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600832 2005.02.16 () 14.32 6 () 16.77 52 / 21.6/10.25 () 96324 A () 21964 2003A 2004F 2005F () 0.27 0.34 0.38 51 40 36 4.38 4.68 4.17 EV/EBITDA 36.18 31.15 25.73 2004 11 1 2004 11 24 2004 12 9 021-53831180 Emailyelf@htsec.com 98 16 2002A 2003A 2004F 2005F 2006F () 85325 78079 110584 118383 126584 EBITDA() 43688 40472 61314 67539 70768 () 22952 25955 33030 37229 39552 (%) 48.22 51.13 48.43 48.21 48.39 () 0.33 0.27 0.34 0.38 0.41 (%) 12.15 8.23 10.37 11.59 12.50 () 0.70 0.48 0.51 0.54 0.56 2005 2005 2005 6000 2005 2005 2004 3000 2005 2005 2005 2005 PE 36 2004 2005 EPS 0.34 0.38 1

2005 2005 2005 2004 3000 20042005 2005 2004 3000 6000 2005 6000 2005 29% 2003EPS 2004EPS 2003PE 2004PE 0.19 0.39 44 26 0.33 0.37 40 43 0.78 0.63 30 24 0.24 0.34 63 40 0.01 0.025 1019 404 0.10 0.10 65 65 0.44 0.37 21 21 PE PE 2

25 EV/EBITDA 13 PB 2.5 LONGTERM g 16 PE 35~40 PE 25~30 PE 20 PE 36 2004 2005 EPS 0.34 0.38 PE 2004 11 28 3

12005 2004 23.16%40%9.36%2005 2004 2002 3000 2004 1.8 3000 2003 2004 30% 2 1,200 1,000 800 600 400 200 0 60% 40% 20% 0% -2 0 % -4 0 % : 4

2.2005 2.1 50%2004 2~3 2002A 2003A 2004F 2005F 2006F 346 296 580 653 753 254 200 483 555 654 92 97 97 98 99 % 5.58-14.49 95.95 12.59 15.31 198 177 340 387 443 % 57.20 59.79 58.57 59.21 58.89 147 109 209 262 329 % 2.63-25.53 91.74 25.36 25.57 2.2 2005 (600832 ) 5000 2004 3000 3000 250% 100 100 24 2005 2005 6000 2006 8000 1.8 5

8000 2005 2005 2004 8 10% 5~6 2005 ~~ / 5 15 30 5 15 30 620730 280 600 1000 200 480 800 730900 900 1500 300 700 1200 9001100 700 1200 400 880 1400 11001330 600 1000 280 600 1000 13301630 700 1200 300 700 1200 16301900 900 1500 400 880 1400 19002100 600 1000 300 700 1200 21002230 580 900 200 580 900 22302400 480 800 200 480 800 (MPI) Target Media VCD 10000 2500 Target Media 5 15 30 50,000 120,000 199,000 50,000 120,000 199,000 38,000 90,000 150,000 5 15 30 38,000 90,000 150,000 6

20,000 48,000 80,000 20,000 48,000 80,000 20,000 48,000 80,000 2004 5 1 6 300 2004 8 150 10 2003 7810 2004 8000 1.16 29% 2 16% 2004 2605, 18%2005 25% 2003A 2004F 2005F 2006F 7810 8982 11228 14035 15% 25% 25% 2216 2605 3256 4070 37 / 2005 29% 51% 7

2.3 2005 2.6 10000/ 2.3 2000/2004 2005 4 2005 6000 3.,, 50% 2001 8

4 2003EPS 2004EPS 2003PE 2004PE 0.19 0.39 44 26 0.33 0.37 40 43 0.67 0.63 30 30 0.24 0.34 63 40 0.01 0.025 1019 404 EV/EBITDA2004EEV/EBITDA2005E2004PE2005PE 2004FCF/SHARE 2005FCF/SHARE Clear channel 11.3 10.7 25.1 22.2 16.5 14.1 Entercom Comm. 14.4 13.6 24.2 21.4 15.8 16.2 Radio One 14.3 12.6 39.3 33.7 15.8 14.2 Cox Radio 13.4 12.7 23.9 20.3 17.5 14.4 Citadel Broadcasting 15.0 14.2-24.9 14.8 13.3 Cumulus Media 15.1 14.1 38.8 26.4 16.2 14.3 Lamar Adversting 14.8 13.5 188.3 80.7 17.2 14.1 Westwoodone 13.7 13.1 22.6 20.3 19.9 16.7 Emmis Broadcasting 11.5 12.2 28.5 21.5 9.9 8.5 Salem Comm. 17.2 15.4 85.0 37.9 70.3 22.4 Beasley Broadcasting 19.0 18.0 38.7 37.7 23.2 31.3 Lin Television 11.0 11.4 19.9 25.9 15.7 15.1 BLOOMBERG 9

DIS THE WALT DISNEY CO. 1.71 1.52 14.2 10.87 5.36 30.56 27061 10.03 6.84 8.33 VIA VIACOM INC-CL A 1.21 2.9 22.08 16.69 2.25 31.85 26585.3 13.64 8.05 10.76 TWX TIME WARNER INC 1.46 2.05 12.28 7.05 4.85 32.12 39565 14.6 6.03 11.96 EX VIVENDI UNIVERSAL SA 1.73 0.81 5.31 4.01-8.82 N.A. 25482 1.56-56.18-1.33 TOC THOMSON CORP 2.61 3.12 14.37 11.51 9.74 33.62 7606 15.66 2.18 13.15 MCGRAW-HILL MHP COMPANIES INC 5.21 2.76 9.64 9.73 29.12 21.32 4827.86 20.01 4.04 23.41 RTR REUTERS GROUP PLC 11.77 1.03 8.84 5.4 11 75.81 3197 9.82-10.57 1.53 MMB LAGARDERE S.C.A. 1.59 0.5 4.99 5.53 8.83 18.53 12454 4.39-5.77 4.42 PSON PEARSON PLC 1.69 1.22 19.92 8.32 1.75 90.14 4048 5.58-6.3 3.75 PUBLISHING & PBL BROADCASTING 1.75 2.44 13.22 9.59 10.57 17.15 2676.77 20.77 8.25 18.69 SSP EW SCRIPPS CO-CL A 4.18 4.03 23.1 17.36 16.23 31.07 1874.85 19.58 22.09 22.57 PROMOTORA DE INFOM SA PRS -PRISA 3.79 1.91 20.28 11.19 9.91 39.38 1250.78 8.92 7.6 6.84 NPN NASPERS LTD-N SHS 1.43 0.28 2.61 2.31 13.63 N.A. 12203.91 3.13 24.07 0.35 ENTRAVISION EVC COMMUNICAT -CL A 0.92 5.25 30.86 19.11-0.88 N.A. 237.96 9.14 8.93-2.37 PG SEAT PAGINE GIALLE 0.74 4.38 9.89 9.37-0.74 N.A. 735.57 22.4-49.08 2.06 SWSAV SANOMA-WSOY OYJ-A SHS 2.89 1.11 11.16 7.39 12.15 25.9 2434.1 6.66 3.24 6.7 BLC BELO CORPORATION-A 2.08 2.24 12.48 7.84 8.63 25.76 1436.01 21.61 0.57 14.59 ASTRO ALL ASIA ASTR NETWORKS PLC N.A. N.A. N.A. N.A. N.A. N.A 1129.39-18.31 28.34-22.7 TOKYO BROADCASTING 9401 SYSTEM 0.91 0.97 N.A. 8.53 3.11 27.56 257564 7.71-4.18 6.3 MDP MEREDITH CORP 4.43 2.02 12.69 8.89 0.46 24.72 1080.1 15.96 9.34 13.3 GEMSTAR-TV GUIDE INTL GMST INC 5.64 2.37 372.32-58.98-90.9 N.A. 878.65-23.7-12.26-72.15 TFI T&F INFORMA PLC 6.29 1.57 17.59 9.51 1.66 457.86 268 9.82-5.45 2.89 NRG NRJ GROUP 4.11 3.68 20.92 11.23 17.74 24.59 348.66 27.77 0.44 26.33 APN NEWS & MEDIA APN LIMITED 1.47 1.62 10.27 6.54 8.31 17.47 1117.45 19.91 11.26 15.28 TELECOM ITALIA MEDIA TME SPA 2.68 0.95 1.4 4.7-9.09 N.A. 1297.5 4.89-34.83-2.88 10

Price Return on Price Sales Price to Price to /Cash Price Common Earnings /Revenue Operating Sales Pretax Ticker Name Book Ratio Sales Ratio Flow /EBITDA Equity Ratio (P/E) /Turnover Margin Growth Margin ACM/N V/A ASTRAL MEDIA INC 1.82 2.87 18.3 10.48 9.96 18.35 475.71 24.04 18.79 23.74 MARTHA STEWART LIVING MSO -CL A 2.07 1.98-50.5 149.04-1.17 N.A. 245.85-2.61-16.68-2.02 JOURNAL JRN COMMUNICATIONS INC-A 3.07 1.83 11.33 8.99 14.21 23.16 798.29 14.21-0.39 14.02 RECOLETOS GRUPO REC COMUNICACION 2.86 3.36 9.41 14.73 19.48 12.86 229.05 17.47 2.11 40.68 CINRAM INTERNATIONAL CRW INC 3.19 1.37 2.94 6.8 15.42 20.98 822.52 11.03 31.18 9.47 CJR/NVCORUS ENTERTAINMENT /B INC-B SH 1.15 1.58 15.77 3.15 4.61 21.73 643.92 20.32-4.53 10.99 SOUTHERN CROSS SBC BROADCASTING 1.04 1.45 10.41 7.08 3.54 29.39 345.47 16.73 12.72 9.28 CHM CHUM LTD 2.12 1.32 12.1 8.95 7.79 28.17 540.51 10.21 12.62 8.17 CHM/N V/B CHUM LTD -CL B 2.12 1.32 12.1 8.95 7.79 28.17 540.51 10.21 12.62 8.17 IPR IMPRESA SGPS 3.07 1.05 41.99 8.04-11.12 N.A. 262.38 2.93 6.92-0.62 JNC JOHNNIC HOLDINGS LTD 0.22 0.11 0.55 0.43 17.25 1.28 11352 14.67-27.54 20.04 JOHNNIC JCM COMMUNICATIONS LTD 0.92 0.56 10.67 6.09 5.7 9.13 2541.3 4.57-53.59 11.45 CHS CHRYSALIS GROUP PLC 6.87 2.17 78.16 39 60.21 107.58 158.34 1.13 7.93 2.79 BLOOMBERG PE PE 25 EV/EBITDA 13 PB 2.5 LONGTERM g 16 PE 35~40 PE 25~30 PE 20 PE 36 2004 2005 EPS 0.34 0.38 PE 11

2002 2003 2004F 2005F 2006F 85325 78079 110584 118383 126584 41503 36576 53267 57259 61046 2589 2417 3852 4057 4280 41233 39086 53465 57067 61258 1869 2048 1000 8000 7000 1281 1029 2000 2100 2300 9366 9527 12500 13500 14500 2905 3748 4500 5000 4500 29550 26830 35452 44455 46958 1509 4192 1000 3300 3500-1705 328 6170 800 800 29382 31350 42623 48505 51238 5148 4634 6393 7276 7686 1282 761 3200 4000 4000 22952 25955 33030 37229 39552 EBITDA 43688 40472 61314 67539 70768 () 0.33 0.27 0.34 0.38 0.41 12

12 5% 12-5% 5% 12-5% 13