Emmis Communications Annual Meeting of Shareholders

July 10, 2014 11:00 a.m. • Note: Certain statements in this presentation constitute “forward- looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Reference is made to the company’s Annual Report on Form 10-K and other public documents filed with the Securities and Exchange Commission for additional information concerning such risks and uncertainties.

• Additional disclosure related to non-GAAP financial measures can be found under the Investors tab on our website, www.emmis.com.

2 Emmis Overview

Company overview Radio market statistics

 Headquartered in Indianapolis, IN, Emmis is a publicly traded Stations radio broadcasting communications company (NASDAQ: EMMS). The Company was incorporated in 1979 and went Market Revenue public in 1994 Market name rank share AM FM Total  Emmis operates the 9th largest radio portfolio in the US (based Los Angeles, CA 1 6% - 1 1 on number of listeners) New York, NY 2 10% 1 3 4 - Owns 19 FM and 4 AM radio stations in New York, Los Angeles, St. Louis, Austin (has 50.1% controlling interest) St. Louis, MO 20 22% - 4 4 Indianapolis and Terre Haute, IN Austin, TX 33 43% 1 5 6 . Includes 2 largest hip-hop stations in the world based in New York City (Hot 97) and Los Angeles (Power 106) Indianapolis, IN 38 30% 1 3 4 . Includes WBLS, the top-rated urban station in the US Terre Haute, IN 227 70% 1 3 4 - One of the FM radio stations in New York is operated Total 4 19 23 pursuant to a Local Marketing Agreement (“LMA”) with Source: Miller Kaplan; Terre Haute revenue share is Company estimate ESPN / Disney Note: One of the above stations in New York is operated under LMA with ESPN  The radio division of Emmis accounts for approximately 69% of Publishing portfolio summary the revenue and 96% of the Company’s station operating income Monthly Paid & Monthly Paid & Verified Circulation Verified Circulation  In addition to owning and operating radio stations, the Company owns leading city / regional publications and has Texas Monthly 300,945 Orange Coast 47,060 investments in certain other businesses Los Angeles 141,000 Indianapolis Monthly 39,280 Atlanta 68,280 Cincinnati 33,960 Total 630,525 Source: Publisher’s Statement as of 12/31/2013

3 Emmis consistently delivers superior radio revenue performance

Emmis versus the market

Year ended 2/28 Emmis revenue growth Market revenue growth

2014 +4.9% +2.7%1  Emmis wins! By 2%

2013 +3.3% -1.2%  Emmis wins! By 4%

 Emmis wins! 20121 +4.0% +0.6% By 3%

 Emmis wins! 20111 +6.7% +4.5% By 2%

Superior strategy and execution leading to consistently better results

Source: Miller Kaplan 1 Excludes WRKS now operated under LMA with ESPN as WEPN-FM

4 Emmis is winning by focusing on areas where we can excel

Strategy based on smarts and speed; others focused on scale

Local spot growth rates Growth categories

CAGR 2011–2013 % of Emmis radio 3.7% Category net revenues

Digital 7% 25% growth in FY14

Events 10% 14% CAGR 2011–13

Focused here Incite 10%¹ 25% growth in FY14

Direct result of emphasis on sales, Non-growth category hiring, training and local programming % of Emmis radio Category net revenues 0.6% National 16%  3% market growth

dominated by Clear Channel and CBS 1

Emmis Market  Emmis has -1% growth Not here 65% of radio Network 2%  -24% market growth net revenues Source: Miller Kaplan  Emmis is -26% 1 Comprised of Los Angeles, New York, Indianapolis, St. Louis and Austin radio markets ¹ Included in local revenues when reported to Miller Kaplan

5 Strategic merits of the WBLS/WLIB acquisition

WBLS / WLIB acquisition is a logical enhancement to existing strategy and will help Emmis continue its winning streak

Expands  Significant improvement in station operating income and free cash flow allowing for operating substantial de-levering by 2017 metrics and scale  Increases net revenues by 16.4% and EBITDA by 95.3% on a pro forma basis

Improves  Better positions Emmis to compete in the New York market in targeted demographics competitive  Past experience with two adult urban competitors will likely preclude full-signal position entrant

 $3 million in cost synergies already initiated; operations already co-located easing post-acquisition integration (also avoids losing existing co-location benefits) Clear  No additional corporate overhead required operating  WBLS’ Steve Harvey Morning Show is a key ratings driver; during 2013 a new 5-year efficiencies agreement was executed  All key talent and station leadership (General Manager, Director of Sales, Programming Director) under contract

Additional  Emmis has delivered stronger sales results from concerts, events, sponsorship, and revenue growth digital sales on its existing station in the market, WQHT opportunities  Significant opportunities exist for Emmis to cross sell between the WQHT/WBLS brands

6 Pro forma snapshot of Emmis

Pro forma operating statistics

Metric Emmis WBLS/WLIB1 Pro Forma

FYE 2014 net $194.8 million $32.0 million $226.8 million revenues FYE 2014 Station $39.0 million $15.2 million $54.2 million2 operating income EBITDA3 $19.0 million $15.2 million $37.2 million2

EBITDA % 9.8% 47.5% 16.4%

FYE 2014E Free cash $4.3 million4 $7.2 million5 $21.2 million6 flow (“FCF”)

LA MO 9% NY 42% Indy NY Radio BCF 15% 10% 41% concentration by Austin 7 11% market MO Austin NYC LA 13% Indy 16% 100% 14% 29%

1 WBLS / WLIB results are for the calendar year ended December 31, 2013 2 Includes $3 million of cost synergies already initiated 3 Net of Austin minority interest of $5.6 million 4 Includes $8 million of mandatory debt amortization under current credit agreement 5 Assumes 5.75% interest on acquisition purchase price of $131 million and $0.5 million of capital expenditures 6 Interest on $185 million at 5.75%, $3.5 million of capital expenditures and 1% mandatory debt amortization 7 Net of Austin minority interest

7 Additional revenue growth opportunities

Improved Power Events and Training and Digital Incite Ratios Sponsorships Culture

 Hot97 historically  Summer Jam  Hot97’s digital  Hot97 generates $1.3  A focus on sales hiring operates at a power generates $2.9 million revenues of $2.5 million in Incite sales and training has ratio of 1.3x in sponsorship sales million outperform to government yielded strong results WBLS’ $0.3 million in agencies, not-for- across existing  WBLS operated at a  Circle of Sisters, digital revenues profits and stations and these power ratio of 0.8x and WBLS’ signature corporations efforts will extend to budgeted in 2014 for event, reaches a  Emmis believes the the acquired stations 0.9x 40,000 person investments it has  Emmis’ Incite audience, but only has made in the digital leadership believes  WBLS and WLIB have  Opportunities to limited sponsorships category surpass WBLS, with a focus on historically had limited improve inventory YMF’s own efforts and African American investment in training management and  New Steve Harvey present significant mothers, will be the due to the ownership apply Portable People agreement provides growth opportunities best positioned station profile (distressed Meter (“PPM”) opportunity for an at WBLS to implement the owners followed by techniques Emmis additional event Company’s unique private equity owners) developed for ratings  Possibility to create a sales proposition in improvement in its  40% of WBLS and combined winter this area own portfolio WLIB’s employees concert between have previously Hot97 and WLBS with worked for Emmis, crossover artists helping limit the integration risk of culture and training

Although not currently considered in projections, Emmis believes significant revenue upside exists as a result of integrating the WBLS and WLIB radio stations

8 Summary of publishing division performance

Publishing division net revenues for fiscal year ended 2/28/2014 ($ millions)

+2.5%

-1.8% $24.0

+6.6% +39.6% +8.5% $11.1 +7.8% $7.1 $4.6 $5.9 $2.9

Atlanta Cincinnati Indianapolis Los Angeles Orange Coast Texas

Emmis achieved publishing division revenue growth of 5.9% in FYE 2014

9 Emmis consistently provides industry leadership and innovation

Emmis has an innovative culture that is recognized as a thought leader  Controls intellectual property around NextRadio smartphone and digital dash board application as well as broadcaster delivered traffic applications for navigation systems  NextRadio has the potential to reinvigorate radio industry growth rates - Emmis would benefit both as a radio operator and as owner of the intellectual property

10 NextRadio overview

Interactive, mobile platform provides point-of-purchase opportunity for advertisers to connect with Emmis’ listeners

SMS Website Location Coupon

Consumers Carriers Broadcasters

 Free, unlimited audio  Revenue opportunity through  Expand distribution of FM entertainment from familiar, partnership with broadcasters beyond the car dashboard local radio stations  Relieve data congestion  Reach of mass market FM fully  3x longer battery life integrated with one-to-one  Product differentiation smartphone interaction  Ability to seamlessly interact with familiar local radio stations  Enables more meaningful participation in digital ad pie  Much lower content costs compared to streaming

11 Digonex overview

• On June 16, 2014, Emmis acquired majority control of Digonex Technologies, Inc., an Indianapolis-based dynamic pricing company.

• Digonex owns a portfolio of patents and develops customized algorithms for clients to help them maximize revenues. Digonex currently operates principally in three silos:

Sports & Entertainment Retail Cultural Institutions

Target market: sporting, musical Target market: online retailing Target market: museums and and theatrical events zoos Principal application: merchandise Principal application: ticket pricing pricing Principal application: ticket pricing

• In addition to growing these existing lines of business, Emmis believes the technology is applicable to pricing the inventory for its existing radio and publishing assets.

12 Stock Price Performance

•Roughly 100% stock $4.00 price appreciation in $3.50 FY14.

$3.00 •Q1 results released in June 2013 was a $2.50 “clean” comparison of year-over-year results $2.00 and allowed investors to quickly see Emmis’ $1.50 much improved $1.00 financial condition.

$0.50 •Future value creation will largely relate to $0.00 our ability to grow operating free cash flow.

Source: Capital IQ

13 Compelling free cash flow yield valuation

The summary below excludes the operations of 98.7FM in New York, which is operated pursuant to an LMA with Disney/ESPN

FY14 Pro Forma EBITDA (see page 7) 37,200 Plus: Preferred litigation expenses 1,091 Plus: WBLS/WLIB transaction and severance costs 936 Less: Capital expenditures (3,500) Less: Pro forma interest expense (10,638) Less: Mandatory debt amortization (1,850) FY14 Pro Forma Free Cash Flow 23,239

Diluted shares outstanding (5/31/2014) 47,347

Free cash flow/share $ 0.49

Price 7/3/2014 $ 2.95

FCF Yield 16.6%

14 Strategic focus for FY15

New Sources of Core Growth

NextRadio Continue to Grow Free Cash Invest in future outperform peers in Flow and Pay growth core businesses Down Debt Digonex

Integrate WBLS and WLIB in NY

15 Emmis Communications Annual Meeting of Shareholders

July 10, 2014 11:00 a.m.