Transactions Summary

Below is a summary of our financial transactions. To read about impact in local communities, visit http://www.publicmedia.co/projects/.

MERGERS AND ACQUISITIONS

Primary Coverage Client Transaction Size (note a)

Colorado Public Radio (note b) Acquisition of KDSP‐FM (Greenwood Village, Colo.) 2015 $5,750,000 2,930,290 Santa Monica Community College District/University of Southern $1,300,000 567,720 California Swap of KDB‐FM for KQSC‐FM (Santa Barbara, Calif.) 2014 Santa Barbara Foundation $1,300,000 561,233 Sale of KDB‐FM (Santa Barbara, Calif.) 2014 Friends of MVYradio $450,000 25,641 Acquisition of WMEX‐FM (Martha's Vineyard, Mass.) 2013 South Dakota Board of Directors $420,000 199,929 Acquisition of KCSD‐FM (Sioux Falls, S.D.) 2013 Western University $25,000 4,223 Acquisition of K239AF (Burlington, ) 2013 Public Television 19, Inc/KCPT $1,650,000 1,317,900 Acquisition of KTBG‐FM ( City, Kansas) 2013 WAPS 322,398 2

Operating Agreement for WKTL‐FM (Youngstown, Ohio) 2013 University of $6,000,000 1,554,653 Acquisition of KXBT (Austin, Texas) 2012 Classical Public Radio Network $3,750,000 1,772,557 Acquisition of KUSF (San Francisco, Calif.) 2012 University of $40,000 117,198 Acquisition of WQUB (Quincy Ill.) 2012 University of Southern California $7,500,000 2,057,105 Acquisition of KXSC (Sunnyvale, Calif.) 2012 Public Radio $12,000,000 Refinancing (, Colo.) 2012 University of Southern California $205,000 78,854 Acquisition of K212AA (Los Gatos, Calif.) Ohio State University $2,000,000 Sale of WOSU‐AM (Columbus, Ohio) 2011 Listeners Community Radio of Utah $225,000 106,617 Sale of KZCL‐FM (Logan, Utah) 2011 $1,750,000 421,783 Acquisition of KZHZ‐FM (Patterson, Iowa) and KZHC‐FM

(Pleasantville, Iowa) 2011 The Wheeler School 491,747 Operating Agreement for WELH‐FM (Providence, R.I.) 2011 University of Alabama $1,100,000 891,671 Acquisition of WHIL‐FM (Mobile, Ala.) 2011 Northern Kentucky University $6,750,000 3,300,000 Acquisition of WPAY‐FM & WPFB‐FM/AM (Cincinnati, Ohio) 2011 Corporation $300,000 141,272 Acquisition of KOCV‐FM (Odessa, Texas) 2011 Essential Public Media $6,000,000 1,784,349 Acquisition of WDUQ‐FM (Pittsburgh, Pa.) 2011 University of Houston $9,932,000 4,018,325 Acquisition of KTRU‐FM (Houston, Texas.) 2010 Public Radio $435,000 46,515 Acquisition of WVXR‐FM (Randolph, Vt.) 2010 University of South Florida $1,275,000 793,757 Acquisition of WSMR‐FM (Sarasota, Fla.) 2010 Ohio State University (note c) $4,871,000 917,373 Acquisition of WWCD‐FM (Columbus, Ohio) 2010 Group $4,050,000 1,801,694 Acquisition of WXEL‐FM (West Palm Beach, Fla.) 2010 Long Island University $850,000 133,413 Sale of WLIU‐FM (Southampton, .) 2010 WGBH Educational Foundation $14,000,000 4,006,875 Acquisition of WCRB‐FM (Boston, Mass.) 2009 North Texas , Inc. $18,000,000 5,901,402

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Acquisition of KVTT‐FM (Dallas, Texas) 2009 Cincinnati Public Radio 336,390 Operating Agreement for WMUB‐FM (Oxford, Ohio) 2009 University of Southern California $1,200,000 220,327 Acquisition of KXTY‐FM (Morro Bay, Calif.) 2009 Lakeshore Public Media $1,050,000 129,720 Acquisition of WWLO‐FM (Lowell, Ind.) 2008 Capital Public Radio $4,700,000 947,302 Acquisition of KUOP‐FM (Stockton, Calif.) 2008 California Lutheran University $1,440,000 538,165 Acquisition of KIST‐AM (Santa Barbara, Calif.) 2008 Wasatch Public Media $2,400,000 830,361 Acquisition of KCPW‐FM (Salt Lake City, Utah) 2008 American Public Media $1,000,000 141,432 Acquisition of KBXO‐FM (Coachella, Calif.) 2008 $8,200,000 2,548,279 Acquisition of KFDN‐FM (Denver, Colo.) 2008 North Texas Music Foundation $500,000 Sale of a CP in Stephenville, Texas 2007 American Public Media Group $20,000,000 4,302,125 Acquisition of WMCU‐FM (Miami, Fla.) and a translator (West

Palm Beach, Fla.) 2007 Santa Fe Community College 30,000 Swap of KSFR‐FM for KSFQ‐FM in Santa Fe, N.Mex. (owned by

Educational Media Foundation) 2007 University of $4,335,000 1,247,380 Acquisition of WZXM‐FM and a translator (Middletown, Pa. &

Harrisburg, Pa.) 2007 University of Pennsylvania $1,250,000 Sale of WXPH‐FM (Harrisburg, Pa.) 2007 Northeast Indiana Public Radio $1,750,000 454,177 Acquisition of WCKZ‐FM (Ft. Wayne, Ind.) 2006 Jacksonhole Community Radio $18,000 17,159 Acquisition of KURT‐FM (CP) (Jackson, Wyo.) 2006 Capital Community Broadcasting $676,400 30,000 Acquisition of KFMG‐FM and KSRJ‐FM (Juneau, Alaska) 2006 University of $725,000 Sale of WSMU‐FM (N. Dartmouth, Mass.) 2006 $147,000 26,617 Acquisition of a CP (Brighton, Vt.) 2006 Cincinnati Public Radio $411,000 Sale of WVXA‐FM (Rogers City, Mich.) 2006 Cincinnati Public Radio $200,000 Sale of WVXH‐FM (Harrison, Mich.) 2006 Cincinnati Public Radio $380,000

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Sale of WVXM‐FM (Manistee, Mich.) 2006 Puget Sound Public Radio $500,000 202,222 Acquisition of KVSN‐AM (Olympia, Wash.) 2006 State University $130,000 50,700 Acquisition of two translators (Bixby & Okmulgee, Okla.) 2005 Radio Bilingue $50,000 39,412 Acquisition of KVFR‐FM (CP) (Laytonville, Calif.) 2005 Cincinnati Public Radio $15,000,000 2,293,533 Acquisition of 7 Xavier University Stations (Cincinnati, Ohio) 2005 WMHT Educational Communications $1,500,000 225,424 Acquisition of WBKK‐FM (Amsterdam, N.Y.) 2005 Oklahoma State University $4,000,000 366,025 Acquisition of KGND (Tulsa, Okla.) 2004/2005 $450,000 56,312 Acquisition/Financing ‐ KIIC‐FM (Lamoni, Iowa) 2004 San Diego State University $1,100,000 100,601 Acquisition of KQVO FM (Calexico, Calif.) 2004 Boulder Community Broadcast Associates $4,100,000 2,710,616 Acquisition of KJME‐AM (Denver, Colo.) 2004 Radio for Milwaukee 1,294,279 Operating Agreement for WYMS‐FM (Milwaukee, Wisc.) 2004 GBH Telecommunications $3,927,000 94,866 Represented in the FCC Auction (Brewster, Mass.) 2004 Joy Public Broadcasting $1,200,000 300,009 Sale of WJTM‐FM (Frederick, Md.) 2004 $1,200,000 239,829 Acquisition KAEZ‐FM Station (Amarillo, Texas) 2004 $250,000 111,132 Acquisition of KZBS‐FM (CP) (St. George, Utah) 2004 KBPS Foundation $5,500,000 1,902,001 Acquisition of KBPS‐FM (Portland, Ore.) 2003 Northeast Public Radio /WAMC $500,000 618,461 Acquisition of WAMC‐AM (Albany, N.Y.) 2003 Bates Technical College $5,000,000 2,181,922 Sale of KBTC‐FM (Tacoma, Wash.) 2003/2005 Chicago Public Radio 763,058 Operating Agreement for WLUW‐FM (Chicago, Ill.) 2003 KQED Inc. $3,000,000 451,131 Acquisition of KQEI‐FM (Sacramento, Calif.) 2003 Nashville Public Radio $3,000,000 1,029,856 Acquisition of WQDQ‐AM (Nashville, Tenn.) 2002 Chicago Public Radio $550,000 100,054 Acquisition of WBEW‐FM (Chesterton, Ind.) 2002 Johns Hopkins University $5,000,000 1,679,312 Sale of WYPR‐FM (Baltimore, Md.) 2001/2002

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WGBH Educational Foundation $1,500,000 40,758 Merger of WCAI/WNAN with WGBH (Cape Islands, Mass.) 2001 Colorado Public Radio $4,200,000 2,394,709 Acquisition of KCFR‐AM (Denver, Colo.) 2001

Total $223,967,400 67,312,150

FINANCING

Primary Coverage Client Transaction Size (note a)

$250,000 The Working Group Financing through Public Radio Fund (Oakland, Calif.)

2013 Radio Bilingue $400,000 Financing through Public Radio Fund (Fresno, Calif.) 2013 The Working Group $170,000 Financing through Public Radio Fund (Oakland, Calif.)

2012 Radio Bilingue $400,000 Financing through Public Radio Fund (Fresno, Calif.) 2012 WXEL Public Broadcasting $2,000,000 Financing through Public Radio Fund and FJC (West Palm

Beach, Fla.) 2012 Delaware First Media $105,000 117,641 Financing through Public Radio Fund (Dover, Del.) 2012 Marfa Public Radio Corporation $175,000 Financing through Public Radio Fund (Marfa, Texas) 2011 Radio Bilingue $650,000 Financing through Public Radio Fund (Denver, Colo.) 2011 Denver Educational Broadcasting Inc. $500,000 Financing through Public Radio Fund (Denver, Colo.) 2011 Essential Public Media $2,500,000 Financing (WDUQ‐FM in Pittsburgh, Pa.) 2011 KOCE Foundation $4,527,305 Re‐financing through Public Radio Fund and FJC (KOCE‐

TV, in Huntington Beach, Calif.) 2010 WFCR Foundation $420,000 2,110,123 Financing through Public Radio Fund (Amherst, Mass.)

2010 Colorado Public Radio $8,300,000

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Re‐financing (KVOD‐FM, prev. KFDN, in Denver, Colo.)

2010 eTown $2,300,000 Financing through Public Radio Fund (Boulder, Colo.) 2010 North Texas Public Broadcasting, Inc. $17,500,000 Financing (KVTT‐FM in Dallas, Texas) 2009 Wasatch Public Media $2,818,000 Financing through Public Radio Fund and Other Lender

(KCPW‐FM in Salt Lake City, Utah) 2008 Public Radio $6,000,000 Financing for new building, studios and equipment (New

Hampshire) 2008 Colorado Public Radio $8,200,000 Financing (KFDN‐FM in Denver, Colo.) 2008 Puget Sound Public Radio $6,000,000 Financing (KXOT‐FM in Seattle‐Tacoma, Wash.) 2006 Cincinnati Public Radio $15,000,000 Financing (Cincinnati, Ohio) 2005 Oklahoma State University $7,000,000 626,001 Financing (Oklahoma City & Tulsa, Okla.) 2004/2005 Park City Community Wireless $2,400,000 2,085,744 Financing (Salt Lake City, Utah.) 2003 Nashville Public Radio $5,690,000 Financing (Nashville, Tenn.) 2001/2002 Colorado Public Radio $6,300,000 Financing (Denver, Colo.) 2001/2002

$99,605,305 4,939,509 Total

COMBINED TOTAL $323,572,705 72,251,659

(a) The column represents the public media service area expanded or preserved by each transaction based upon the population coverage within the 60dBu (1.0mV/m ) FCC contour. Population predictions based upon V‐Soft Communications ‐ Probe 3 with Longley‐Rice propagation model for the FMs (at 9.1m receiver height above ground) and FCC contour daytime coverage for the AMs.

(b) Pending FCC approval.

(c) Transaction size based on net present value of cash flows associated with the purchase price and sellers note, discounted at 3%.

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