POST–NEWSWEEK STATIONS, INC. September 9, 2011 WDIV / NBC

KPRC / NBC HOUSTON

WPLG / ABC

KSAT / ABC SAN ANTONIO

WKMG / CBS ORLANDO

WJXT / IND JACKSONVILLE 2008 – 2009 FINANCIAL RESULTS Excluding Pension ($ Millions)

2008 2009 Diff % Revenues $325 $273 $(52) -16% Expenses* 203 202 ( 1) -- Operating Income* $122 $ 71 $(51) - 42% Cash Flow* $131 $ 83 $(48) - 37% Op Margin 38% 26% CF Margin 40% 30%

*Non-GAAP measure AUTO & TRUCK ADVERTISING REVENUES (Gross) ($ Millions)

116 110 88

55 100

50

0

2006 2007 2008 2009 WHAT PNS DID 2008 & 2009 Measures Taken

• Personnel - Stop 401 (k) match - Reopen Talent Contracts - Shift Salary Increases - Keep Positions Open WHAT PNS DID 2008 & 2009 Measures Taken

• Personnel • No Furloughs - Stop 401 (k) match - Reopen Talent Contracts • No SLASH & BURN! - Shift Salary Increases - Keep Positions Open WHAT PNS DID 2008 & 2009 Measures Taken

• Personnel - Stop 401 (k) match - Reopen Talent Contracts - Shift Salary Increases - Keep Positions Open

• Renegotiate Syndicated Shows – Start Process WHAT PNS DID 2008 & 2009 FOCUS: BEST PRACTICES

- News - Sales - IT - Engineering - Establish Design Hub - Restructure Digital Operations 2009 – 2010 FINANCIAL RESULTS Excluding Pension ($ Millions)

2009 2010 Diff % Revenues $273 $342 $ 69 25% Expenses* 202 220 18 9% Operating Income* $ 71 $122 $ 51 72% Cash Flow* $ 83 $135 $ 52 63% Op Margin 26% 36% CF Margin 30% 39%

*Non-GAAP measure 2010 – POSITIVE FACTORS

• AUTO

• OLYMPICS

• POLITICAL AUTO & TRUCK ADVERTISING REVENUES (Gross) ($ Millions)

116 110

88 78

100 55

50

0 2006 2007 2008 2009 2010 ACT INCREMENTAL OLYMPIC NET REVENUE ($ Millions)

8.0 8

7 6.3 6.3 6 4.7 5 4 3 2 1 2004 2005 2006 2007 2008 2009 2010 2011 ELECTION YEAR’S POLITICAL REVENUE Gross Spot ($ Millions) 42.6 40.7 40.3 40 37.3

33.7 27.7 24.2 20.0 20

0 1996 1998 2000 2002 2004 2006 2008 2010

Presidential Race Non-Presidential Race POLITICAL REVENUE (Gross) ($ Millions)

24.9

20 15.3

12.5

10

0 2006 2008 2010 2010 FLORIDA RACES

Governor: Republican – Rick Scott Democrat – Alex Sink

Senate: Independent – Republican – Democrat – Kendrick Meek* *Primary – Jeff Greene 2009 – 2010 FINANCIAL RESULTS Excluding Pension ($ Millions)

2009 2010 Diff % Revenues $273 $342 $ 69 25% Expenses* 202 220 18 9% Operating Income* $ 71 $122 $ 51 72% Cash Flow* $ 83 $135 $ 52 63% Op Margin 26% 36% CF Margin 30% 39%

*Non-GAAP measure 2010 vs. 2009 Expense Increases ($ Millions)

Personnel: Bonuses/Sales Incentive $6.3 401 (k) Match 1.4 Salaries (1.6%) 1.2 Rep Commission 2.3 IB Management Fee 2.2 Depreciation 0.6 Other 4.0 18.0 2011 PROGRESS REPORT

How are we doing so far… Jan – June 2011 REVENUE ($ Millions)

2010 2011 Diff % Total Revenue $156.1 $157.1 1.0 1% Less: Olympics 4.7 0 ( 4.7) Political 6.3 2.0 ( 4.3) Net 145.1 155.1 10.0 7% Less: Auto 33.5 30.1 ( 3.4) Net 111.6 125.0 13.4 12% GROSS SPOT POLITICAL REVENUE ($ Millions) 45 40 35 30 25 20 15 10 5 0 2004 2005 2006 2007 2008 2009 2010 2011 2011 POSITIVE REVENUE FACTORS

• New Business Initiatives - Expos at all stations = $2.25 – 2.5M Revenue - Creating Local Retail Brands = $4.5M

• Increased Web Revenue $2.5M

• Increased Retransmission Revenue $3M

• Auto Expected to Strengthen Toyota – New Product launches January – June 2011 Operating Results Excluding Pension ($ Millions) 2010 2011 Diff % Revenue $156.1 $157.1 1.0 0.6% Expenses* 104.8 104.0 (0.8) (0.8)% Operating Income* $ 51.3 $ 53.1 1.8 3.5% Cash Flow* $ 57.7 $ 59.3 1.6 2.8% Op Margin 32.9% 33.8% C F Margin 37.0% 37.8%

*Non-GAAP measure EXPENSE SAVINGS

• Syndication – Down 60% by 2013 • Headcount Reduction - Hubs - Control Room Automation LONG TERM SYNDICATED PLAN

2010 2011 2012 2013 STAFFING ANALYSIS Full Time & FTE

1150 1106 141 Staff 1100 1074 Reduction 1050 (13%)

1000 980 965 950

900

850 2007 2008 2009 2010 DESIGN HUB Located at WPLG / Miami

•Upgraded Graphic look across stations •Eliminated Station Art Departments •Salary Expense Savings $1.5 Million over 5 years TRAFFIC HUB Located at WJXT / Jacksonville On Line March 2011

•Best Practices – Inventory Control •Eliminating Station Traffic Departments •Salary Expense Savings $2.0 Million over 5 years CONTROL ROOM AUTOMATION

• Equipment enables efficiencies in production control room • Roll out to all 6 Stations • Reduce Headcount by 35 FTE’s ADDITIONAL NEWSCASTS Fall 2011

- 4:00 pm - 10:30 pm

- 5:00 pm - 5:30 pm

- 5:00 pm FUTURE

Big Markets:

KPRC – Houston Market # 10

WDIV – Detroit Market # 11 The News leader:

4 pm #1 5 pm #1 6 pm #1 11 pm #1

Morning News … # 2 and growing Ratings Was Is Increase * Morning News # 2 # 2 + 29 % 5 pm # 4 # 2 (T) + 25 % 6 pm # 3 # 2 (T) + 30 % 10 pm # 4 # 2 + 19 %

* January – July 2011 vs. 2010 Bullish Because… Political 2012 Presidential 4 New Congressional Seats - Texas Senate - All Stations 2014 Gubernatorial - All Stations Senate - Texas and Michigan 2016 Presidential Senate - Florida Bullish Because…

Olympics - 2 Biggest Stations (KPRC & WDIV) 5 Olympics over 10 years! - 2012 Summer London - 2014 Winter Sochi Russia - 2016 Summer Rio de Janeiro - 2018 Winter South Korea - 2020 Unknown Bullish Because…

Retransmission Revenue:

2007 = .10¢/sub

2011 = .50¢/sub

201? = $1.00/sub Bullish Because…

NBC – Comcast ownership = - Improved Primetime - Olympics - News Division CBS – Great Primetime News Revitalization - Evening News - Morning News ABC – NBA (Miami & San Antonio) Miami Heat In Finals + $3.5 Mil Revenue Bullish Because…

Web Revenue: • 4% of total Revenue – & growing!

• All sites leaders in their market

• Internet Broadcasting * - New CEO, Elmer Baldwin - Core Media, 4th Qtr this year

* Ownership Interest Bullish Because… Mobile OMVC – 36 station groups (900+ stations)

• Established standards - Manufacturers & Broadcasters • Test in Washington, DC - Great success! • Technically mobile O-T-A works! Bullish Because… Mobile Content Venture, LLC (MCV)

PEARL, LLC - PNS, Belo,Cox,Gannett, Hearst, Media General, Meredith, Raycom, Scripps NBCU

FOX

ION MOBILE DTV

MCV Roll Out late 2011/ early 2012:

• Minimum 40% of the Country • Minimum 2 Free Channels/Market

• Focus = Tablets, Smartphones The leading effort in realization of mobile POST–NEWSWEEK STATIONS, INC.