NPC Yahoo Webcast Presentation 04 16 07 FINAL No n

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The National Newspaper Consortium and Yahoo! A New Model for Going Local Online Conference Call and Webcast April 16, 2007

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William Dean Singleton Vice Chairman and Chief Executive Officer MediaNews Group, Inc. George B. Irish President, Hearst Newspapers Senior Vice President, Hearst Corporation Welcoming Remarks

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Robert Decherd Chairman and Chief Executive Officer Belo Corp. Gary Pruitt Chairman and Chief Executive Officer The McClatchy Company Sue Decker Executive Vice President and Head of Advertising and Publisher Group Yahoo! Inc. Hilary Schneider Executive Vice President Local Markets & Commerce and Yahoo! Publisher Network Yahoo! Inc Your Hosts

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Introductions Gary K. Shorts President and Chief Executive Officer Calkins Media Jay R. Smith President Cox Newspapers Inc. Kenneth W. Lowe President and Chief Executive Officer The E.W. Scripps Company Robert M. Jelenic Chairman and Chief Executive Officer Journal Register Company Mary Junck Chairman and Chief Executive Officer Lee Enterprises, Incorporated Marshall N. Morton President and Chief Executive Officer Media General William S. Morris IV President Morris Communications Company Douglas K. Ray President and Chief Executive Officer Paddock Publications, Inc. 

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This presentation contains forward-looking statements that involve risks and uncertainties concerning the planned transaction of the consortium of newspapers with Yahoo!, including statements made during the presentation and discussion during the question-and-answer period that follows. Actual events or results may differ materially from those described in the presentation and discussion because of potential risks and uncertainties. The potential risks and uncertainties include, among others, the possibility that the planned implementations described may be delayed, may not ultimately be implemented, or if implemented may not be successful; and the anticipated benefits described to the companies, such as expanding audience engagement and growing local advertising, may not be achieved because of the reaction of consumers and advertisers to the planned collaborations, or because of competition from similar collaborations among other newspapers and Yahoo’s competitors. More information about potential factors that could affect business and financial results of the public companies involved in this planned transaction are included in filings with the U.S. Securities and Exchange Commission (www.sec.gov), including in their Annual Reports on Form 10-K. Forward-Looking Statements

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Fully leverages the significant local online opportunity Combines the unique strengths of each partner A multi-faceted strategic partnership Extends industry-leading graphical ad platform Enables Yahoo! and newspaper sales forces access to combined inventory Monetizes search Integrates and distributes local content Today’s Discussion

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Fully Leverages the Significant Local Online Opportunity

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Local Ad Spending Huge Opportunity for On-Line Growth 32% of all ad spend is Local 2006 Total Ad Spend ($324B) National $218B Local $105B <14% of online ad spend is Local National $21.7B Local $3.4B 2006 Online Ad Spend ($25.1B) Source: Bank of America, October 2006

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Local Ad Market Big and Growing Total Online Ad Spend ($B) Local Online Ad Spend ($B) $12.4 B $3.4B 25% CAGR 45% CAGR Source: Bank of America, October 2006

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Newspapers Lead in Local Largest Part of Local Ad Spend Other 17.5% Radio 15.2% Television 15.2% Yellow Pages 12.0% Newspapers 40.1%

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Unique Partner Strengths

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Newspaper Consortium 12 newspaper companies 264 daily newspapers in 44 states Sunday circulation of more than 18.5 million More than 50 million monthly unique visitors Unique and trusted local content and strong local brands The Leading US Newspapers

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The Leading Internet Network Yahoo!: Vast reach 74% of U.S. online population visits Yahoo! monthly >150M unique U.S. visitors monthly Most engaged audience Breadth of product 17 Yahoo! vertical properties are in the top-3 for their categories Strong brand Market leadership across all online ad formats

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Complementary Strengths Newspapers High Quality Local Content Offline Distribution Local Community Local Sales Yahoo! Leading Edge Technologies Online Distribution Global Community National Sales

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A Multi-Faceted Strategic Partnership

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A National Network with Scale and Breadth

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Belo Cox Hearst Journal Register Lee MediaNews Group Scripps 176 newspapers A National Network with Scale and Breadth - November, 2006 Over 35M unique users

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Belo Cox Hearst Journal Register Lee MediaNews Group Scripps Calkins Media McClatchy Media General Morris Paddock 264 newspapers Over 50M unique users A National Network with Scale and Breadth - April, 2007

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Multi-faceted Strategic Partnership Graphical Advertising HotJobs Search Content The Newspaper Consortium Advertiser Value

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HotJobs Momentum

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Driving Value for Advertisers & Publishers Selling Approach that Matches Advertiser Needs Constant Evolution of Leading Ad Platforms Right Ad Right Place Right Time Graphical Ad Network Value Creation

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Yahoo! Search Technology and Search Monetization

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Integration and Distribution of Local Content

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Yahoo! News - 36 million U.S. users

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Sports – 13 million U.S. users

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Finance – 12 million U.S. users

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My Yahoo! - 22 million U.S. users

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Mail – 74 million U.S. users

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• Broad distribution to local audiences • Most relevant ad served to the right user at the right time • One buy-one bill • Access to extensive local news and information • Exposure to more relevant advertising messages • Opportunity to realize revenues through the world’s leading advertising platform and search monetization • Allows for efficient, seamless national advertising buys for newspaper inventory • Benefits from Yahoo! national sales • Access to the largest audience on the Internet to drive newspaper page views • Yahoo! becomes the exclusive paid search distribution partner for the newspapers • Benefits from the newspaper local sales forces’ expertise and relationships • Creates the most relevant local content experience for Yahoo! visitors Advertisers Audience Newspapers Yahoo! Newspaper/Yahoo! Partnership Benefits Everyone

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Q & A