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Mid-Year Media Review June 22, 2004 Forward-Looking Statements

Certain statements in this presentation are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally include all statements other than statements of historical fact, including statements regarding our future financial position, business strategy, budgets, projected revenues and expenses, expected regulatory actions and plans and objectives of management for future operations.

These statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by those forward-looking statements. Some of such risks, uncertainties and other factors are contained in our periodic filings under the Securities Exchange Act of 1934. Please see the Appendix in this presentation as well as our publicly filed financial documents for reconciliation to EBITDA and/or free cash flow.

2 Statement About EBITDA

We believe that EBITDA is relevant and useful because it helps improve our investors’ ability to understand our operating performance and makes it easier to compare our results with other companies that have different financing and capital structures or tax rates. We use EBITDA, among other things, to evaluate our operating performance, to value prospective acquisitions and as a component of incentive compensation targets for certain management personnel. Our lenders use EBITDA as one of the measures of our ability to service our debt. EBITDA is not a measure of performance calculated in accordance with accounting principles generally accepted in the United States. EBITDA should not be considered in isolation of, or as a substitute for, net earnings as an indicator of operating performance or cash flows measures from operating performance as a measure of liquidity. EBITDA, as we calculate it, may not be comparable to EBITDA reported by other companies. In addition, EBITDA does not represent funds available for discretionary use.

3 Strategic Overview Steve Smith, Chairman and CEO Diversified Media and Communications Company Last Two Quarters % Operating Earnings* Publishing • Serves Southeast Wisconsin with Sunday circulation of 34% 431,000 • Over 90 newspapers and shoppers, clustered in 8 states Broadcasting • 38 radio stations and 29% 6 television stations in 11 states Telecommunications • Network in 7 Midwestern states 31% providing enterprise & wholesale services Printing Services • Printing and direct and Other marketing serving a 6% diverse group of markets

(*) 4Q 2003 and 1Q 2004 5 Highly Experienced Management Team

Steve Smith Chairman and CEO 28 Years

Doug Kiel Paul Bonaiuto Mary Hill Leahy President, Chief Financial General Counsel CEO of Journal Officer 3 Years Broadcast Group 12 Years 18 Years

Jim Prather Carl Gardner Keith Spore Jim Ditter Scott McElhaney President, News, President, Radio, President and President, Norlight President, Journal Broadcast Journal Broadcast Publisher, 12 years Journal Community Group Group Journal Sentinel Publishing Group 13 years 13 years 39 years 3 years

6 Employee Ownership Helps Drive Financial Success

• Employee interests aligned with shareholders • Proud history and culture of employee ownership • Significant competitive advantage • Shared values of accountability and integrity

7 Investment Highlights

• Strong regional position with growing presence in mid-sized growth markets • Continued execution since IPO • Top-line growth opportunities and margin expansion potential • Disciplined media acquisition program • Strong free cash flow generation with balance sheet structured for growth • Experienced management team

8 Strong Regional Position and Presence in Mid-Sized Growth Markets

KOSR-AM KSRZ-FM Green Bay Acquisition: WTMJ-AM Milwaukee Journal Sentinel KSAW-TV KHLP-AM KOMJ-AM WGBA-TV WKTI-FM 33 Community Newspapers KEZO-FM KQCH-FM WACY-TV WTMJ-TV 25 Shoppers KKCD-FM KBBX-FM 4 Niche publications 2 Printing Plants

KIVI-TV 10 Community Newspapers KGEM-AM Boise Green Bay 4 Shoppers KJOT-FM z z 1 Niche publication KQXR-FM zz z zTwin Falls Lansing z 1 Printing plant KTHI-FM zzz z KRVB-FM z zz z WSYM-TV KCID-AM Milwaukee 2 Printing Plants Omaha z z 9 Shoppers Wichita 1 Printing plant z Las Vegas z Springfield Palm z Knoxville Springs z z z Tulsa 4 Community Newspapers z Tucson 3 Niche publications KMIR-TV KTNV-TV z z Publishing KFFN-FM z KMXZ-FM z Radio KZPT-FM KFTI-AM WQBB-AM z KGMG-FM KFDI-FM KSGF-AM WMYU-FM Television KICT-FM KSGF-FM WWST-FM z 2 Shoppers KFXJ-FM KTTS-FM WKHT-FM Telecommunications KYQQ-FM KSPW-FM 3 Niche KFAQ-AM KMXW-FM KZRQ-FM publications KVOO-FM 1 Printing Plant Printing KXBL-FM z

9 Delivering on Growth and Margin Expansion Initiatives

Publishing Broadcasting Telecommunications Operating Margin % Point Improvement Operating Margin % Point Improvement Operating Earnings ($MM)

10% 10% $12 10.1 9.2 8% 8% 8.7 6.9 $9 6.3 6% 6% $6 3.8 4% 4% 3.3 2.8 $3 2% 2%

0% 0% $0 3Q ’03 vs. 3Q ’02 1Q ‘04 vs. 1Q ’02 3Q ’03 4Q ‘03 vs. 4Q ’02 1Q ‘04 vs. 1Q ’03 4Q ‘03 1Q ‘04 vs. 1Q ’03 1Q ‘04

1Q ’04 Operating Earnings Growth: 121% 70% (13)%

10 Publishing: Cyclical Improvement and New Initiatives

Milwaukee Journal Sentinel • Recent signs of economic improvement Advertising Growth in Milwaukee 16.7% – Improving classified trends Classified Retail 10.9% – Retail improvement and expansion

– Increased focus from national 4.1% advertisers 2.1%

Q1 2004 April 2004 May 2004 • Focus on new revenue initiatives New Revenue Initiatives – JSOnline.com January-May 2004 Growth – Shared mail National 16.9% – Solo mail Other – Specialized/targeted publications 14.0% Advertising – Event marketing Other 18.9% – Commercial print Publishing

11 Broadcasting: Significant Upside Potential in Las Vegas

Unique Market Growth Profile Realizing Our Full Operating Potential • Market Rank: 51 • Revenue Rank: 28 2003E Rev. • Retail Sales Estimated Growth: Affiliate ($MM) Rating* 7.0% • Annual Visitors: 35MM NBC 46.0 12

Las Vegas TV Advertising Revenues ($MM) CBS 35.8 12

GR CA % FOX 30.5 7 9.5

$180MM ABC 24.6 8

$40MM

1986 2003

Source: 2004 BIA (*) BIA 9AM – Midnight rating November 2003 (%) 12 Norlight: Building on Our Successful Approach

Strong Financial Performance • Managed for strong financial Operating Earnings ($MM) 50 performance 40 30 R • Maximize value of unique CAG 20 22% competitive position 10 0 – strong regional presence in 1996 1997 1998 1999 2000 2001 2002 2003 2nd/3rd tier markets with relatively low competition Regional Tier 2 and Tier 3 Market Strategy

Duluth Iron Mountain – 95% (+) customer satisfaction Superior • Pursue selective disciplined Madison Milwaukee Lansing success-based investments Detroit Minneapolis Chicago Toledo – in-market network extension Fort Wayne

– deploy new products and Indianapolis

services St. Louis

Point of Presence Active Network Dark (Inactive) Fiber Network 13 Disciplined Media Acquisition Program

Broadcasting Portfolio Growth • Broadcasting acquisitions are top strategic priority Properties 40 TV 38 – deeper penetration in Radio existing radio and TV markets 30 – new mid-sized markets with growth potential 20 • Proven ability to develop 13 underperforming assets 10 7 • Selective publishing 3 acquisitions 0 1997 2004 PF

Revenue ($MM) $1027% CAGR $151

14 Green Bay Acquisition Case Study

Transaction Review Market Overview • Announced agreement on April 29th • Market Rank: 68 for $43MM purchase of WGBA (NBC affiliate) • Revenue Rank: 70 ($60MM market) • Will assume WACY (UPN affiliate) • DMA Population: 1.1MM LMA agreement with opportunity to buy in the future 2003E Rev. • Strong strategic fit Affiliate ($MM) Rating* – adjacent television properties ABC 18.6 15 – opportunity to leverage other CBS 14.7 17 Journal assets in surrounding FOX 14.0 11 market areas NBC 8.8 9 • Potential for significant revenue and operating improvements Source: 2004 BIA (*) BIA 9AM – Midnight rating November 2003 (%)

15 Review of Recent Performance Doug Kiel, President Achievements Since Initial Public Offering

• Deliver significant efficiencies from new production facility 9 • Improving margins at community publishing group 9 • Expanding margin throughout broadcast division 9 • Drive enterprise telecom growth while protecting wholesale revenues 9 • Focus on operating efficiency and new growth initiatives 9

17 New Production Facility Drives Publishing Success

• Significant Benefits From New Publishing Operating Earnings

Production Facility $MM

10 9.0 % – exceeding initial productivity 84 expectations 8

4.9 – cost efficiencies in place 6 (6% workforce reduction) 4.1 4 – additional top line growth potential 2

• New leadership team at Journal 0 Community Publishing delivering results -2 1Q 02 1Q 03 1Q 04

– distribution synergies with Journal Milwaukee Journal Sentinel Sentinel Journal Community Publishing – classified advertising cross-selling

18 Enhancing Results on Strong Radio Platform

1Q 2004 Operating Earnings Margin Improvement of 7 Points Over 1Q 2003 1Q 2004 vs 1Q 2003 Metro Number #1 Revenue Margin Point Market Rank of Stations Rank (1) Growth Enhancement Milwaukee, WI 33 2 9 Omaha, NE 74 8 9 4.9% +8.4 Tucson, AZ 61 4 9 Knoxville, TN 72 4 Springfield, MO 146 5 9 0.0% +3.8 Wichita, KS 96 6 9 Boise, ID 120 6 19.0% +29.2 Tulsa, OK 65 3 Total 38 Strong Cluster Strong Lead Station Developmental

(1) Based on Fall 2003 Arbitron Ratings Book 19 Strong TV Platform With Upside Potential

1Q 2004 Operating Earnings Margin Improvement of 7 Points Over 1Q 2003 DMA DMA Revenue Audience Revenue Margin Point Market / Affiliation Rank Rank Ranking* Growth Enhancement

Milwaukee, WI / NBC 33 34 1 12.0% +8.0 Las Vegas, NV / ABC 51 28 3

Palm Springs, CA / NBC 160 117 2

Boise, ID / ABC** 123 110 2 1.9% +6.2

Lansing, MI / FOX 110 105 4

Green Bay, WI / NBC*** 68 70 3T NA NA

Source: 2004 BIA (*) Sunday through Saturday 5AM–2AM DMA HH Rating. Source: Nielsen Media Research (**) Journal also owns an LP TV station in Twin Falls, ID (***) Pro Forma for announced Green Bay acquisition agreement; tied for 3rd in Audience Ranking 20 Profitable, Differentiated & Competitive Telecommunications Provider

Wholesale 2003 Norlight Revenue by Source • Active dialogue with Global $150MM Crossing and MCI Enterprise 39% • Long-term contracts in place

MCI and Global Crossing Other Wholesale (Wholesale) (75 customers) 18% 43%

Enterprise Consistent Enterprise Revenue Growth • Consistently growing revenue and Enterprise Revenues ($MM) CAGR customer base 80 11% 11.1% 57.8 Growth • Strong competitive position despite 60 49.4 51.4 RBOC entry 42.4 40 • 98% customer satisfaction 20 • Targeted highly effective sales strategy 0 2000 2001 2002 2003 1Q 2004 21 Improved Margin Performance in Other Segments

2003 2003 vs. 2002 Revenues Revenue Margin Point ($MM) Growth Improvement Drivers • Two years of profitability growth and margin improvement with lower revenues 86 (12.1)% +2.2 • Focus on adding more profitable, core print customers • Product mix shift straining print capacity

• Tight cost controls • Consultative data business growing and 42 9.8% +5.9 highly profitable • “Do not call” legislation a positive for direct mail • Low investment needs

• Three years of increases in operating earnings 57 1.5% +0.8 • Strong long-term relationship with Miller • Adding new customers • Low investment needs

22 Financial Review Paul Bonaiuto, CFO Successful IPO, Follow-on and Tender Offers

• Successful IPO completed September 23, 2003 • 20 million B-1 shares tendered November 2003 – 88% take-up – reduced employee debt • Follow-on offering of 6.7 million class A share mid-June 2004 • Completed 8 million class B share tender offer mid-June 2004 – 100% take-up – further reduced employee debt • Strong quarterly performance since IPO: growth and margin expansion • Significant FCF generation and growth • Strong balance sheet structured for growth

24 First Quarter Financial Results

($ Millions)

1Q 2003 1Q 2004 % Growth Revenue$189.9 $192.7 1.5

EBITDA$ 33.0 $ 38.3 16.1 % Margin 17.4% 19.9%

Operating Earnings$ 21.2 $ 26.7 25.9 Publishing 4.1 9.0 Broadcasting 3.8 6.5 Telecommunications 10.0 8.7 Printing and Other 3.3 2.5

Net Earnings$ 12.5 $ 15.7 26.0 % Margin 6.6% 8.1%

25 Second Quarter Outlook

• Financial guidance: – operating revenue ~ $200 – $205 million – net earnings ~ $15 – $18 million • Journal Sentinel: – top-line growth driven by encouraging economic and advertising outlook and new revenue initiatives – efficiency gains from production facility • Broadcast Group: – growth in the Las Vegas TV market – record earnings in Milwaukee radio market and rebound in Tulsa • Norlight: – stabilizing wholesale environment – growth in enterprise business • New printing customers at IPC • Continued strong earnings at NorthStar and PrimeNet 26 Operating Earnings Margin Targets

1Q 2004 3-Year Target Daily Newspaper 16% 16 – 20%

Community Publishing 2% 7 – 10%

Broadcasting 19% 27 – 31%

Telecommunications 25% 16 – 19%

Printing 4% 7 – 10%

Over the next 3 years, margins are expected to grow 2 – 4 points, with each point representing a 7% increase in operating earnings.

27 Significant Free Cash Flow Generation and Growth ($ Millions)* Long Track Record of FCF Generation… …Continuing in 2004

EBITDA ($MM) 180 30.0

160 19 140 21.8 47 11 59 th 76 20.0 w 120 ro G % 100 5 19 80

10.0 60 7.4 40

20

0 0.0 1999 2000 2001 2002 2003 1Q '03 1Q '04 Capex, net interest expense and taxes Free Cash Flow*

(*) Free cash flow defined as EBITDA less capex, net other income and expense and taxes 28 Strong Balance Sheet ($ Millions) As of 3/28/2004 Actual Pro Forma

Cash $6 $6 Total Debt 56 145 * Shareholders’ Equity 474 429 * Total Capitalization $530 $574

Debt/LTM EBITDA 0.3x 0.8x EBITDA/Interest Expense 63x 39x **

(*) Based on a 6 million share offering and 8 million share tender at a price of $18.55 per share. Pro forma for Green Bay acquisition. (**) Coverage ratio assumes 2.0% interest rate on new debt. 29 Conclusions Steve Smith, Chairman and CEO Conclusions

• Strong regional position with growing presence in mid-sized growth markets • Continued execution since IPO • Top-line growth opportunities and margin expansion potential • Disciplined media acquisition program • Strong free cash flow generation with balance sheet structured for growth

31 Q & A Appendix Reconciliation of Consolidated Net Earnings to Consolidated EBITDA, 1999-2003 & Q1 ’03-‘04

($Thousands) Year Ended December 31, First Quarter Ended 1999 2000 2001 2002 2003 3/30/03 3/28/04

Net earnings 69,449 66,384 47,757 57,920 66,793 12,458 15,699

Total other (income) and expense (4,227) (884) (1,235) (339) 1,467 453 545

Provision for income taxes 44,537 44,162 35,860 49,418 45,149 8,306 10,466

(Gain) loss from disc. ops., net 795 (471) 1,722 565 ------

Cumulative effect of accounting change, net ------6,509 ------

Depreciation 36,657 38,710 40,882 44,726 46,381 11,323 11,089

Amortization 8,940 11,408 10,814 1,909 2,241 428 491

EBITDA 156,151 159,309 135,800 160,708 162,031 32,968 38,290 34 Reconciliation of Consolidated EBITDA to Consolidated FCF, 1999-2003 & Q1 ’03-‘04

($Thousands) Year Ended December 31, First Quarter Ended 1999 2000 2001 2002 2003 3/30/03 3/28/04 EBITDA 156,151 159,309 135,800 160,708 162,031 32,968 38,290

Less:

Capital expenditures 68,529 96,758 90,172 53,169 39,685 16,784 5,507

Provision for income taxes 44,537 44,162 35,860 49,418 45,149 8,306 10,466

Other (income) and expense, net (4,227) (884) (1,235) (339) 1,467 453 545

Free Cash Flow 47,312 19,273 11,003 58,460 75,730 7,425 21,772

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Mid-Year Media Review June 22, 2004