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1 Tel:

2 bloomberg, 2

3 bloomberg, 3

4 bloomberg, 4

5 SARS

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11 P/EP/B/P/EBITP/FCFP/SALES P/E P/E

12 P/E P/B P/B bloomberg, 12

13 bloomberg, P/B P/B

14 P/SALSE bloomberg, 14

15 P/SALSE P/EBITDA EBITDA/SHARE bloomberg, 15

16 bloomberg,

17 Ticker Name P/E P/B P/S P/CF P/EBITDA AVERAGE: CHENGDU BEIJING CCID BEIJING MING PAO DJ DOW JONES & GCI GANNETT CO NYT NEW YORK LEE LEE DJCO DAILY Ticker Name P/E P/B P/S P/CF P/EBITDA AVERAGE: BEIJING GEHUA CMCSA COMCAST I-CABLE QRIX KOREA CABLE TV DONGJAK CABLE DAH FUNG CATV Ticker Name P/E P/B P/S P/CF P/EBITDA AVERAGE: HUNAN TV & SHAANXI SHANGHAI TWX TIME DIS THE WALT TELEVISION SKY SKY GREY GREY GLOBAL bloomberg, 17

18 CN: Revenue: Total RM B m n CEIC 18

19 HK 685 HK DJ US The Wall Street Journal DowJones NewswiresBarron's G C I U S """USA TODAY""""USA WEEKEND" N Y T U S International Herald Tribune L E E U S Lee Enterprises, Incorporated owns various daily newspapers and a joint interestin several others. The Company also owns various weekly newspapers, shoppers,and specialty publications. In addition, Lee provides related Internet services, primarily from the Midwest to the Pacific Northwest United States. D J C O U S Daily Journal Corporation publishes newspapers and Web sites coveringcalifornia, Arizona, and Nevada, as well as the "California Lawyer" magazine. The Company also produces several specialized information services. In addition. Daily Journal serves as a newspaper representative specializing in public notice advertising. C M C S A U S H K K S Qrix Communication Inc. provides cable television services in Korea. TheCompany's cable television network offers news, sports, movies, and music 19

20 channels. Qrix also provides Internet services K S Korea Cable T.V Chung-buk System Co., Ltd. (CCS) operates a cable televisionsystem for Chungbuk area. The Company also provides high-speed Internetservices K S Dongjak Cable & Communications, Inc. operates a cable television system withexclusive rights in the Dongjak-gu district of Seoul. The Company provides broadcasting and high speed Internet services as well T T Dah Fung CATV Co., Ltd. operates and provides cable TV services in Taiwan.The Comppany installs and maintains cable television systems for subscribers as well as provides advertising and publishing services. T W X U S (America Online) (AOL Time Warner Book Group) (Time Inc.) (Time Warner Cable)HBO (Home Box Office)(Turner Broadcasting System)(Warner Bros. Entertainment) D I S U S ABC H K S K Y N Z Sky Network Television Limited is a pay-television operator in New Zealand. TheCompany broadcasts various pay networks via UHF and Digital satellite platformsand offers a variety of programming including news, sports, movies, digitalradio and pay-per-view events. G R E Y U S Grey Global Group Inc. provides a full range of advertising and communications services to clients on an international or local basis. The Company plans, creates, supervises, and places advertising via media such as television, radio, magazines, direct mail, and the Internet. Grey also provides public relations, direct marketing, media services, Internet communications, and other services. 20