Buffalo, NY Market Newspaper Overview ESTIMATED REVENUES. Revenue/Retail Sales Revenue/Capita Revenue/Household $ 39,538. Sample

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1 Information About Investing in Market Report Page 8 Population Households Tot. Pers. Inc. Pop Rank # HH Rank # RS Rank # TPI Rank # Demographic and Economic Overview (000s, except and Pers. Inc. in $000,000s) 2009 Rate % 17,726 20, % 51,289 63, % Buffalo, NY Market Overview 2019 Rate 1,608 1,595 -% 1,595 1, % % 20,147 20, % 63,075 68, % TV Households 619 White 82.8% Avg Household $ 93,617 # Market Black 9.8% Per Capita $ 39,538 2 Counties Asian 2.2% Hispanic Origin 4.4% ESTIMATED REVENUES / /Capita /Household Buffalo, NY Detail $6.72/1,000 $84.85 $ Market Financials (all figures in 000's) Advertising Mkt Rank: 52 BIA Rank: 36 $35,205 $98,090 $135,330 Dailies Number Papers ,400 Sunday 303,900 Weeklies 33 4,146 Penetation No. Days BIA/Kelsey Estimated Current 2013 Publish Daily Mkt Share Mkt Pene Sunday Mkt Share Mkt Pene Est Daily Est Sunday Est Daily Est Sunday Buffalo News, The 7 D 153, , , , , ,395 Kane Republican, The 6 D 21, ,500 21,500 Post-Journal, The 7 D 14, , ,716 16,484 14,716 16,484 Niagara Gazette 4 7 D 14, , ,994 13,496 13,994 13,496 5 Olean Times-Herald 7 D 11, , ,246 12,438 11,246 12,438 Bradford Era, The 6 D, ,700,700 Daily News, The 6 D, , ,000 11,800,000 11,800 Union-Sun & Journal 6 D 8, , ,206 7,439 8,206 7,439 Evening Observer 7 D 8, , ,300 8,691 8,300 8,691 Tonawanda News 6 D 5, , ,008 4,487 5,008 4,487 Daily Reporter & Sunday Spectator 5 D 4, , ,870 4,300 3,870 4,300 Journal-Register, The 4 D 1, ,814 1, Investing In Copyright BIA Advisory Services LLC. Unauthorized distribution prohibited. For permission: or permission@biakelsey.com

2 Overview and Detail 1 Historic and Projected Market Indicators This overview examines historical and projected growth trends for the following four indicators. The growth rate is the compound average annual rate for the periods indicated. For comparison of each market s growth rates with the entire country, see the tables on page 6. This information is licensed from Woods & Poole Economics, Inc. and is reprinted herein with their permission. Market Population: Presented in thousands (000s) of people. Market Households (HH): Presented in thousands (000s) of households. Market (RS): Presented in hundreds of thousands ($000,000s) of dollars. Market Personal Income (TPI): After tax disposable income available in the market. Presented in hundreds of thousands ($000,000s) of dollars. 2 Market Rankings and Statistics Pop Rank: The market s ranking by total population. HH Rank: The market s ranking by total households. RS Rank: The market s ranking by total retail sales. TPI Rank: The market s ranking by total Peronsal Income available in the market. TV Households: The number of television households in the market presented in thousands (000s). Market Counties: The number of counties covered by the Market. White: The percentage of Caucasian population in the market. Black: The percentage of African-American population in the market. Asian: The percentage of Asian population in the market. Avg Household: The average household income in the market. Per Capita: The average income per person in the market. Hispanic Origin: The percentage of Hispanic residents in the market. 3 Market Financials Market accumulation of revenues of all newspapers for, Advertising, and s. Also gives accumulated Daily, Sunday and Weekly circulation totals and total market penetration (percent of total households in the market). Ratios: Current market revenue to retail sales, revenue per capita, and revenue per household are presented. 4 Rankings s are listed in descending order by Estimated Daily for the Daily newspapers. If the total number of newspapers can fit on one page, the weekly newspapers are also included on this page. The Weekly newspapers are listed alphabetically. The number of days per week the paper is published and the D (daily) or W (weekly) indicator is listed. 5 BIA/KelseyEstimated Current Current estimated Daily and Sunday circulation, market circulation share, and market penetration (percent households). Investing In Copyright BIA Advisory Services, LLC. Unauthorized distribution prohibited. For permission: or permission@biakelsey.com Page 9

3 Information About Investing in Market Report Page Buffalo, NY Financial and Owner Overview Mkt Rank: 52 Est '14 Est '14 Est '14 Sales Owner Est No. Days Circ Rev Ad Rev Rev Price Date Owner # Rev Owner City and State Publish (000) 1/ (000) 1/ (000) 1/ (000) Acq'd JOA Owner Papers (000) 1/ Rev Rank Buffalo News, The Buffalo, NY 7 D 18,218 70,817 89,040 Berkshire Hathaway Inc 1 89, Kane Republican, The 7 Kane, PA 6 D g 0305 Horizon Publications 2003 Inc 12 9, Post-Journal, The Jamestown, NY 7 D 1,936 3,261 5,200 Ogden s , Niagara Gazette Niagara Falls, NY 7 D 1,779 1,8 3,590 30,000 e 9703 Community Holdings Inc , Olean Times-Herald Olean, NY 7 D 1,070 2,230 3,300 Bradford Publishing Company 3 6, Bradford Era, The Bradford, PA 6 D 983 1,412 2,400 9 Bradford Publishing Company 3 6, Daily News, The Batavia, NY 6 D 1,651 1,032 2,790 Johnson Corp 17 21, Union-Sun & Journal Lockport, NY 6 D , Community Holdings Inc , Evening Observer Dunkirk, NY 7 D 917 1,176 2,0 Ogden s , Tonawanda News North Tonawanda, NY 6 D ,030 Community Holdings Inc , Daily Reporter & Sunday Spectator Wellsville, NY 5 D g 0506 GateHouse Media Inc 3 547, Journal-Register, The Medina, NY 4 D Community Holdings Inc , Daily Name, City & State Provides the newspaper s name and the city and state in which it is located. Lists the number of days published and the Daily (D) or Weekly (W) indicator. 8 Daily Financial Information Estimated : Presented in thousands ($000), BIA/Kelsey s estimate of revenue derived from newspaper circulation for the year indicated. Estimated Advertising : Presented in thousands ($000), BIA/Kelsey s estimate of revenue derived from newspaper advertising for the year indicated. Estimated : Presented in thousands ($000), BIA/Kelsey s estimate of total revenue derived from all sources for the year indicated. (NOTE: Includes circulation, and advertising plus other miscellaneous revenue sources.) 9 Daily Ownership Changes Sales Price: Presented in thousands ($000), this is the price paid for the newspaper. To the right of the price you may encounter a code that signifies the type of transactions (see Keys & Codes on page 12). Date Acq d: The date (Year Month) the newspaper was acquired by the most recent purchaser. A new owner is presented only when the sales transaction is finalized. Daily Ownership Information JOA: Joint Operating Agreement. Shows as percentage of control over combined operations. Owner: Name of the newspaper s current owner. Owner # Papers: number of daily newspapers owned by the owner at time of publication. Owner Est Rev: Presented in thousands ($000), this figure represents the total revenue of daily newspapers owned by the subject owner. Owner Rev Rank: BIA/Kelsey s ranking by revnue of this owner as compared to all daily newspaper owners. Investing In Copyright BIA Advisory Services LLC. Unauthorized distribution prohibited. For permission: or permission@biakelsey.com

4 Population Households Tot. Pers. Inc. Pop Rank # HH Rank # RS Rank # TPI Rank # Akron Bugle Alden Advertiser Alfred Sun,The Amherst Bee Arcade Herald Bradford Journal-Miner Buffalo Rocket Cheektowaga Bee Cuba Patriot & Free Press Depew Bee East Aurora Advertiser East Aurora Bee Elma Review Island Dispatch Demographic and Economic Overview (000s, except and Pers. Inc.I in $000,000s) 2009 Rate % 17,726 20, % 51,289 63, % Buffalo, NY Market Overview 2019 Rate 1,608 1,595 -% -0.1% TV Households 619 White # Market Black Counties % 9.8% Asian 2.2% 1,595 1, % 20,147 20, % 63,075 68, % Avg Household $ 93,617 Per Capita $ 39,538 Hispanic Origin 4.4% 7 ESTIMATED REVENUES / /Capita /Household Buffalo, NY Weeklies Detail $6.72/1,000 $84.85 $ Market Financials (all figures in 000's) Advertising Market Rank: 52 BIA Rank: 36 $35,205 $98,090 $135,330 Number Papers 262,400 Dailies 12 Sunday 303,900 Weeklies 33 4,146 Penetation 38.9 BIA/Kelsey Estimated Est '14 Est '14 Est '14 Owner Est No. Days Circ Rev Ad Rev Rev Owner # Rev City and State Publish Paid Free Mkt Pene (000) 1/ (000) 1/ (000) 1/ Owner Papers (000) Akron, NY 1 W 1, Kasperek, Marilyn Alden, NY 1 W 3, Weisbeck Printing and Publishing Alfred, NY 1 W Snyder, David Buffalo, NY 1 W 4,658 21, , ,0 Bee Group s ,560 Arcade, NY 1 W 4, Neighbor to Neighbor News Inc 3 1,130 Bradford, PA 1 W 5, Nichols, Grant and Debra Buffalo, NY 1 W 9, Rocket Communications Cheekotowaga, NY 1 W 8, Bee Group s 9 5,560 Cuba, NY 1 W 4, Empire Phoenix Corp Depew, NY 1 W 1, Bee Group s 9 5,560 East Aurora, NY 1 W 3, Neighbor to Neighbor News Inc 3 1,130 East Aurora, NY 1 W 1, Bee Group s 9 5,560 Elma, NY 1 W 1, Neighbor to Neighbor News Inc 3 1,130 Grand Island, NY 1 W 1, Niagara Frontier Publications 3 1, Market Overview If the total number of newspapers cannot fit on one page, the weeklies listings follow the Financial Overview in a slightly different format. The Market Overview is reproduced on the first page of the Weeklies listing. For explanation see Items 1 through 3 on page Weekly Name, City & State Provides the newspaper s name and the city and state in which it is located. The Weekly newspapers are listed alphabetically. The number of days per week the paper is published and W (weekly) indicator is listed. 13 BIA/Kelsey Estimated Current Current estimated Paid and Free circulation and market penetration (percent households). 14 Weekly Financial Information Estimated : Presented in thousands ($000), BIA/Kelsey s estimate of revenue derived from newspaper circulation for the year indicated. Estimated Advertising : Presented in thousands ($000), BIA/Kelsey s estimate of revenue derived from newspaper advertising for the year indicated. Estimated : Presented in thousands ($000), BIA/Kelsey s estimate of total revenue derived from all sources for the year indicated. (NOTE: Includes circulation, and advertising plus other miscellaneous revenue sources.) 15 Weekly Ownership Information Owner: Name of the newspaper s current owner. Owner # Papers: number of weekly newspapers owned by the owner at time of publication. Owner Est Rev: Presented in thousands ($000), this figure represents the total revenue of weekly newspapers owned by the subject owner. Investing In Copyright BIA Advisory Services, LLC. Unauthorized distribution prohibited. For permission: or permission@biakelsey.com Page 11

5 Information About Investing in Market Report Page 12 General TPI Personal Income Keys and Codes Codes After Sales Price + Sales price is amount listed plus notes, stock, or debt. JOA Joint Operating Agreement d Distress sale. RS dn Donation. TVHH Estimated Television Households e Estimated sales price. g Group sale. nc No cash consideration. st Stock transfer. sw Swap. u Sales prices undisclosed. Investing In Copyright BIA Advisory Services LLC. Unauthorized distribution prohibited. For permission: or permission@biakelsey.com