Hearst Argyle Television — Investor Presentation (December 2003)

6 slides from Hearst Argyle Television's investor presentation, Dec 10, 2003

Slide 1: Free Cash Flow non-GAAP note
Note: Free Cash Flow (FCF) is a non-GAAP term. Please see chart on www.hearstargyle.com for a reconciliation of FCF to GAAP measurements in accordance with Regulation G.
Slide 2: Leverage ratio definition
* Leverage ratio defined as total debt excluding Convertible Trust Preferred divided by LTM Adj. EBITDA, a non-GAAP measure; see GAAP reconciliation table on www.hearstargyle.com.
Slide 3: Debt as of 9/30/03
As of 9/30/03; (Convertible Trust Preferred Securities not counted as debt for this purpose)
Slide 4: IBS Network
IBS Network A Hearstssrgvle COX imams Mecrow Nac stations ® Asc stations CBS Stations FOX Fox Stations . Other 188 Partners internet. broadcasting.systems, inc. [ 10 of Top 10 US Markets ] [ 22 of Top 25] [ 41 of Top 50] [ 93% “Top 25" Household TV + Web Coverage ] [ 64% Total US HH ]
Slide 5: Online news audience rankings
6) Tribune Newspapers 7.9 7) WashingtonPost.com 5.8 8) USAToday.com 5.7 9) ABCNews.com 5.5 10) MSN Slate 5.3 Source: Nielsen NetRatings, July 2003 (Home+Work, News & Information, excludes non-publishers (e.g. Yahoo! News) and non-networks (e.g. Gannett Newspapers).
Slide 6: IBS Online Audience
IBS Online Audience TV Viewing by IBS Users