1. Media Industry Valuation Overview Media Industry Tax Group Conference Miami, FL May 4th-6th, 2011 Bond & Pecaro, Inc. 1920 N St., NW – Suite 350 Washington, DC 20036 (202) 775-8870 www.bondpecaro.com

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18. CompanySymbolIndustry Stock Price as of 03/31/2009 Stock Price as of 4/29/2011% Change Nexstar BroadcastingNXSTTelevision$0.68$8.341126.5% LIN TV CorpTVLTelevision1.125.35377.7% Gray TelevisionGTNTelevision0.322.79771.9% Beasley Broadcast GroupBBGIRadio1.956.74245.6% Entercom CommunicationsETMRadio1.1010.59862.7% Spanish Broadcasting SystemSBSARadio0.150.77413.3% Gannet CoGCINewspaper2.2015.06584.5% A.H. BeloAHCNewspaper0.988.32749.0% The McClatchy CoMNINewspaper0.492.86483.7% Comcast CoCMCSACable13.6426.2192.2% Recent Media Company Stock Price Appreciation 185/8/2015

19. Intangible Property There are no like classes for intangible property. Whether these assets are of a like-kind depends on the nature of the rights involved and the character of the underlying property to which those rights relate. For example, the exchange of a copyright on a novel for a copyright on another novel constitutes a like-kind exchange. However, the exchange of a copyright on a novel for a copyright on a song is not a like-kind exchange.

20. Intangible Property According to the Financial Accounting Standards Board (FASB) ASC 805, an intangible asset is recognized as separate from goodwill if: It arises from contractual or other legal rights; It is individually divisible from the acquired entity and sold, transferred, licensed, rented, or exchanged; or It is divisible from the acquired entity and sold, transferred, licensed, rented, or exchanged in combination with a related contract, asset, or liability.

21. Examples of Assets That Meet the Criteria for Recognition Apart from Goodwill: Marketing-Related Intangible Assets Customer-Related Intangible Assets Artistic-Related Intangible Assets Contract-Based Intangible Assets Technology-Based Intangible Assets

22. i.Trademarks and Tradenames ii.Service Marks, Collective Marks, Certification Marks iii.Trade Dress iv.Newspaper Mastheads v.Internet Domain Names vi.Non-competition Agreements Marketing-Related Intangible Assets

23. i.Customer Lists ii.Order or Production Backlog iii.Customer Contracts and Related Customer Relationships iv.Non-contractual Customer Relationships Customer-Related Intangible Assets

24. i.Plays, Operas, Ballets ii.Books, Magazines, Newspapers, Other Literary Works iii.Musical Works ie. Compositions, Song Lyrics, and Advertising Jingles iv.Pictures and Photographs v.Video and Audiovisual Material ie. Motion Pictures and Television Programs Artistic-Related Intangible Assets

25. i.Licensing, Royalty, Standstill Agreements ii.Advertising, Construction, Management, Service, Supply Contracts iii.Lease Agreements iv.Construction Permits v.Franchise Agreements vi.Operating and Broadcast Rights vii.Use Rights viii.Servicing Contracts ix.Employment Contracts Contract-Based Intangible Assets

26. i.Patented Technology ii.Computer Software and Mask Works iii.Unpatented Technology iv.Databases, including Title Plants v.Trade Secrets i.e. Secret Formulas, Processes, and Recipes Technology-Based Intangible Assets

27. The excess of the cost of an acquired entity over the net of the amount assigned to assets acquired and liabilities assumed shall be recognized as an asset referred to as goodwill. The exchange of goodwill or going concern between businesses is not a like-kind exchange. Goodwill and Going Concern