Filed by The McClatchy Company Pursuant to Rule 425

Under the Securities Act of 1933

And Deemed Filed Pursuant to Rule 14a-12

Under the Securities Exchange Act of 1934

Subject Company: Knight-Ridder, Inc.

Commission File No.: 001-07553

This filing consists of an investor slide presentation posted on The McClatchy Company’s website on March 13, 2006.

McClatchy

McClatchy

Acquisition of Knight Ridder

Acquisition of Knight Ridder

Investor Presentation

Investor Presentation

2

Outline

Outline

Opening Remarks

Opening Remarks

Rationale for Acquisition

Rationale for Acquisition

Overview of Knight Ridder

Overview of Knight Ridder

McClatchy’s Portfolio Strategy

McClatchy’s Portfolio Strategy

Combination Efficiencies

Combination Efficiencies

Financial Impact

Financial Impact

Summary

Summary

Q&A

Q&A

3

Forward-looking Information

Forward-looking Information

Statements in this presentation regarding the proposed transaction between

McClatchy and Knight Ridder, the expected timetable for completing the

transaction, future financial and operating results, benefits and synergies of the

transaction, divestiture plan, future opportunities for the combined company and

any

other

statements

about

McClatchy

or

Knight

Ridder

managements’

future

expectations, beliefs, goals, plans or prospects constitute forward-looking

statements within the meaning of the Private Securities Litigation Reform Act of

1995.

Any

statements

that

are

not

statements

of

historical

fact

(including

statements containing the words “believes,”

“plans,”

“anticipates,”

“expects,”

estimates and similar expressions) should also be considered to be

forward-looking statements.  There are a number of important factors that could

cause actual results or events to differ materially from those indicated by such

forward-looking statements, including:  the ability to consummate the transaction,

the

ability

of

McClatchy

to

successfully

integrate

Knight

Ridder’s

operations

and

employees;

the

ability

to

realize

anticipated

synergies

and

cost

savings;

and

the

other

factors

described

in

McClatchy’s

and

Knight

Ridder’s

separate

Annual

Reports on Form 10-K for the year ended December 25, 2005.  McClatchy and

Knight Ridder

disclaim any intention or obligation to update any forward-looking

statements as a result of developments occurring after the date of this document.

4

Opening Remarks

Opening Remarks

Gary Pruitt

Gary Pruitt

Chairman, President and

Chairman, President and

CEO, McClatchy

CEO, McClatchy

Once in a lifetime acquisition opportunity

Adds 18 of country’s premium markets

to our portfolio

Exit 11 non-core markets

Companies are a great fit

Culture

Mission

Geography

Financially attractive for all shareholders

Sustain and advance journalism values

5

Rationale for Acquisition

Rationale for Acquisition

Unique opportunity to acquire 20 newspapers in

Unique opportunity to acquire 20 newspapers in

highly attractive markets

highly attractive markets

Divest 12 papers that do not fit our strict criteria

Divest 12 papers that do not fit our strict criteria

Capitalize on operational upside and cost synergies

Capitalize on operational upside and cost synergies

Financially attractive transaction

Financially attractive transaction

Accretive to free cash flow per share (mid-teens percent)

Accretive to free cash flow per share (mid-teens percent)

Moderately dilutive to GAAP EPS (mid-single digit percent)

Moderately dilutive to GAAP EPS (mid-single digit percent)

Investment grade profile

Investment grade profile

Creates leveraged-equity returns for shareholders

Creates leveraged-equity returns for shareholders

Opportunity to do more of what McClatchy does best

Opportunity to do more of what McClatchy does best

Grow print and online

Grow print and online

Acquire, integrate and improve newspapers

Acquire, integrate and improve newspapers

6

We Believe in the Future of

We Believe in the Future of

Newspapers

Newspapers

Print and online reach growing in virtually every

Print and online reach growing in virtually every

market

market

In November 2005, 1/3 of domestic internet users visited

In November 2005, 1/3 of domestic internet users visited

newspaper websites

newspaper websites

Newspapers widely read

Newspapers widely read

Reach approximately 70% of U.S. adults in any 5-day week

Reach approximately 70% of U.S. adults in any 5-day week

Reach approximately 60% of U.S. adults in top 50 markets on

Reach approximately 60% of U.S. adults in top 50 markets on

any given Sunday

any given Sunday

Local newspapers provide unique content to readers

Local newspapers provide unique content to readers

and a unique audience to our advertisers

and a unique audience to our advertisers

Almost $40 billion spent in newspapers

Almost $40 billion spent in newspapers

Almost 40% share of total advertising

Almost 40% share of total advertising

7

Audience Reach

Audience Reach

Read Sunday newspaper

Read Sunday newspaper

Viewed 2006 Super Bowl

Viewed 2006 Super Bowl

Source:

Source:

Scarborough

Scarborough

Research,

Research,

MediaMarket

MediaMarket

Research,

Research,

Nielsen

Nielsen

Media

Media

Research.

Research.

124,100

124,100

90,700

90,700

Total

Total

Adults

Adults

(#’s in 000s)

(#’s in 000s)

55.9%

55.9%

40.8%

40.8%

% of

% of

Total

Total

8

32 daily newspapers in 29 markets

32 daily newspapers in 29 markets

Daily circulation of 3.1 million

Daily circulation of 3.1 million

Sunday circulation of 4.1 million

Sunday circulation of 4.1 million

51 community newspapers

51 community newspapers

14 free distribution newspapers

14 free distribution newspapers

Attractive internet assets

Attractive internet assets

Revenue of $3.1 billion; Pro Forma EBITDA of

Revenue of $3.1 billion; Pro Forma EBITDA of

$638 million

$638 million

(1)

(1)

18,500 employees

18,500 employees

84 Pulitzer Prizes

84 Pulitzer Prizes

Overview of Knight Ridder

Overview of Knight Ridder

(1) Pro forma for the acquisition of The

(1) Pro forma for the acquisition of The

The

(Boise) Idaho Statesman, The

(Boise) Idaho Statesman, The

Idaho Statesman, The

, The

The

(Olympia, WA) Olympian

(Olympia, WA) Olympian

Olympian

and The Bellingham

and The Bellingham

The Bellingham

(WA) Herald

(WA) Herald

Herald

and the sale of interests in the Detroit Free Press

and the sale of interests in the Detroit Free Press

Detroit Free Press

and The Tallahassee Democrat.

and The Tallahassee Democrat.

The Tallahassee Democrat.

.

9

Knight Ridder’s Newspapers

Knight Ridder’s Newspapers

Wichita, KS

The Wichita Eagle

Kansas City, MO

The Kansas City Star

The Olathe Daily News

Bradenton, FL

The Bradenton Herald

Aberdeen, SD

American News

Fort Worth, TX

Fort Worth Star-Telegram

San Jose, CA

San Jose Mercury News

Akron, OH

Beacon Journal

Grand Forks, ND

Grand Forks Herald

Miami, FL

The Miami Herald

el Nuevo Herald

Duluth, MN

Duluth News Tribune

Columbus, GA

Ledger-Enquirer

Biloxi, MS

Sun Herald

St. Paul, MN

St. Paul Pioneer Press

Charlotte, NC

The Charlotte Observer

Belleville, IL

News-Democrat

Columbia, SC

The State

Myrtle Beach, SC

The Sun News

Fort Wayne, IN

The News-Sentinel

Contra Costa, CA

Contra Costa Times

Monterey, CA

The Monterey

County Herald

San Luis Obispo, CA

The Tribune

State College, PA

Centre Daily Times

Wilkes-Barre, PA

The Times Leader

Philadelphia, PA

The Philadelphia Inquirer

Philadelphia Daily News

Macon, GA

The Macon Telegraph

Lexington, KY

Lexington Herald-Leader

Boise, ID

The Idaho Statesman

Olympia, WA

The Olympian

Bellingham, WA

The Bellingham Herald

10

Large Investment Portfolio

Large Investment Portfolio

Off balance sheet assets conservatively

Off balance sheet assets conservatively

valued at $500 million

valued at $500 million

11

Knight Ridder

Knight Ridder

Internet Investments

Internet Investments

33.3% CareerBuilder

33.3% CareerBuilder

100% Real Cities Network

100% Real Cities Network

21.5% Classified Ventures

21.5% Classified Ventures

12

Knight Ridder

Knight Ridder

Other Investments

Other Investments

49.5% Seattle Times Company

49.5% Seattle Times Company

33.3% SP Newsprint

33.3% SP Newsprint

13.5% Ponderay Newsprint

13.5% Ponderay Newsprint

13

This Acquisition Meets Our

This Acquisition Meets Our

Core Objectives

Core Objectives

Growth markets

Growth markets

Quality newspapers

Quality newspapers

Newspaper growth opportunities

Newspaper growth opportunities

Cash flow positive

Cash flow positive

Earnings accretive within reasonable

Earnings accretive within reasonable

amount of time

amount of time

IRR greater than our cost of capital

IRR greater than our cost of capital

14

Minneapolis Star Tribune

Minneapolis Star Tribune

(MN)

(MN)

Sacramento

Sacramento

Bee

Bee

(CA)

(CA)

Raleigh News & Observer

Raleigh News & Observer

(NC)

(NC)

Fresno

Fresno

Bee

Bee

(CA)

(CA)

Tacoma

Tacoma

News Tribune

News Tribune

(WA)

(WA)

Modesto

Modesto

Bee

Bee

(CA)

(CA)

Anchorage Daily News

Anchorage Daily News

(AK)

(AK)

McClatchy’s Successful

McClatchy’s Successful

Integration Track Record

Integration Track Record

Top Papers -

Top Papers -

Current

Current

Daily Circulation

Daily Circulation

378,646

378,646

290,553

290,553

166,774

166,774

157,135

157,135

123,217

123,217

82,845

82,845

67,417

67,417

Note: Yellow indicates acquired papers.

Note: Yellow indicates acquired papers.

Source: ABC Report, September 2005.

Source: ABC Report, September 2005.

15

Daily Circulation

Daily Circulation

378,646

378,646

295,343

295,343

290,553

290,553

261,924

261,924

224,017

224,017

218,960

218,960

166,774

166,774

157,135

157,135

123,217

123,217

112,828

112,828

McClatchy’s Largest Papers

McClatchy’s Largest Papers

Minneapolis

Minneapolis

Star Tribune

Star Tribune

(MN)

(MN)

Miami Herald

Miami Herald

(FL)

(FL)

Sacramento Bee

Sacramento Bee

(CA)

(CA)

Kansas City Star

Kansas City Star

(MO)

(MO)

Fort Worth Star-Telegram

Fort Worth Star-Telegram

(TX)

(TX)

Charlotte

Charlotte

Observer

Observer

(NC)

(NC)

Raleigh News & Observer

Raleigh News & Observer

(NC)

(NC)

Fresno

Fresno

Bee

Bee

(CA)

(CA)

Tacoma

Tacoma

News Tribune

News Tribune

(WA)

(WA)

Columbia State

Columbia State

(SC)

(SC)

Pro Forma

Pro Forma

Note: Yellow indicates acquired Knight Ridder

Note: Yellow indicates acquired Knight Ridder

Ridder

papers.

papers.

Source: ABC Report, September 2005.

Source: ABC Report, September 2005.

16

McClatchy/Knight Ridder

McClatchy/Knight Ridder

2005 Comparison

2005 Comparison

Revenues

Revenues

OCF

OCF

(1)

(1)

($ in millions, circ in 000s)

($ in millions, circ in 000s)

Margin

Margin

(1)

(1)

Equals

Equals

operating

operating

income

income

plus

plus

depreciation

depreciation

and

and

amortization.

amortization.

Before

Before

corporate

corporate

expenses.

expenses.

(2)

(2)

Knight

Knight

Ridder

Ridder

revenues

revenues

adjusted

adjusted

for

for

circulation

circulation

expense

expense

for

for

comparability

comparability

to

to

McClatchy.

McClatchy.

2004-2009

2004-2009

HH Growth

HH Growth

Avg Circ

Avg Circ

Knight Ridder

Knight Ridder

(2)

(2)

$2,876

$2,876

718

718

24.9%

24.9%

107

107

8.2%

8.2%

McClatchy

McClatchy

1,186

1,186

360

360

30.4%

30.4%

11.9%

11.9%

117

117

17

Integration Strategy

Integration Strategy

Focus on growth by individual market

Focus on growth by individual market

Divest assets in markets with slower

Divest assets in markets with slower

growth

growth

Proceeds used to reduce leverage

Proceeds used to reduce leverage

Create larger “McClatchy-plus”

Create larger “McClatchy-plus”

portfolio

portfolio

18

Aberdeen

American

News

(SD)

Akron

Beacon

Journal

(OH)

Contra

Costa

Times

(CA)

Duluth

News

Tribune

(MN)

Fort

Wayne

News-Sentinel

(IN)

Grand

Forks

Herald

(ND)

Monterey

Herald

(CA)

Philadelphia

Daily

News

(PA)

Philadelphia

Inquirer

(PA)

San

Jose

Mercury

News

(CA)

St.

Paul

Pioneer

Press

(MN)

Wilkes-Barre

Times

Leader

(PA)

Anticipated Divestiture Plan

Anticipated Divestiture Plan

Belleville

News-Democrat

(IL)

Bellingham

Herald

(WA)

Biloxi

Sun

Herald

(MS)

Boise

Statesman

(ID)

Bradenton

Herald

(FL)

Charlotte

Observer

(NC)

Columbia

State

(SC)

Columbus

Ledger-Enquirer

(GA)

El

Nuevo

Herald

(FL)

Fort

Worth

Star-Telegram

(TX)

Kansas

City

Star

(MO)

Lexington

Herald

-

Leader

(KY)

Macon

Telegraph

(GA)

Miami

Herald

(FL)

Myrtle

Beach

Sun

News

(SC)

Olathe

News

(KS)

Olympia

Olympian

(WA)

San

Luis

Obispo

Tribune

(CA)

State

College

Centre

Daily

Times

(PA)

Wichita

Eagle

(KS)

Source: Strategic Resources Corporation (SRC), 2005.

Source: Strategic Resources Corporation (SRC), 2005.

Papers to be Retained

2004-2009 Household Growth = 11.1%

Papers to be Divested

2004-2009 Household Growth = 4.8%

19

McClatchy/Knight Ridder

McClatchy/Knight Ridder

2005 Comparison

2005 Comparison

Revenues

Revenues

OCF

OCF

(1)

(1)

($ in millions, circ in 000s)

($ in millions, circ in 000s)

Margin

Margin

2004-2009

2004-2009

HH Growth

HH Growth

Avg Circ

Avg Circ

Knight Ridder

Knight Ridder

(2)

(2)

$2,876

$2,876

718

718

24.9%

24.9%

107

107

8.2%

8.2%

McClatchy

McClatchy

1,186

1,186

360

360

30.4%

30.4%

11.9%

11.9%

117

117

Divest

Divest

(2)

(2)

1,230

1,230

219

219

17.8%

17.8%

4.8%

4.8%

126

126

(1)

(1)

Equals

Equals

operating

operating

income

income

plus

plus

depreciation

depreciation

and

and

amortization.

amortization.

Before

Before

corporate

corporate

expenses.

expenses.

(2) Knight Ridder

(2) Knight Ridder

Ridder

revenues adjusted for circulation expense for comparability to McClatchy.

revenues adjusted for circulation expense for comparability to McClatchy.

McClatchy.

20

Knight Ridder Papers Retained

Knight Ridder Papers Retained

Kansas City, MO

The Kansas City Star

The Olathe Daily News

Bradenton, FL

The Bradenton Herald

Fort Worth, TX

Fort Worth Star-Telegram

Columbus, GA

Ledger-Enquirer

Biloxi, MS

Sun Herald

Charlotte, NC

The Charlotte Observer

Columbia, SC

The State

Myrtle Beach, SC

The Sun News

San Luis Obispo, CA

The Tribune

Macon, GA

The Macon Telegraph

Lexington, KY

Lexington Herald-Leader

Boise, ID

The Idaho Statesman

Bellingham, WA

The Bellingham Herald

Olympia, WA

The Olympian

Miami, FL

The Miami Herald

el Nuevo Herald

Wichita, KS

The Wichita Eagle

Belleville, IL

News-Democrat

State College, PA

Centre Daily Times

21

McClatchy/Knight Ridder

McClatchy/Knight Ridder

2005 Comparison

2005 Comparison

Revenues

Revenues

OCF

OCF

(1)

(1)

($ in millions, circ in 000s)

($ in millions, circ in 000s)

Margin

Margin

2004-2009

2004-2009

HH Growth

HH Growth

Avg Circ

Avg Circ

Knight Ridder

Knight Ridder

(2)

(2)

$2,876

$2,876

718

718

24.9%

24.9%

107

107

8.2%

8.2%

McClatchy

McClatchy

1,186

1,186

360

360

30.4%

30.4%

11.9%

11.9%

117

117

Retain

Retain

(2)

(2)

1,646

1,646

499

499

30.3%

30.3%

11.1%

11.1%

96

96

Divest

Divest

(2)

(2)

1,230

1,230

219

219

17.8%

17.8%

4.8%

4.8%

126

126

(1)

(1)

Equals

Equals

operating

operating

income

income

plus

plus

depreciation

depreciation

and

and

amortization.

amortization.

Before

Before

corporate

corporate

expenses.

expenses.

(2)

(2)

2)

Knight

Knight

Ridder

Ridder

revenues

revenues

adjusted

adjusted

for

for

circulation

circulation

expense

expense

for

for

comparability

comparability

to

to

McClatchy.

McClatchy.

22

Combined Newspapers

Combined Newspapers

Kansas City, MO

Kansas City Star

Olathe Daily News

Tacoma, WA

The News Tribune

Kennewick WA

Tri-City Herald

Boise, ID

The Idaho Statesman

Minneapolis, MN

Star Tribune

Beaufort, SC

Beaufort Gazette

Bluffton, SC

Island Packet

Raleigh, NC

News & Observer

Charlotte, NC

Charlotte Observer

Myrtle Beach, SC

The Sun News

Macon, GA

The Telegraph

Lexington, KY

Lexington Herald Leader

Columbia, SC

The State

Columbus, GA

Columbus Ledger-Enquirer

Fort Worth, TX

Fort Worth Star-Telegram

Biloxi, MS

The Sun Herald

Bradenton, FL

Bradenton Herald

Fresno, CA

Fresno Bee

San Luis Obispo, CA

The Tribune

Olympia, WA

The Olympian

Merced, CA

Merced Sun-Star

Sacramento, CA

Sacramento Bee

Modesto, CA

Modesto Bee

Bellingham, WA

The Bellingham Herald

Rock Hill, SC

The Herald

Anchorage, AK

Daily News

Miami, FL

The Miami Herald

el Nuevo Herald

Wichita KS

The Wichita Eagle

State College, PA

Centre Daily Times

Belleville, IL

News-Democrat

23

McClatchy/Knight Ridder

McClatchy/Knight Ridder

2005 Comparison

2005 Comparison

Revenues

Revenues

OCF

OCF

(1)

(1)

($ in millions, circ in 000s)

($ in millions, circ in 000s)

Margin

Margin

2004-2009

2004-2009

HH Growth

HH Growth

Avg Circ

Avg Circ

Knight Ridder

Knight Ridder

(2)

(2)

$2,876

$2,876

718

718

24.9%

24.9%

107

107

8.2%

8.2%

McClatchy

McClatchy

1,186

1,186

360

360

30.4%

30.4%

11.9%

11.9%

117

117

Retain

Retain

(2)

(2)

1,646

1,646

499

499

30.3%

30.3%

11.1%

11.1%

96

96

Combined

Combined

104

104

2,832

2,832

859

859

30.3%

30.3%

11.4%

11.4%

Divest

Divest

(2)

(2)

1,230

1,230

219

219

17.8%

17.8%

4.8%

4.8%

126

126

(1)

(1)

Equals

Equals

operating

operating

income

income

plus

plus

depreciation

depreciation

and

and

amortization.

amortization.

Before

Before

corporate

corporate

expenses.

expenses.

(2)

(2)

2)

Knight

Knight

Ridder

Ridder

revenues

revenues

adjusted

adjusted

for

for

circulation

circulation

expense

expense

for

for

comparability

comparability

to

to

McClatchy.

McClatchy.

24

Pro Forma for Divestitures

Pro Forma for Divestitures

Gannett

Gannett

McClatchy/Knight Ridder

McClatchy/Knight Ridder

Tribune

Tribune

Dow Jones

Dow Jones

Newhouse

Newhouse

New York Times

New York Times

Media News

Media News

Lee

Lee

Hearst

Hearst

E.W. Scripps

E.W. Scripps

7,251,590

7,251,590

3,248,889

3,248,889

2,697,014

2,697,014

2,514,717

2,514,717

2,362,802

2,362,802

2,218,057

2,218,057

1,894,221

1,894,221

1,604,871

1,604,871

1,452,422

1,452,422

1,317,436

1,317,436

1.

1.

2.

2.

3.

3.

4.

4.

5.

5.

6.

6.

7.

7.

8.

8.

9.

9.

10.

10.

Top U.S. Newspaper Companies by

Top U.S. Newspaper Companies by

Daily Circulation

Daily Circulation

Source: ABC Report, September 2005.

Source: ABC Report, September 2005.

25

Pro Forma McClatchy

Pro Forma McClatchy

32 daily newspapers

32 daily newspapers

Approximately 50 non-daily / community titles

Approximately 50 non-daily / community titles

2nd largest newspaper group based on daily

2nd largest newspaper group based on daily

circulation

circulation

Combined 2005 Revenue: $2,832 million

Combined 2005 Revenue: $2,832 million

Combined 2005 EBITDA: $754 million before

Combined 2005 EBITDA: $754 million before

cost synergies

cost synergies

Approximately 20,000 employees

Approximately 20,000 employees

26

Combination Efficiencies

Combination Efficiencies

Cost reduction in excess of $60 million annually

Cost reduction in excess of $60 million annually

Corporate downsizing

Corporate downsizing

Internet opportunities

Internet opportunities

Newspaper efficiencies

Newspaper efficiencies

Avoid newspaper layoffs

Avoid newspaper layoffs

Sustain news quality

Sustain news quality

Revenue opportunities -

Revenue opportunities -

not reflected in

not reflected in

synergies above

synergies above

27

Transaction Summary

Transaction Summary

Consideration

Consideration

Total Consideration

Total Consideration

to Shareholders

to Shareholders

$67.25 in total value per share

$67.25 in total value per share

$40.00 in cash

$40.00 in cash

.5118 fraction of a Class A

.5118 fraction of a Class A

McClatchy share

McClatchy share

34.3 million new Class A

34.3 million new Class A

McClatchy shares (fixed ratio)

McClatchy shares (fixed ratio)

$2.7 billion in cash

$2.7 billion in cash

28

Transaction Summary

Transaction Summary

Transaction Value

Transaction Value

Adjusted Transaction Value

Adjusted Transaction Value

$6.5 billion

$6.5 billion

$1.8 billion of McClatchy

$1.8 billion of McClatchy

stock issued (27%)

stock issued (27%)

$4.7 billion of cash and

$4.7 billion of cash and

assumed debt (73%)

assumed debt (73%)

$6.0 billion, assuming $500

$6.0 billion, assuming $500

million in value for off balance

million in value for off balance

sheet assets

sheet assets

29

Implied Transaction Multiples

Implied Transaction Multiples

2005 EBITDA Multiple

2005 EBITDA Multiple

2005 EBITDA Multiple with synergies

2005 EBITDA Multiple with synergies

(1)

(1)

2006 EBITDA Multiple with synergies

2006 EBITDA Multiple with synergies

(1)

(1)

2006

2006

EBITDA

EBITDA

Multiple after

Multiple after

divestitures

divestitures

and  synergies

and  synergies

(1)(2)

(1)(2)

9.5x

9.5x

Note:  Assumes $500 million valuation for off balance sheet assets.

Note:  Assumes $500 million valuation for off balance sheet assets.

ts.

(1) Assumes $60 million of full year synergies.

(1) Assumes $60 million of full year synergies.

(2) Final multiple dependent on execution of divestitures.

(2) Final multiple dependent on execution of divestitures.

8.7x

8.7x

8.4x

8.4x

9.0x –

9.0x –

9.5x

9.5x

30

Pro Forma Leverage

Pro Forma Leverage

$3.75 billion fully committed credit

$3.75 billion fully committed credit

facilities

facilities

LTM leverage at closing of 4.8x

LTM leverage at closing of 4.8x

Pro forma for divestitures leverage will be

Pro forma for divestitures leverage will be

under 4.0x

under 4.0x

Investment grade credit profile

Investment grade credit profile

Strong, stable free cash flow

Strong, stable free cash flow

Healthy delevering over time

Healthy delevering over time

31

Expected Timeline to

Expected Timeline to

Completion

Completion

Hart-Scott-Rodino filing with DOJ

Hart-Scott-Rodino filing with DOJ

File S-4 Proxy statement

File S-4 Proxy statement

Special Shareholders Meeting

Special Shareholders Meeting

Anticipated closing date

Anticipated closing date

Action

Action

End of March 

End of March 

Early –

Early –

Mid April  

Mid April  

Mid June

Mid June

Summer 2006       

Summer 2006       

Date

Date

32

New McClatchy Highlights

New McClatchy Highlights

Acquisition as structured fits our exacting criteria

Acquisition as structured fits our exacting criteria

Focus on high growth markets

Focus on high growth markets

Strongly accretive to free cash flow and growth

Strongly accretive to free cash flow and growth

Maintain strong balance sheet and investment grade profile

Maintain strong balance sheet and investment grade profile

Opportunity to enhance newspaper operations

Opportunity to enhance newspaper operations

Adds attractive internet assets

Adds attractive internet assets

Grows our core business –

Grows our core business –

print and online local

print and online local

information

information

33

Q+A

Q+A

McClatchy

McClatchy

35

McClatchy

plans

to

file

with

the

SEC

a

Registration

Statement

on

Form

S-4

in

connection

with

the

transaction,

and

McClatchy

and

Knight

Ridder

plan to file with the SEC and mail to their respective stockholders an Information Statement/Proxy Statement/Prospectus in connection with the

transaction.  The Registration Statement and the Information Statement/Proxy Statement/Prospectus will contain important information about

McClatchy, Knight Ridder, the transaction and related matters.  Investors and security holders are urged to read the Registration Statement and the

Information

Statement/Proxy

Statement/Prospectus

carefully

when

they

are

available.

Investors

and

security

holders

will

be

able

to

obtain

free

copies

of

the

Registration

Statement

and

the

Information

Statement/Proxy

Statement/Prospectus

and

other

documents

filed

with

the

SEC

by

McClatchy and Knight Ridder

through the web site maintained by the SEC at www.sec.gov.  In addition, investors and security holders will be able

to obtain free copies of the Registration Statement and the Information Statement/Proxy Statement/Prospectus when they become available from

McClatchy

by

contacting

Investor

Relations

at

www.mcclatchy.com,

by

mail

to

2100

Q

Street,

Sacramento,

CA

95816

or

by

telephone

at

916-321-

1846 or from Knight Ridder

by contacting Investor Relations at  www.knightridder.com, by mail to Suite 1500, 50 W. San Fernando St., San Jose,

CA 95113 or by telephone at 408-938-7838.

McClatchy

and

its

directors

and

executive

officers

may

be

deemed

to

be participants in the solicitation of proxies from the stockholders of Knight

Ridder

in connection with the transaction described herein.  Information regarding the special interests of these directors and executive officers in

the transaction described herein will be included in the Information Statement/Proxy Statement/Prospectus described above.  Additional information

regarding

these

directors

and

executive

officers

is

also

included

in

McClatchy’s

proxy

statement

for

its

2005

Annual Meeting of Stockholders, which

was

filed

with

the

SEC

on

or

about

March

28,

2005.

This

document

is

available

free

of

charge

at

the

SEC’s

web

site

at

www.sec.gov

and from

McClatchy

by

contacting

Investor

Relations

at

www.mcclatchy.com,

by

mail

to

2100

Q

Street,

Sacramento,

CA

95816

or

by

telephone

at 916-321-

1846.

Knight Ridder

and its directors and executive officers also may be deemed to be participants in the solicitation of proxies from the stockholders of

Knight Ridder

in connection with the transaction described herein.  Information regarding the special interests of these directors and executive

officers

in

the

transaction

described

herein

will

be

included

in

the

Information Statement/Proxy Statement/Prospectus described above.  Additional

information

regarding

these

directors

and

executive

officers

is

also

included

in

Knight

Ridder’s

proxy

statement

for

its

2005

Annual Meeting of

Stockholders,

which

was

filed

with

the

SEC

on

or

about

March

24,

2005.  This document is available free of charge at the SEC’s web site at

www.sec.gov

and from Knight Ridder

by contacting Investor Relations at www.knightridder.com, by mail to Suite 1500, 50 W. San Fernando St.,

San Jose, CA 95113 or by telephone at 408-938-7838.

Important Additional Information

Important Additional Information

Will be Filed with the SEC

Will be Filed with the SEC