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Rights and Limiting Conditions The assumptions contained within this report are based on BIAfn’s extensive expertise in the analysis of media interests, and BIAfn reserves the right to modify its professional opinion in the event that further information becomes available. This report contains the opinions of BIA Financial Network, Inc., which assumes no responsibility or liability for any legal matters or actions taken by readers of this report. This report is copyright 2004 by BIA Financial Network, Inc. and may not be copied in while or in part by any means, including photocopying, without the prior express written permission of BIA Financial Network, Inc. All rights reserved. Media Intelligence and Investment Resources Broadcast Media Cable & Satellite Newspaper & Print Telecommunications BIA Financial Network, Inc. has helped clients build enterprise value and increase operational efficiency by providing expert financial, strategic and operational advisory services for more than two decades. BIAfn is the nation’s leading communications appraisal and valuation firm, providing critical services such as financial performance benchmarking, fairness opinions, purchase price allocations, operational due diligence and litigation support. BIAfn also provides strategic consulting, business plans, market analyses, feasibility studies, risk assessments and technology consulting services. BIAfn research is the most trusted in the media industry. Our comprehensive data service and software, MEDIA Access Pro™, is considered the definitive resource for accurate and reliable information on the radio, television and newspaper industries, and is the only business application that provides a cross-media view to markets, ownership, revenue and coverage. BIAfn als o offers custom research services and publishes market and industry reference books, studies, briefs and white papers. An affiliated financial consulting company, BIA Capital Corp., provides merger and acquisition advice, and arranges equity and debt funding in amounts up to $200 million. BIA Digital Partners LP provides subordinated debt and preferred equity investments of up to $6 million in medium stage communications companies. SpectraRep®, an affiliate of BIAfn, offers technology consulting, digital television datacasting solutions, content delivery networks, business strategy and management consulting services for both commercial businesses and government. Whether you need industry intelligence, business strategy and planning, valuation services or funding, BIA Financial Network’s comprehensive array of services can improve your ability to expand, compete, advise or invest in the media and communications industries. Helping Companies and their Investors Succeed www.bia.com 800.331.5086 [email protected] BIA Financial Network, Inc. A trusted source in media and communications for more than two decades. 15120 ENTERPRISE COURT, CHANTILLY, VA 20151 © Copyright 2004 BIA Financial Network, Inc.
