8% 24.3% 23.5% 20% 18.1% 10% 0% % Not Held by 0–10% 10–20% 20–30% 30–40% 40–50% All Controlling Shareholder 0 Deal 7 Deals 5 Deals 4 Deals3 Deals 19 Deals 1 Day 1 Week 4 Weeks Prior to Announcement

Source: SDC and public filings .
Note: Includes selected US minority buy-out transactions over $250 million since January 1, 2000, where owner of 50% or more of the economics/voting interest acquires remaining public shares. Based on publicly-available data as of August 21, 2007. Median calculation excludes the Enron Corp/Azurix cash transaction announced 10/27/2000 and the Alfa Mutual Co./Alfa Corp cash transaction announced 7/17/2007.

PROJ ECT TOP HAT II FINANCIAL ANALYS I S S UMMAR Y

Precedent Transactions (Change of Control)

The television sector has experienced substantial M&A transaction volume over the last 12 –24 months despite an uneven, unpredictable and increasingly volatile revenue outlook

Corporate owners of television assets (Emmis, NBC, The New York Times, CBS, CCU) over the period have been actively pursuing station sales in an effort to focus operations and bolster core operations

Financial sponsors were aggressive acquirers of station portfolios (approximate CY BCF multiples 11.5x – 13.0x) due to willingness of lenders (until recently) to allow substantial leverage (8.0x – 10.0x debt/EBITDA ratios) on broadcasting assets

Corporate (strategic) buyers participated in a limited manner in certain market-by-market auctions when an opportunity arose to acquire specific “assets” that were compelling due to geography or affiliation (approximate CY BCF multiples 14x – 16x)

20x 16.1x 15.7x 15.8x 14.7x 14.7x 15 13.0x 13.4x 12.7x 11.5x 11.5x 11.3x 10.4x 10.6x 10 5 0 Granite/ Viacom/ LIN TV/ LIN TV/ Journal Comm./ Gray/ Raycom Blackstone & Raycom NBC/ Oak Hill/ Various Providence/ New Vision Sinclair Viacom &nbs p; Emmis Emmis Emmis Media/ SJL Broadcast Media/ Media New York ; Buyers/ Clear Channel

(a) (a)

Group (Sac-KOVR) (2 UPN Affiliates) (5 Stations) (Ft. Myers, (Huntington Liberty Corp. Grp/ Barrington General Times CBS Stations (TV)

(b)

Omaha WSAZ) Emmis (Television) & Tucson) (4 stations) 2004 2005 2006 2007

Denotes Stock Purchase ^{Denotes Asset
Purchase}

Source: Company filings and Wall Street research. (a) Multiple is based on a 2005/2006 blended BCF. (b) Purchase price of $1.2 billion less assumed value of $100 million for cash flow negative stations.

PROJ ECT TOP HAT II FINANCIAL ANALYS I S S UMMAR Y

Precedent Transaction (Change of Control): Softening M&A Market for Television

Over the last two months, four relatively large broadcasting groups have been brought to market in an attempt to exploit the interest of the aggressive financial sponsors Changes in credit market conditions have resulted in two processes (Nexstar and LIN) being formally suspended or stalled... and two pending processes (Lincoln Financial and Fox) having uncertain outcomes given likely values lower than initial seller expectations:

Nexstar: Large and dispersed portfolio of small market stations with enterprise value of $1.0 billion. Process formally suspended.

LIN TV: Large portfolio of mid-sized, widely dispersed network affiliated stations with meaningful duopoly positions. Enterprise value of $1.5 billion. Process stalled.

Lincoln Financial: Estimated value of $1.5 billion. Three leading network-affiliated television stations (Charlotte, Richmond and Charleston) and a large portfolio of radio stations.

Fox Stations: Nine stations with an estimated value of $1.3 – 1.5 billion.

The appetite and ability of financial sponsors to close highly levered transactions in the broadcast sector is limited at this time and valuation benchmarks of the past 12 – 24 months have less relevance.

ESTIMATED INITIAL DEBT/EBITDA OF SELECTED BROADCASTING DEALS ^(a)

14.0x 12.0x 12.0 10.7x 10.2x 9.5x 9.0x 9.3x 9.0x 10.0 8.0 6.0 4.0 2.0 0.0 (b) Barrington Emmis Univision CCU Oak Hill/ Tribune Cumulus Mar-06 May-06 Jun-06 Nov-06 NY Times &nb sp; Mar-07 Jul-07 Jan-07

(a) Source: Company filings, Wall Street research and publicly available information . (b) Based on initial offer and proposed financing. Offer withdrawn.

PROJ ECT TOP HAT II FINANCIAL ANALYS I S S UMMAR Y Discounted Cash Flow Analysis ($ in millions, except per share data) DISCOUNTED CASH FLOW ANALYSIS

Fiscal Year Ending on December 31, Average 4Q 2007E 2008E 2009E 2010E 2011E 2012E 2011/12E EBITDA before Stock-based Comp. ^(a) $ 85 $ 314 $ 254 $332 $ 276 $ 351 $ 314

% Growth 24.1% (19.0%) 30.8% (16.9%) 27.2% EBITDA after Stock-based Comp. ^(a) $ 83 $ 304 $ 244 $323 $ 267 $ 342 $ 304

% Growth 25.1% (19.6%) 32.1% (17.4%) 28.2% EBIT $ 53 $ 177 $ 118 $198 $ 146 $ 235

Less: Taxes @ 40.0% (21) (71) (47) (79) (58) (94)

Plus: Depreciation 11 54 57 58 56 54

Plus: Stock-based Compensation 3 10 10 10 10 10

Plus: Tax Amortization 19 72 69 67 65 53

Less: Change in Working Capital (22) 0 0 0 0 0

Less: Capex (13) (50) (60) (47) (31) (32)

Unlevered Free Cash Flow $ 30 $ 193 $ 147 $206 $ 187 $ 226 $ 206

% Growth 39.1% (23.6%) 40.1% (9.2%) 20.5% PV of Terminal Value at Implied Enterprise Value at Discount PV of Avg. 2011/12 EBITDA Multiple of Avg. 2011/12 EBITDA Multiple of Rate FCF to 2011E 10.5x 11.0x 11.5x 10.5x 11.0x 11.5x 7.0% $638 $2,395 $2,509 $2,623 $3,033 $3,147 $3,261

7.5% 631 + 2,348 2,460 2,571 = 2,979 3,090 3,202

8.0% 623 2,302 2,412 2,521 2,925 3,035 3,144

8.5% 616 2,257 2,365 2,472 2,873 2,981 3,088

Implied Equity Value at Discount Net Avg. 2011/12 EBITDA Multiple of Rate Debt ^(b) 10.5x 11.0x 11.5x 7.0% $901 $2,132 $2,246 $2,360

7.5% 901 2,077 2,189 2,301

8.0% 901 2,024 2,134 2,243

8.5% 901 1,972 2,079 2,187

Source: Company filings and Hat Projections provided by Head. Note: Assumes EBITDA growth at 12.0% of the preceding fourth year in 2012E. Cash flows discounted to September 30, 2007. Assumes no value for NOL carryforwards given uncertaincy of realization. (a) Excluding equity income from unconsolidated investments. (b) As of September 30, 2007. Pro forma for an assumed $25 million of cash generated in 3Q 2007 and for $0.07 cash dividend paid on July 15, 2007. Net of $42 million of unconsolidated investments.

PROJ ECT TOP HAT II FINANCIAL ANALYS I S S UMMAR Y

Discounted Cash Flow Analysis: WACC of Selected Television Comparables

($ in millions)

WEIGHTED AVERAGE COST OF CAPITAL — TV

Equity Enterprise Net Debt ^(a) / Net Debt ^(a) / Levered Unlevered Cost of Lev. Company Value Value Total Cap. Equity Value Beta ^(b) Beta ^(c) Equity Gray $407 $1,320 69.5% 227.7% 1.030 0.435 11.9% Hat 1,879 2,805 34.0% 51.5% 0.763 0.583 10.1% LIN 699 1,511 55.6% 125.0% 1.107 0.633 12.5% Nexstar 241 921 73.9% 283.1% 1.464 0.543 15.0% Sinclair 1,045 2,655 60.9% 155.8% 1.076 0.556 12.3% Young 47 792 94.1% 1,607.7% 1.470 0.138 15.1%

Assumptions Cost of Debt

Marginal Tax Rate 40.0% Pre-Tax 7.0% 7.5% 8.0% 8.5% 9.0% Risk Free Rate of Return^(d) 4.6% Post-Tax 4.2% 4.5% 4.8% 5.1% 5.4% Equity Risk Premium^(e) 7.1%

0.1

Debt / Debt / Median Levering Levered Cost of Cap. Equity Unl. Beta Factor ^(f) Beta Equity ^(g)

20.0% 25.0% 0.556 1.15 0.639 9.2% 30.0% 42.9% 0.556 1.26 0.699 9.6% 40.0% 66.7% 0.556 1.40 0.778 10.2% 50.0% 100.0% 0.556 1.60 0.890 11.0%

Source: Company filings, Wall Street Research, Barra, Ibbotson and FactSet. (a) Net Debt = ST Debt & LT Debt + Minority Interest + Preferred Stock - Cash & Cash Equivalents. (b) Predicted Barra Beta. (c) Unlevered Beta = Levered Beta/[1+(1-Tax Rate)(Debt/Equity)]. (d) Risk Free Rate is 10-Year Treasury Bond Yield. (e) Represents the long-horizon expected equity risk premium based on simple differences of historical arithmetic mean returns from 1926-2005. (Ibbotson Associates’ 2006 Yearbook). (f) Levering Factor = [1 + (1-Tax Rate)(Debt/Equity)]. (g) Cost of Equity = (Risk Free Rate of Return)+(Levered Beta)(Equity Risk Premium). (h) Weighted Average Cost of Capital = (After-Tax Cost of Debt)(Debt/Cap.)+(Cost of Equity)(Equity/Cap.). (i) Excludes Young.

PROJ ECT TOP HAT II FINANCIAL ANALYS I S S UMMAR Y

Discounted Cash Flow Analysis: WACC Based on Research Analysts Estimates

The following table reflects the WACC assumed by various research analysts for selected companies in the comparable company universe (as of the date highlighted in parenthesis).

TELEVISION WACC BMO DEUTSCHE BANK JP MORGAN WACHOVIA STIFEL NICOLAUS 8.6% 8.0% 7.4% 8.5%

Hat (7/26/07) (7/27/07) (10/25/06) (7/26/07) – 7.7% 9.5% Sinclair – – (10/25/06) (8/2/07) – 8.0% 7.3% 10.0% 9.1% LIN TV – (8/6/07) (10/25/06) (8/10/07) (8/17/07)

11.0%

Gray – – – (8/7/07) – 8.6% Media General – (7/19/07) – – – Nexstar – – – – – Source: Wall Street Research.

PROJ ECT TOP HAT II FINANCIAL ANALYS I S S UMMAR Y LBO Analysis: Assumptions ($in millions) SOURCES & USES TRANSACTION MULTIPLES Source Leverage Amount — $% of Total Use Amount — $ Enterprise Value Multiples ^(a)

Senior Bank Debt 4.0x $1,173 35.3% Purchase Price of Equity $2,264 EV/(Avg. 2006/07E EBITDA) $266 11.9x Senior Subordinated 4.0 1,173 35.3% Debt Refinancing 867 EV/(Avg. 2007/08E EBITDA) 274 11.6 Total Debt 8.0x $2,347 70.7% Capital Trust Notes Refinancing 134 Existing Cash 95 2.9% Financing Fees 47 Transaction Value Multiples ^(a)(b)New Equity 878 26.4% Other Fees & Expenses 8 TEV/(Avg. 2006/07E EBITDA) $266 12.5x

Total Sources $3,320 100.0% Total Uses $3,320 TEV/(Avg. 2007/08E EBITDA) 274 12.1 RATES OF RETURNS ASSUMPTIONS

Avg. EBITDA Fiscal Year End 12/31 Hypothetical 20% premium to current market price, or $24.01 per

Forward Exit 2010E 2011E share

10.50x 6.4% 8.1% Leverage of 8.0x average 2007E/08E EBITDA of $293 million ^(c) 10.75 8.6% 9.7% 11.00 10.7% 11.2% 4.0x Bank debt at Libor + 300 bps. 11.25 12.7% 12.6% 4.0x Subordinated debt at 10.0% 11.50 14.7%

^14.0% Minimum cash balance of $5 million

Cost savings of $10 million per year Exit multiples of 10.5x-11.5x average of current / 1-year forward EBITDA Transaction/Financing fees of approximately $55 million Management equity incentive pool of 5.0% September 30, 2007 closing date

Source: Company filings, Hat Projections provided by Head and FactSet.
(a) EBITDA after stock-based compensation and excluding equity income from unconsolidated investments. Excludes $10 million run-rate cost savings. (b) Transaction Value reflects total uses of funds. (c) EBITDA before stock-based compensation and excluding equity income from unconsolidated investments. Includes $10 million run-rate cost savings.

PROJ ECT TOP HAT II FINANCIAL ANALYS I S S UMMAR Y LBO Analysis: Purchase Price Sensitivity ($ in millions, except per share data) 2011E EXIT IRR SENSITIVITY 7.0x Leverage 8.0x Leverage 9.0x Leverage

Avg. 2007E/08E EBITDA Entry Multiple ^(a) 11.0x 11.5x 12.0x 11.0x 11.5x 12.0x 11.0x 11.5x 12.0x Implied Share Price $22.41 $23.81 $25.11 $22.41 $23.81 $25.11 $22.41 $23.81 $25.11

Average 2011E/2012E 10.5x 11.9% 8.6% 6.0% 13.1% 8.7% 5.2% 15.5% 8.4% 3.4% EBITDA Exit 11.0 14.3% 10.9% 8.2% 16.3% 11.7% 8.2% 20.3% 13.0% 7.7% Multiple 11.5 16.5% 13.1% 10.4% 19.2% 14.6% 10.9% 24.6% 17.0% 11.6% MAXIMUM PURCHASE PRICE TO ACHIEVE >15% IRR (2011E EXIT)

Avg. 2011E/12E EBITDA Exit Multiple 10.5x 11.0x 11.5x 7.0x Leverage $21.24 $22.12 $23.01

8.0x Leverage 21.90 22.78 23.66

9.0x Leverage 22.49 23.37 24.25

Source: Company filings and Hat Projections provided by Head. Note: Assumes EBITDA growth at 12.0% of the preceding fourth year in 2012E. Assumes 5.0% Management equity incentive pool. (a) Based on average of 2007E and 2008E EBITDA of $243 million and $304 million, respectively. Reflects EBITDA post stock-based compensation, excluding equity income from unconsolidated investments and before potential cost savings.

PROJ ECT TOP HAT A SELECTED MI NORITY BUY-OUTS PREMIA SCHEDULE Selected Minority Buy-Outs Premia: Transactions Greater Than $250MM ($ in millions) Initial Offer as a Premium to: Final Offer as a Premium to: Date Consideration % Held at Offer Value % Price Announced Target Name Acquiror Name Structure Ann. ($mm) 1 Day 1 Week 4 Weeks 1 Day 1 Week 4 Weeks Increase

7/17/2007 Alfa Corp Alfa Mutual Co. CASH 54.8% $658.0 15.8% 15.9% 5.2% 15.8% (a) 15.9% (a) 5.2% (a) 0.0% 2/22/2007 Great American Finl Res Inc American Financial Group CASH 81.0% 254.6 8.6% 10.3% 7.9% 13.2% 15.0% 12.5% 4.3% 1/24/2007 21st Century Insurance Co AIG CASH 61.9% 930.8 19.0% 17.8% 10.0% 32.6% 31.2% 22.6% 11.4% 11/20/2006 TD Banknorth Toronto-Dominion Bank CASH 57.0% 3,232.1 6.5% 8.4% 7.1% 6.5% 8.4% 7.1% 0.0% 10/9/2006 NetRatings Inc VNU NV CASH 60.5% 377.5 9.8% 10.5% 11.3% 44.1% 45.0% 46.1% 31.3% 2/6/2006 Lafarge North America Lafarge SA CASH 53.2% 3,023.3 16.7% 17.2% 21.2% 33.1% 33.6% 38.1% 14.0% 9/12/2005 WFS Financial Inc Wachovia STOCK 84.0% 503.8 13.8% 11.5% 28.2% 13.8% 11.5% 28.2% 0.0% 9/1/2005 7-Eleven Inc IYG Holding Co CASH 73.8% 1,301.5 14.7% 13.6% (1.1%) 32.3% 31.0% 14.1% 15.4% 2/21/2005 Eon Labs Inc Novartis AG CASH 67.6% 932.9 11.0% 7.8% 23.5% 11.0% 7.8% 23.5% 0.0% 1/18/2005 UGC Holdings Inc Liberty Media Intl Inc CASH/STOCK 53.0% 3,617.5 (0.6%) 3.5% 0.2% (0.6%) 3.5% 0.2% 0.0% 1/10/2005 Fox Entertainment Group News Corp STOCK 82.1% 7,054.3 7.4% 7.0% 11.6% 9.8% 9.4% 14.1% 2.2% 8/2/2004 Cox Communications Inc Cox Enterprises Inc CASH 62.2% 8,389.6 16.0% 14.7% 15.3% 26.0% 24.6% 25.2% 8.6% 5/24/2004 WFS Financial Inc Westcorp STOCK 84.0% 310.5 3.5% 6.2% 5.1% 3.5% 6.2% 5.1% 0.0% 5/23/2003 Fidelity Natl Info Solutions Fidelity Natl Finl Inc STOCK 66.0% 391.9 24.1% 24.8% 37.3% 24.1% 24.8% 37.3% 0.0% 4/10/2003 Hotels.com USA Interactive STOCK 68.0% 1,237.2 13.0% 9.8% 28.0% 13.0% 9.8% 28.0% 0.0% 8/20/2002 Pure Resources Inc Union Oil Co of California STOCK 65.0% 433.6 27.5% 34.3% 29.4% 20.7% 27.0% 22.4% (5.4%) 2/19/2002 Travelocity.com Inc Sabre Holdings Corp CASH 70.0% 447.2 19.8% 15.2% 0.6% 45.8% 40.3% 22.5% 21.7% 2/15/2002 NRG Energy Inc Xcel Energy Inc STOCK 74.4% 672.6 15.0% 19.8% (13.3%) 28.6% 34.0% (3.1%) 11.8% 2/4/2002 Intimate Brands Inc Limited Inc STOCK 84.0% 1,644.7 7.8% 15.4% 22.1% 10.2% 18.0% 24.8% 2.2% 11/7/2001 Aquila Inc UtiliCorp United Inc STOCK 80.0% 414.2 15.0% 12.7% (16.1%) 15.0% 12.7% (16.1%) 0.0% Source: SDC and public filings . Note: Includes selected US minority buy-out transactions over $250 million since January 1, 2000, where owner of 50% or more of economics/voting interest acquires remaining public shares. Based on publicly-available data as of August 21, 2007. (a) Final offer remains pending.

10/10/2001 TD Waterhouse Group Toronto-Dominion Bank CASH 88.8% $402.6 45.2% 41.3% 25.9% 53.2% 49.1% 32.9% 5.6% 6/6/2001 Liberty Financial Cos Liberty Mutual Insurance Co CASH 70.5% 536.0 24.8% 40.1% 40.4% 24.8% 40.1% 40.4% 0.0% 2/15/2001 Westfield America Westfield America Trust CASH 77.5% 287.0 12.5% 11.7% 14.5% 12.5% 11.7% 14.5% 0.0% 10/27/2000 Azurix Corp Enron Corp CASH 66.9% 330.1 96.5% 96.5% 96.3% 135.1% 135.1% 135.1% 19.7% 9/21/2000 Hertz Corp Ford Motor Co CASH 81.5% 734.0 23.7% 20.6% (5.3%) 46.4% 42.7% 12.0% 18.3% 8/30/2000 AXA Financial Inc AXA-UAP SA CASH/STOCK 60.3% 11,189.3 2.4% 7.5% 31.5% 4.6% 9.8% 34.3% 2.1% 8/15/2000 Infinity Broadcasting Corp Viacom Inc STOCK 64.3% 13,649.0 13.6% 7.0% 13.2% (6.7%) (12.1%) (7.0%) (17.9%) 8/14/2000 BHC Communications Inc News Corp Ltd CASH/STOCK 76.1% 887.7 16.4% 13.4% 10.0% 16.4% 13.4% 10.0% 0.0% 7/24/2000 Phoenix Investment Partners Phoenix Home Life Mutual CASH 59.0% 430.1 14.3% 11.1% 29.0% 44.0% 40.0% 62.6% 26.0% 7/9/2000 Life Technologies Inc Invitrogen Corp CASH/STOCK 75.0% 401.7 22.5% 22.5% 20.0% 22.5% 22.5% 20.0% 0.0% 3/31/2000 Hartford Life Hartford Fin Svcs Group Inc CASH 81.5% 1,324.6 (2.3%) 3.4% 21.0% 12.1% 18.6% 38.8% 14.8% 3/21/2000 Travelers Property Casualty Citigroup Inc CASH 85.2% 2,449.3 23.0% 38.0% 33.3% 24.5% 39.5% 34.8% 1.1% 3/17/2000 Vastar Resources Inc BP Amoco PLC CASH 82.0% 1,575.7 12.5% 15.5% 36.0% 31.5% 32.5% 59.0% 16.9% 3/14/2000 Howmet International Inc Alcoa Inc CASH 84.6% 349.3 1.3% 0.7% 2.0% 13.5% 12.8% 14.3% 12.0% 2/22/2000 IXnet Inc Global Crossing Ltd STOCK 73.0% 876.9 18.1% 22.8% 25.9% 18.1% 22.8% 25.9% 0.0% 2/14/2000 CareInsite Inc Healtheon/WebMD Inc STOCK 65.0% 1,883.8 5.3% (0.7%) (3.4%) 5.3% (0.7%) (3.4%) 0.0% 2/2/2000 T hermo Instrument Systems Thermo Electron Corp STOCK 85.0% 831.7 27.0% 33.2% 94.3% 27.0% 33.2% 94.3% 0.0% 1/19/2000 Life Technologies Inc Dexter Corp CASH 71.7% 356.9 8.9% 11.4% 18.1% 8.9% 11.4% 18.1% 0.0% Source: SDC and public filings . Note: Includes selected US minority buy-out transactions over $250 million since January 1, 2000, where owner of 50% or more of economics/voting interest acquires remaining public shares. Based on publicly-available data as of August 21, 2007. (a) Alfa Mutual Co./Alfa Corp transaction announced 7/17/2007 is excluded from the Final Offer Premium and % Price Increase mean and median calculation as offer is pending. Excludes the Enron Corp/Azurix transaction announced 10/27/2000.

PROJ ECT TOP HAT A SELECTED MI NORITY BUY-OUTS PREMIA SCHEDULE Selected Minority Buy-Outs Premia: Cash Transactions Greater Than $250MM ($ in millions, except per share data) Selected Cash Minority Buy-Outs over $250 million when 20-30% Bought by Controlling Shareholder Date % Held at Offer Value Initial Offer as a Premium to: Final Offer as a Premium to: Announced Target Name Acquiror Name Ann. ($mm) 1 Day 1 Week 4 Weeks 1 Day 1 Week 4 Weeks

9/1/2005 7-Eleven Inc IYG Holding Co 73.8% $1,301 14.7% 13.6% (1.1%) 32.3% 31.0% 14.1% 2/19/2002 Travelocity.com Inc Sabre Holdings Corp 70.0% 447 19.8% 15.2% 0.6% 45.8% 40.3% 22.5% 6/6/2001 Liberty Financial Cos Liberty Mutual Insurance Co 70.5% 536 24.8% 40.1% 40.4% 24.8% 40.1% 40.4% 2/15/2001 Westfield America Westfield America Trust 77.5% 287 12.5% 11.7% 14.5% 12.5% 11.7% 14.5% 1/19/2000 Life Technologies Inc Dexter Corp 71.7% 357 8.9% 11.4% 18.1% 8.9% 11.4% 18.1% Mean 16.1% 18.4% 14.5% 24.9% 26.9% 21.9% Median 14.7% 13.6% 14.5% 24.8% 31.0% 18.1% Implied Hat Price Offer as a Premium to: 1 Day 1 Week 4 Weeks

Hat Price HTV $20.01 $20.20 $22.58

12.5% 22.51 22.73 25.40

15.0% 23.01 23.23 25.97

17.5% 23.51 23.74 26.53

Premium

20.0% 24.01 24.24 27.10

22.5% 24.51 24.75 27.66

25.0% 25.01 25.25 28.23

Source: SDC and public filings . Note: Includes selected US minority cash buy-out transactions over $250 million since January 1, 2000, where 20-30% of the remaining public shares were acquired by the controlling shareholder.

PROJ ECT TOP HAT B AD DI TI ONAL MATERIALS

US Television Sector: Public Market Multiples and Metrics

($ in millions, except per share data)

U.S. TELEVISION BROADCASTING COMPARABLE COMPANY ANALYSIS

Stock Price Entreprise Value as a Multiple of: Price as a Multiple of: Net Debt/ % of 52-Week Equity Ent. EBITDA ^(a) BCF FCF ^(b) 2007E Company 08/21/07 High Value Value 2007E 2008E Avg. 2007E 2008E 2007E 2008E Avg. EBITDA

Pure Play Television

Gray $8.49 74.9% $407 $1,320 13.7x 9.8x 11.4x 11.9x 8.8x 46.2x 9.2x 15.3x 9.6x Hat — Research 20.01 71.1% 1,879 2,805 12.3 9.6 10.8 10.6 8.5 32.9 18.5 23.7 4.2 Hat — Management 20.01 71.1% 1,879 2,805 11.5 9.2 10.3 10.1 8.3 30.4 15.7 20.7 4.0 LIN 13.49 66.7% 699 1,511 13.2 9.0 10.7 10.9 7.8 34.0 11.9 17.7 7.5 Nexstar 8.23 53.4% 241 921 11.2 8.4 9.6 9.6 7.4 15.2 6.6 9.2 8.3 Sinclair 11.94 67.6% 1,045 2,655 11.2 10.2 10.7 10.2 9.3 10.2 9.0 9.6 6.9 Young 2.05 42.7% 47 792 27.4 NA NM 17.0 NA NA NA NA NM

Median excl. Hat 13.2x 9.4x 10.7x 10.9x 8.3x 24.6x 9.1x 12.4x 7.9x Mean excl. Hat 15.3 9.4 10.6 11.9 8.3 26.4 9.2 13.0 8.1

Television/Newspapers Companies ^(c)

Belo $17.20 75.0% $1,758 $2,992 7.9x 7.1x 7.5x 6.3x 5.8x 12.5x 10.8x 11.6x 3.3x Journal Communications 10.33 73.8% 693 814 7.1 6.2 6.6 6.3 5.5 18.4 12.0 14.5 1.1 Media General 26.93 61.3% 609 1,494 7.9 7.3 7.6 6.6 6.1 22.2 12.3 15.8 5.1

Source: Company filings, Wall Street Research, FactSet and Hat Projections provided by Head. (a) EBITDA after non-cash stock-based compensation expense and excluding equity income from unconsolidated investments. (b) FCFS = (Net Income + D&A – Capital Expenditures) / Fully Diluted Shares Outstanding. (c) Television revenues as a percentage of total revenues for Belo, Journal Communications and Media General is 50%, 23% and 40%, respectively.

PROJ EC T TOP HAT B AD DI TI ONAL MATERIALS

Calculation of Estimated Net Debt Position

($in millions) ESTIMATED PRO FORMA BALANCE SHEET 06/30/07 Adjustment 09/30/07 Adjustment 12/31/07

Revolving Credit Facilities $100.0 $100.0 $100.0 Senior Notes 7.0% Senior Notes due Nov 07 125.0 125.0 125.0 7.0% Senior Notes due 2018 166.0 166.0 166.0 7.5% Senior Notes due 2027 116.1 116.1 116.1 Private Placement Debt 360.0 360.0 (90.0) ^(b) 270.0 Capital Trust Notes 134.0 134.0 134.0 Capital Lease Obligations 0.0 0.0 0.0 Total Debt $1,001.2 $1,001.2 ($90.0) $911.2 Cash $33.2 ^(a) $24.9 $58.1 ($61.9) ($3.8) Investments 41.9 41.9 41.9

Net Debt $926.0 ($24.9) $901.2 ($28.1) $873.0

CALCULATION OF ESTIMATED CASH FLOWS 12m ended 6m ended 3m ended 3m ended 12/31/07 06/30/07 09/30/07 12/31/07

EBITDA $252.9 $110.3 $57.1 $85.5 Less: Depreciation (49.1) (25.6) (12.3) (11.2) Less: Stock-based Compensation (9.8) (4.1) (2.8) (2.8) Less: Amortization of Intangibles (6.7) (3.5) (1.7) (1.5) EBIT 187.3 77.0 40.3 70.0 Less: Interest Expense (71.1) (36.0) (17.7) (17.3) Pre-Tax Income 116.2 41.0 22.6 52.6 Cash Taxes (22.4) ^(c) (13.1) ^(d) (4.1) ^(c) (5.2) Income after Tax 93.8 27.9 18.5 47.4 Less: Change in Working Capital (20.0) (13.1) 15.3 (22.2) Less: Capex (67.0) (28.8) (25.7) (12.6) Plus: Stock-based Compensation 9.8 4.1 2.8 2.8 Plus: D&A 55.8 29.2 13.9 12.7 Plus: Other Adjustments 1.9 1.9 — -Cash available before Debt service $74.2 $21.2 $24.9 $28.1 Less: Mandatory repayment ^(b) (90.0) (90.0) Cash available after Debt service ($15.8) $21.2 $24.9 ($61.9)

Source: Company filings, Hat Projections provided by Head and Wall Street Research. (a) Net of $0.07 per share cash dividend paid July 15, 2007. (b) Reflects Private Placement Debt mandatory repayment of $90 million on December 15, 2007. (c) As per Head estimate. (d) Reflects cash taxes paid in the 6 months ended June 30, 2007, as per 10Q.