Human Capital US Market

Source: Company filings, Newspaper Association of America, Salomon Smith Barney 2002 estimates

Print Newspapers losing Market Share to Internet

2000

2001

2002E

1999

Internet

Print Newspapers

6.0%

15.5%

9.4%

17.5%

94.0%

90.6%

82.5%

84.5%

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