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Wednesday, May 31, 2006

Message from the Publisher

From: Johnson, Jeff
Sent: Wednesday, May 31, 2006 1:24 PM
To: Internal News
Subject: Tribune Stock Repurchase Follow-up


(Managers and supervisors: Please make sure that employees who do not have e-mail receive this information, including the Employee Q&A posted online. Thanks.)


Colleagues:

Yesterday's announcement by Tribune of a stock repurchase program is a major development that represents a solid vote of confidence in the future of this company and our industry. It sends a positive message to shareholders, many of whom are Tribune employees, that the current share price does not adequately reflect the fundamental value and long-term earnings prospects of the company's businesses. I want to make sure that you have all the information you need to understand what this program means for you and for The Times.

Tribune has posted an Employee Q&A on Triblink (http://triblink.trb/intranet/) to answer some of the questions you may have. On Friday, Dennis FitzSimons will host an employee Town Hall meeting that will be broadcast and webcast (audio only) to Tribune offices around the country. We're working on the logistics of where the satellite broadcast will be available, and will let you know the details in a separate e-mail. Tribune will also provide a live audio webcast of the meeting at www.tribune.com.

You can submit a question in advance of that meeting via e-mail to corporaterelations@tribune.com or via fax to 312-222-1573. I'd also be happy to answer your questions, which you can submit by replying to this note.

I encourage you to watch the broadcast or listen to the webcast, as well as visit Triblink to learn more about this. You will also see additional communications from us and from Tribune in the weeks ahead, including employee meetings with myself and your department head to review the announcement and answer any questions you may have. The meetings will also cover our progress in 2006 and our plans for 2007. Your engagement is vital to our goal of generating additional shareholder value through improved operating performance across the company.

Jeff

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