1. Atlanta Market Study Atlanta Market Study2002-2003

2. 2 Atlanta MSA & Surrounding Counties Note: Cleburne and Randolph Counties in Alabama and Clay County in North Carolina are also included in the Atlanta DMA geography but are not pictured in map.

3. 3 Atlanta Is The Eighth Largest Metropolitan Market In The U.S. Source: 2004 Demographics Now Between the 1990 and 2003 Census, Atlanta recorded a population growth of 52.3%, one of the highest growth rates in the nation. --2000 U.S. Census Millions of people in MSA

4. 4 Atlanta Is The Second Largest Southern Market Source: 2004 Demographics Now

5. 5 Total Atlanta Total U.S. population 2003-2008: +13.5% +5.3% Atlanta Population In Millions Atlanta’s Population Is Projected To Increase By 13.5% In Five Years Source: 2004 Demographics Now

6. 6 Source: 2000 US Census Bureau as noted in 2004 Demographics Now Atlanta Ranks First In The United States For Population Increase Between 1990-2003

7. 7 Projected percent increase in population between 2003-2008 Of The Top Ten Markets, Atlanta Has The Fastest Projected Population Growth Rate Between 2003-2008 Source: 2004 Demographics Now U.S. Projected Growth Rate = 5.3%

8. 8 Source: Demographics Now Online (November, 2003) County % Increase 2008 Projected Population County % Increase 2008 Projected Population Forsyth*32.9166,292Carroll17.3115,276 Henry*30.4193,982Bartow17.1100,175 Newton*28.197,170Cobb14.5768,074 Paulding*27.9127,525Douglas14.2115,915 Cherokee23.1205,658Clayton13.9295,970 Pickens21.932,644Fayette12.0110,871 Gwinnett20.4816,918Rockdale10.282,748 Barrow20.364,002Spalding3.762,055 Walton Coweta 20.3 18.7 84,086 120,582 DeKalb Fulton 3.6 2.5 706,661 850,531 *Rank among top ten fastest growing counties in the U.S. between April 2000 and July 2003 per the U.S. Census Bureau) Metro Atlanta Projected Population Growth By County (2003-2008)

9. 9 Atlanta Households Are Projected To Grow 13.1% From 2003 To 2008 MSA 13.1% North Suburbs 18.8% South Suburbs 18.1% Inside I-285 3.0% 2003 1,644,818 2008 1,859,519 2003 684,029 2008 812,818 2003 312,315 2008 321,828 2003 360,503 2008 425,922 Source: 2004 Demographics Now

10. 10 Source: Demographics Now Online (January, 2004) County % Increase 2008 Projected Household County % Increase 2008 Projected Household Henry*31.868,452Gwinnett18.6274,168 Forsyth*31.657,511Bartow17.536,032 Newton*30.735,662Douglas16.942,928 Paulding*28.244,041Cobb14.0285,518 Pickens24.813,244Fayette13.939,363 Cherokee23.872,383Clayton12.7101,216 Walton21.329,921Rockdale11.628,993 Barrow20.222,630Spalding5.723,578 Coweta19.342,860DeKalb3.0261,882 Carroll19.242,870Fulton2.8336,252 Metro Atlanta Projected Household Growth By County (2003-2008) (descending sort by % growth) *Rank among top ten fastest growing counties in the U.S. between April 2000 and July 2003 per the U.S. Census Bureau)

11. 11 Atlanta Ranks At The Top In Published Surveys #1 Top Travel Destination For African-Americans (6th For Latinos; 10th for Asian- Americans) Travel Industry Association of America, January 2004 #1 Top City for Entrepreneurs Inc. Magazine, February 2004 #1 Where Employment Will Grow Fastest, 1998 - 2025 Newsweek, 1999; Bureau of Labor Statistics #1 Busiest Airport in the World, Hartsfield International, serving more than 76 million passengers a year www.infoplease.com #1 Top City for Business Relocation (fifth consecutive year) Plants Sites & Parks Magazine, 2003 #1Hottest City in the Nation for Relocation and Expansion Expansion Management Magazine, January 2004 #2Entrepreneurial Activity and Small Business Growth (among top ten markets); Entrepreneur Magazine and Dun & Bradstreet annual survey; October 2003 #3Most corporate headquarters of publicly-traded American companies (based on 2001 revenues); Fortune Magazine, April 2002 #4 Best Places for Business and Careers Forbes, 2003 #4Hiring Havens Computerworld Magazine, January 2001 #6Among top ten metros for “America’s Most Wired Cities” Yahoo Internet Life Magazine, Spring 2002

12. 12 Atlanta Attracts Corporate Business  32 companies with 100+ employees have expanded or relocated to the Atlanta metro area during 2002 to the present, including…..  Fortune 500 company Newell Rubbermaid, relocating from Illinois. NR will bring 900 jobs to Atlanta, including 100 of the company’s top executives.  Cooper Wiring Devices, relocating from New York, and bringing 115 new jobs  Hagemeyer North America (electrical parts distributor from the Netherlands), relocating its American headquarters from current facilities in South Carolina and bringing 250 jobs to the metro  Acuity Specialty Products Group consolidates its headquarters in Atlanta and brings 100 new jobs  Cendian, a chemical third-party logistics provider in Atlanta, doubled its work force Source: Expansion Management, January 2004. Study rated Atlanta as #1 for “America’s 50 Hottest Cities For Expansions and Relocations”

13. 13 Atlanta Attracts Corporate Business  Atlanta was cited as a viable headquarters site in a very competitive process because of its projected growth, living environment, climate, location and educational opportunities according to Newell Rubbermaid.  Atlanta offers prime logistics for employee and product/cargo transportation. Hartsfield-Jackson Airport allows worldwide access to the metro area, and both Delta and UPS are headquartered here. Atlanta Hartsfield-Jackson Airport, currently undergoing a $6 billion expansion, as well as some of the top colleges and universities in the nation serve to attract corporation headquarters to the Atlanta market. Source: Expansion Management, January 2004. Study rated Atlanta as #1 for “America’s 50 Hottest Cities For Expansions and Relocations”

14. 14 Source: Hartsfield-Jackson Atlanta International Airport, 2003, Chicago O'Hare Airport Authority 2003 Passengers served 2002 76.8 Million 66.5 Million Atlanta’s Hartsfield-Jackson International Is The World’s Busiest Passenger Airport An average 2,400 flights/day connect metro Atlanta’s business community with every major market in the world. Access to more than 200 domestic and international cities An estimated 80% of the US market is reachable within 2 hours time. More than 20 airlines service Atlanta, offering flyers affordable and competitive rates.

15. 15 Source: Georgia Department of Labor (Economic Indicators), Third Quarter 2003 Services174,078 Retail 252,347 Government291,358 Manufacturing161,332 Business Services386,344 T.W.U.108,776 Wholesale134,299 Financial Activities146,331 Health Services60,139 Construction122,782 Social Assistance27,884 T.W.U = Transportation, Warehousing, Utilities An estimated 2,237,194 employees work in Atlanta’s non-agricultural industries. # of Atlanta Employees A Strong, Diverse Industry Base: Atlanta Employment By Industry

16. 16 Note: Fortune 500 Companies highlighted in red Atlanta Headquartered Firms America’s Favorite Chicken Co. American Cancer Society Amoco Perf. Products, Inc. BellSouth Corp. Boys/Girls Clubs CARE Chick-Fil-A CIBA Vision Corp. Cingular Wireless The Coca-Cola Company Coca Cola Enterprises Cox Communications Cox Enterprises CNN Delta Air Lines EarthLink Equifax First Financial Management Genuine Parts Georgia Pacific Goldkist Inc. Haverty’s Furniture Hitachi Home Electronics (U.S.) Home Depot Lanier Worldwide, Inc. Lockheed/ Martin Mirant Mohawk Industries Newell Rubbermaid Philips Electronics Porsche North America Post Properties Rayovac Corp. Rich’s/ Lazarus/ Goldsmith’s SAAB Cars USA Scientific Atlanta The Southern Company SunTrust Banks TEC America Turner Broadcasting United Parcel Service

17. 17 Source: 2003 Atlanta Business Chronicle - Book of Lists Atlanta’s Top Corporate Employers CompanyEmployees 1.Delta Air Lines23,439 2.BellSouth Corp.20,000 3.Wal-Mart Stores Inc.15,600* 4.The Home Depot, Inc.10,040 5.IBM Corp.7,344 6.AT&T7,300 7. Sun Trust Banks Inc.7,179 8.Cox Enterprises5,870 9.United Parcel Service Inc.5,861 10.Wachovia5,400 * Wal-Mart employees estimate, Wal.Mart Stores Inc qualify for this list but did not respond

18. 18 New Business Operations In Metro Atlanta Source: Metro Atlanta Chamber of Commerce; RFA Dismal Sciences Inc./Goizueta Business School, Emory University; First Union Bank & Economic Forecasting Department., Wall Street Journal; GA Dept of Labor With an average of 198 businesses relocating or expanding operations to Metro Atlanta each year, it is no surprise that more than 600,000 jobs have been created in the Metro area in the past decade.

19. 19 More Than 600,000 Jobs Have Been Created In Metro Atlanta YearJobs Created 200368,100 2002-15,300 2001-60,400 200035,000 199980,000 199877,000 199755,900 199686,000 199584,100 199497,700 199385,600 Source: RFA Dismal Sciences Inc./Goizueta Business School, Emory University; First Union Bank & Economic Forecasting Department., Wall Street Journal; GA Dept of Labor; *Projected from GSU Economic Forcasting Center

20. 20 Atlanta’s Unemployment Rate Is Lower Than The National Rate Source: U.S. Department of Labor- For March 2004; Georgia Dept. of Labor - For March 2004

21. 21 Current Year Employment Increases The largest over-the-year employment increases were reported in Atlanta, with 47,400 new jobs. Atlanta ranked second among largest metropolitan areas for highest over-the- year percentage increase, with a 2.2% gain. Source: US Dept. of Labor - August 2003 Among 272 metropolitan areas studied by the Bureau of Labor Statistics….

22. 22 Source: ACCRA 3rd Quarter 2002 Cost of Living Index; 2004 Demographics Now Metro Atlanta Has A Lower Cost of Living Than Most Major U.S. Metros And A High Average Household Income Average HH Income $66,439 $84,849 $67,092 $73,619 $71,835 $65,632 $67,867 $71,117 $79,183 Average U.S. Metro Area = 100

23. 23 Source: Kennesaw State University Econometric Center – Third Quarter 2003 Do You Think You And Your Family Will Be Better Off Financially A Year From Now?

24. 24 Atlanta’s Retail Sales Rank In The Top Ten Nationally Source: 2003 Demographics USA - County Edition 2003 Nat’l2003 Ranking Totals (000’s) Total Retail Sales 7$66,900,532 Bldg Material/Garden Equip. & Supp. Store Sales 1 $8,193,152 Motor Vehicle/Parts Dealer Sales 5$17,869,853 Grocery Store Sales 5 $7,643,549 Department Store Sales 6 $5,686,384 General Merchandise Store Sales 7 $7,498,631 Furniture/Home Furnishing Store Sales 7 $2,038,734 Women’s & Girl’s Clothing 8 $2,620,267 Footwear Sales 8 $930,973 Men’s and Boy’s Clothing 9 $1,437,195 Clothing & Clothing Store Sales10 $2,828,248

25. 25 Source: 2003 Demographics USA - County Edition Of the Top Ten Markets, Atlanta Ranks # 2 For Highest Retail Sales Per Household

26. 26 Source: Atlanta Business Chronicle, September 2003; Dorey Market Analysis Group; National research Bureau; Atlantic Station marketing/public relations office Atlanta Is A Highly Competitive Retail Market  Atlanta has 951 shopping centers.  The national average for retail space is 16 square feet per person. Metro Atlanta has an average of 27 square feet per person.  Atlanta has 118 million square feet of retail space, and an additional 5.5 million under construction.  In the past 4 years more than 6 million square feet of retail space have opened including Mall of Georgia (Gwinnett), Arbor Place (Douglasville), Lenox Marketplace (across from Phipps) Stonecrest Mall (DeKalb) and Discover Mills (Gwinnett).  Scheduled to open in spring 2005 is Atlantic Station, a 138-acre environmental redevelopment of the former Atlantic Steel Mill in Midtown. The completed project will include retail, office, residential, hotel and public park space. A projected 1.5 million feet will be devoted to retail and entertainment space, including restaurants and movie theaters.

27. 27 Major Retail Arrivals And Departures 1999-2004 Arrivals Departures 1999 Galyan’s Staples Whole Foods Mall of Georgia Lenox Marketplace Arbor Place Mall Ritz Camera Cost Plus World Market Walgreen’s A&P MJ Design Upton’s 2000 Eyeglass World Fresh Value Foods Dekor Roberd’s 2001 Discover Mills Kohl’s Olson Tire Stonecrest Mall Big Screen Store Homeplace/ Waccamaw Drug Emporium Harris Teeter Cub Foods Dekor Home Life 2002 Brandon’s Aldi Foods BJ’s Wholesale Ashley Furniture Avondale Mall 2003 Bloomingdale’s Filene’s Basement HH Gregg Macy’s 2004 Brandsmart (October 2004) Lord & Taylor (announced)

28. 28 Atlanta MSA Demographics Male49% Female51% Married54% College Grad+26% Own Home61% White65% Black28% Children 1> in HH41% Age 18-3436% Age 35-5443% Age 55+21% Median Age 18+40.4 HH Inc $50K+54% HH Inc $75K+33% Median Income$53,996 Source: 2002-2003 Gallup Poll of Media Usage & Consumer Behavior - Atlanta Market

29. 29 Atlantans’ Regular Activities Total Adults Walking for exercise941,586 Home Exercise636,873 Gardening556,991 Arts and Crafts374,626 Photography359,894 Jogging/Running299,130 Other Aerobic Exercise296,044 Fishing193,531 Swimming185,409 Antiquing181,883 Source: 2002-2003 Gallup Poll of Media Usage & Consumer Behavior - Atlanta Market

30. 30 Events and Places Atlantans Attended In the Past Year Total Adults Stone Mountain Park1,146,349 Live Theater1,060,742 Braves Game1,018,565 Local Arts/Craft Festival817,440 Underground Atlanta816,548 Six Flags746,806 Atlanta Zoo683,544 Other concert635,622 High School Sports Event624,022 Lake Lanier461,916 Little League Baseball446,513 Falcons Game425,946 Source: 2002-2003 Gallup Poll of Media Usage & Consumer Behavior - Atlanta Market

31. 31 The Atlanta Journal-Constitution Competitive Media

32. 32 Cox Enterprises, our parent company… Cox Communications Video/Voice/Data Cox Television Cox Newspapers includes AJC & VAL PAK Cox Radio Manheim Auto Auctions

33. 33 Atlanta Journal-Constitution overview:  Largest daily newspaper in the Southeast  More research & information than other media properties  Average Sunday readership over 1,899,000 adults  Average daily readership over 1.2 million adults  Weekly zoning within 14 zones  More than 6,000 employees

34. 34 Readership Of The Atlanta Journal-Constitution Source: 2002-2003 Gallup Poll of Media Usage & Consumer Behavior - Atlanta Market

35. 35 77% Read AJC 92% Read AJC Base: Read a Daily Newspaper YesterdayBase: Read a Sunday Newspaper Last Sunday AJC Share of Newspaper Readers in Atlanta MSA Source: 2002-2003 Gallup Poll of Media Usage & Consumer Behavior - Atlanta Market

36. 36 Source: 2003 Scarborough Research, Inc. (Release 2) 4-Sunday Cume The AJC Has The Fourth Highest Market Penetration Among The Top 10 MSA’s

37. 37 AJC Readership Continues To Grow Source: 2002-2003 Gallup Poll of Media Usage & Consumer Behavior - Atlanta Market Number of Adult Readers

38. 38 Atlanta Journal-Constitution Reader Demographics AtlantaAverageAverageAJC.com MSAWeekdaySundayPast 30dys Male49%50%47%50% Female51%50%53%49% Married54%59%57%53% College Grad+26%32%30%39% Own Home61%67%65%58% White65%66%64%60% Black28%28%30%30% Children 1+41%41%43%47% Age 18-3436%30%32%47% Age 35-5443%44%45%44% Age 55 Plus21%26%23%10% Median Age4043 4236 HH Inc $75K+33%39%37%43% Median HH Income$53,996$60,467$59,283$66,297 Source: 2002-2003 Gallup Poll of Media Usage & Consumer Behavior - Atlanta Market

39. 39 Source: Nielsen Media Research Big Three Networks’ Share of Viewing Down An Average of 42% Since 1985

40. 40 Source: Nielsen NTAR for various fourth quarters As Network Viewership Declines Cable Viewership Increases

41. 41 *Avg Issue in Atlanta DMA Source: Nielsen, Scarborough 2004 Super Bowl (New England vs. North Carolina) National Rating (CBS) Local Rating (CBS-WGCL) Sunday AJC In Atlanta, The AJC Delivers A Larger Audience Than The Super Bowl On Any Given Sunday

42. 42 The Journal-Constitution Is The Most Efficient Medium To Reach Atlanta Households With Income $50K+ Total Reach 1 Sunday Ad 4,000 Spots 25 Ads 2,090 Spots Media selections based on top stations/print media for the target, including: morning drive radio WSB AM, WVEE FM, WKLS FM, WALR FM and WABE FM (6am-10am, Mon-Fri); cable stations CNN, Fox 24-Hr News Channel, TNT, Lifetime, F/X, HGTV Home & Garden, TLC, USA, BET and A&E (6am-2am Mon-Sun); and magazines Southern Living, TV Guide, Newsweek, Time and Sports Illustrated. Source: 2003 Scarborough Research,Inc. (Release 1)

43. 43 Source: MediaWeek Magazine, April 30, 2001 edition; with data from Scarborough Research and Readership Institute at the Media Management Center at Northwestern University Newspaper Advantages  Newspapers offer broad reach, favorable demos, zoning capabilities, improved color reproduction and streamlined ordering and billing. “Newspapers provide the kind of touch points for people to get the depth behind the broad premise laid out in other media,” according to Ogilvy & Mather creative director Chris Wall.  Geographic targeting works well in newspapers--- with strong results for retailers. “The thing we see in newspapers is the immediacy,” says Stuart Redsun, VP advertising for Gateway Computer. “With Gateway having 300 stores in local markets, newspapers are really a way to get the message out quickly, a targeted message for a given amount of time. We see traffic after we run an ad in newspapers.”

44. 44 Source: MediaWeek Magazine, April 30, 2001 edition; with data from Scarborough Research and Readership Institute at the Media Management Center at Northwestern University Newspaper Advantages  Compare newspapers’ mass media reach with television fragmentation. 55.1% of the adult population in the U.S. reads a newspaper on average each day. In a one-week period, that number increases to 85%. Those numbers compare to only 38.1% of adults reached in an average half- hour of primetime TV. “One thing we know is that media you can target geographically should do better,” says Jon Mandel, co- managing director of MediaCom. “The closer you can get to the point of sale, especially in a recessionary environment, the better off you’re going to be.”