First... Let’s look back to our Forecasts

for

2004

First... Let’s look back to our Forecasts

for

2004

Forecast 2004 (9/4/03)Forecast 2004 (9/4/03)

(% Change)

Local Spot + 7.0 to + 8.0Nat’l Spot +14.0to +15.0 Total Spot +10.0to +11.0Network + 7.0 to + 8.0Syndication + 5.0 to + 6.0Cable + 8.0 to + 9.0

First half +8.6% Political push just starting Reconfirm original forecast at +11.0%

Are We on Target for 2004?Are We on Target for 2004?

Political Olympics

Local BroadcastA 2-Year Business Cycle

Local BroadcastA 2-Year Business Cycle

Impact on Local Broadcast TV Ad

Spending

Impact on Local Broadcast TV Ad

Spending

1995

+3.5

1996

+8.6

1997

+3.3

1998

+6.5

1999

+1.5

2000

+11.3

2001

-16.8

2002

+11.9

2003

-2.4

2004*

+11.0

Over Last 12 Mos. Over Last 24 Mos.

Source: Universal McCann/TVB Station Time Sales Surveys

Local BroadcastA 2-year Business Cycle

Local BroadcastA 2-year Business Cycle

% Change Total Spot

* TVB Estimate.

142.7

114.9

127.6

141.2

131.2

100

120

140

160

'95-'96 ’97-’98 ’99-’00 ’01-’02 '03-'04

%

Index of the Growth of Spot TVIndex of the Growth of Spot TV

In 24 Month Cycles(’93-’94 = 100)

Now The Year AheadNow The Year Ahead

What Can We Expect?

Here’s What the Financial Broadcast

Analysts Are Saying About 2005

Here’s What the Financial Broadcast

Analysts Are Saying About 2005

16 Financial Firms Participated

16 Financial Firms Participated

Bear StearnsCIBC World MarketsDeutsche BankFulcrum Global PartnersGabelli & Co.Harris NesbittJPMorgan ChaseLegg Mason

Merrill LynchMorgan StanleyPrudential Equity GroupSanford C. Bernstein & Co.SG Cowen Securities Corp.Thomas Weisel PartnersVogel CapitalWachovia Securities

Local Spot + 1.8 + 2.0 Nat’l Spot - 2.9 - 3.0 Network + 2.1 + 3.0Syndication + 6.2 + 5.0Network Cable+ 10.6 + 10.3Spot Cable + 10.1 + 11.0

Summary of the 2005Financial Forecasts

Summary of the 2005Financial Forecasts

MeanMedian

(2005 % Change)

Wall Street Estimates 2005 – Local Spot

Wall Street Estimates 2005 – Local Spot

-4

-3

-2

-1

0

1

2

3

4

5

6

Local Spot Ranges

Wall Street Estimates 2005 – Nat’l Spot

Wall Street Estimates 2005 – Nat’l Spot

-14

-12

-10

-8

-6

-4

-2

0

2

4

National Spot Ranges

Local Spot + 1.8 + 4.6 Nat’l Spot - 2.9 + 8.3 Network + 2.1 + 4.5Syndication + 6.2 + 6.0Network Cable+ 10.6 + 9.8Spot Cable + 10.1 + 10.0

Summary of theFinancial Forecasts

Summary of theFinancial Forecasts

2005 2006(% Change)

Bear StearnsBear Stearns

Local Spot +3.0 Nat’l Spot - 7.5 to - 8.5 Network +5.0 to + 6.0 Syndication +5.0Network Cable +8.0 to +10.0Nat’l Spot Cable +12.0Local Cable +5.0

2005(% Change)

CIBC World MarketsCIBC World Markets

Local Spot + 3.0 + 5.0Nat’l Spot + 3.0 + 6.0Network + 4.0 + 4.0Syndication + 5.0 + 5.0Network Cable + 8.0 + 8.0Nat’l Spot Cable+ 4.0 + 6.0Local Cable + 4.0 + 6.0

2005 2006(% Change)

Deutsche BankDeutsche Bank

Local Spot + 0.0 + 5.0Nat’l Spot - 3.0 + 9.0Network -1.0 +0.0Syndication + 10.0 + 8.0Network Cable+ 12.0 + 9.0Nat’l Spot Cable+13.0 + 10.0Local Cable + 15.0 + 13.0

2005 2006(% Change)

Fulcrum Global PartnersFulcrum Global Partners

Local Spot + 3.0 + 5.0Nat’l Spot - 10.0 + 7.0Network - 5.0 + 6.0Syndication + 2.0 + 5.0Network Cable+ 12.5 + 10.0Nat’l Spot Cable+ 12.0 + 10.0Local Cable + 12.0 + 10.0

2005 2006(% Change)

Gabelli & CompanyGabelli & Company

Local Spot -0.5 +3.25Nat’l Spot +2.5 +4.25Network +1.25 +3.0Syndication +10.0 +7.0Network Cable +15.0 +10.0Nat’l Spot Cable+10.0 +6.0Local Cable +4.0 +4.0

2005 2006(% Change)

Harris NesbittHarris Nesbitt

Local Spot + 2.0 + 4.0Nat’l Spot - 13.0 + 13.0Network + 3.0 + 4.0Syndication + 6.0 + 4.0Network Cable+ 11.0 + 12.0Nat’l Spot Cable+ 15.0 + 12.0Local Cable + 11.0 + 12.0

2005 2006(% Change)

JPMorgan ChaseJPMorgan Chase

Local Spot +3.0 +6.0 Nat’l Spot -6.0 +9.0 Network +4.5 +5.0 Syndication +3.5 +4.5 Network Cable +9.5 +10.0 Nat’l Spot Cable+11.7 +12.0 Local Cable N/A N/A

2005 2006(% Change)

Legg MasonLegg Mason

Local Spot + 4.0 +6.0 Nat’l Spot +0.0 +7.0Network +3.0 +7.0 Syndication +2.0 +5.0 Network Cable +8.0 +10.0 Nat’l Spot Cable +9.0 +11.0 Local Cable +6.0 +8.0

2005 2006(% Change)

Merrill LynchMerrill Lynch

Local Spot + 2.5 + 1.8Nat’l Spot - 5.2 + 9.1Network + 3.0 + 5.0Syndication + 12.0 + 12.0Network Cable + 15.0-18.0+ 15.0Nat’l Spot Cable N/A N/A Local Cable + 12.0 + 12.0

2005 2006(% Change)

Morgan StanleyMorgan Stanley

Local Spot -0.6 +6.1 Nat’l Spot -0.6 +6.1 Network +2.0 +6.1 Syndication N/A N/A Network Cable +9.0 +7.2 Nat’l Spot Cable N/A N/ALocal Cable N/A N/A

2005 2006(% Change)

Prudential Equity GroupPrudential Equity Group

Local Spot + 5.0 + 5.0Nat’l Spot - 3.0 + 15.0Network + 6.0 + 4.0Syndication + 9.0 + 6.0Network Cable+ 12.0 + 10.0Nat’l Spot Cable+ 10.0 + 9.0Local Cable + 10.0 + 9.0

2005 2006(% Change)

Sanford C. Bernstein & Co.Sanford C. Bernstein & Co.

Local Spot +2.0 +4.0 Nat’l Spot -1.0 +11.0 Network +5.2 +4.6 Syndication +6.0 +2.0 Network Cable +16.0 +13.0 Nat’l Spot Cable N/A N/A Local Cable +19.0 +17.0

2005 2006(% Change)

SG Cowen Securities Corp.SG Cowen Securities Corp.

Local Spot + 1.5 + 5.0Nat’l Spot - 3.0 + 15.0Network + 2.0 + 4.0Syndication + 4.0 + 5.0Network Cable + 6.5 + 7.0Nat’l Spot Cable+ 10.0 + 10.0Local Cable + 15.0 + 12.0

2005 2006(% Change)

Thomas Weisel PartnersThomas Weisel Partners

Local Spot - 3.0 + 8.3Nat’l Spot + 2.4 + 3.4Network - 4.1 + 7.1Syndication + 3.0 + 5.0Network Cable+ 11.1 + 11.1Nat’l Spot Cable+ 10.0 + 10.0Local Cable + 10.0 + 10.0

2005 2006(% Change)

Vogel CapitalVogel Capital

Local Spot + 2.0 + 0.0Nat’l Spot + 2.0 + 3.0Network + 0.0 + 2.0Syndication + 3.0 + 3.0Network Cable + 6.0 + 4.0Nat’l Spot Cable+ 5.0 + 3.0Local Cable + 7.0 + 3.0

2005 2006(% Change)

Wachovia SecuritiesWachovia Securities

Local Spot + 2.0 + 4.0Nat’l Spot - 3.0 + 6.0Network + 5.0 + 6.0Syndication + 12.0 + 12.0Network Cable + 8.0 + 10.0Nat’l Spot Cable+ 10.0 + 12.0Local Cable + 11.0 + 14.0

2005 2006(% Change)

Now What the Other Experts are Predicting

for 2005 & 2006

Now What the Other Experts are Predicting

for 2005 & 2006

Universal McCannUniversal McCann

Local Spot +3.0 +5.0 Nat’l Spot +1.0 +7.0 Network +2.0 +7.0 Syndication +1.0 +3.0 Network Cable +6.0 +8.0 Nat’l Spot Cable +7.0 +10.0 Local Cable +7.0 +10.0

2005 2006(% Change)

Jack MyersJack Myers

Total Spot + 0.0 + 6.0Network + 2.0 + 2.8Syndication + 3.0 + 4.0Network Cable + 6.2 + 7.0Local/RegionalCable + 12.0 + 18.0

2005 2006(% Change)

Veronis Suhler StevensonVeronis Suhler Stevenson

Local Spot + 1.4 +5.9 Nat’l Spot +3.2 +6.9 Network +2.2 +7.2 Syndication +2.6 +5.8 Network Cable +9.5 +10.1 Nat’l Spot Cable N/A N/A Local Cable +10.6 +11.3

2005 2006(% Change)

Veronis Suhler StevensonVeronis Suhler Stevenson

Dimensioning The Spot Market

Spot TV as % of Total Broadcast TV

Spot TV as % of Total Broadcast TV

2004 26,062 17,076 2,538 45,67657.1%

2005 26,635 17,450 2,604 46,68957.0%

2006 28,325 18,708 2,755 49,78856.9%

2007 29,448 19,045 2,854 51,34757.4%

2008 31,610 20,721 3,088 55,41957.0%

Source: Veronis Suhler Stevenson

Total Spot Network Total Spot % Broadcast Broadcast Syndicated Broadcast of Total

Spot TV as % of Total Local TV Spot TV as % of Total Local TV

2004 26,062 4,685 30,747 84.8%

2005 26,635 5,180 31,815 83.7%

2006 28,325 5,763 34,088 83.1%

2007 29,448 6,347 35,795 82.3%

2008 31,610 7,309 38,919 81.2%

Source: Veronis Suhler Stevenson

Total Spot Local Total Spot Broadcast Broadcast Cable Local TV % of Local

TV Rep Surveyfor 2005-2006TV Rep Surveyfor 2005-2006

National Spot -2.7 +11.6

20052006

(% Change)

11 Participants

TV Rep SurveyTV Rep Survey

National Spot -2.7 -1.0

MeanMedian

(% Change)

11 Participants

2005 Rep Survey2005 Rep Survey

2005 Rep Survey2005 Rep Survey

Mean Median-2.7% -1.0%

-12

-10

-8

-6

-4

-2

0

2

4

6

Key Categories to Watch - 2005Key Categories to Watch - 2005

Automotive Telecommunications Pharmaceutical Financial Services/Credit Cards Issue

Oil Prices Employment/Unemployment Interest Rates Consumer Confidence Home Construction & Sales The 2004 Election Broadcast-Cable Competition

Market Drivers 2005Market Drivers 2005

Satellite Grabs Subs Price Wars Cable Modems Challenged Phone Company Packaging Capital Spending/Depreciation

Cable TV Storm Clouds Gathering...

Cable TV Storm Clouds Gathering...

Network CPM Gap Local Cable Challenges: Inventory, Value Fragmentation Sarbanes-Oxley/Accountability A la carte... The Nightmare Scenario

Cable TV Storm Clouds Gathering...

Cable TV Storm Clouds Gathering...

The power of televisionGeo-TargetingAddressability by programBroad[cast] reachDominant ratingsSuperior cost-efficiencyAccountabilityElectronic processing

…Value for the Customer

Spot Broadcast DeliversSpot Broadcast Delivers

And Now TVB’s Forecast for 2005 & 2006

Local Spot + 2 to + 4Nat’l Spot - 4 to -2 Total Spot - 1 to + 1

Network + 2 to + 3Syndication + 5 to + 6Network Cable + 8 to + 9Local Cable + 7 to + 9

TVB Forecast 2005TVB Forecast 2005

(% Change)

(% Change)

TVB Forecast 2006TVB Forecast 2006

Local Spot + 4 to + 6Nat’l Spot +10 to +14 Total Spot + 7 to + 9

Network + 4 to + 5Syndication + 5 to + 6Network Cable + 9 to +10Local Cable + 6 to + 8

Base Business ComparisonBase Business Comparison

2003 + 0.9 - 2.42004 E. + 5.6 +11.02005 E. + 5.5 Flat

Base Total(Base + Political)

(% Change)

Let’s Revisit Two Slidesand Insert the

2005 - 2006 Forecasts

Let’s Revisit Two Slidesand Insert the

2005 - 2006 Forecasts

1997

+3.3

1998

+6.5

1999

+1.5

2000

+11.3

2001

-16.8

2002

+11.9

2003

-2.4

2004*

+11.0

2005* Flat

2006*

+8.0

Over Last 12 Mos. Over Last 24 Mos.

Total Spot TV Total Spot TV

% Change

* TVB Estimate. Source: Universal McCann/TVB Station Time Sales Surveys

* TVB Estimate.

142.7

156.7

131.2

141.2

127.6

114.9

100

120

140

160

'95-'96 ’97-’98 ’99-’00 ’01-’02 '03-'04 '05-'06

%

Index of the Growth of Spot TVIndex of the Growth of Spot TV

In 24 Month Cycles(‘93-’94 = 100)

Thank You for Joining Us Today.

Go to www.tvb.orgfor presentations.

Thank You for Joining Us Today.

Go to www.tvb.orgfor presentations.