Dennis FitzSimons Update to Employees

From: [Tribune CEO] Dennis FitzSimons
Sent: Thursday, March 30, 2006 3:06 PM
Subject: Update

Dear Fellow Employee:

A story about Tribune appeared in today's Wall Street Journal. It is posted on TribLink in the Media Industry News section. Given the reporter's questions, it is what we expected. Considering the overall industry environment, the recent sale of Knight Ridder and the price of TRB shares, a more balanced story was not in the cards.

Tribune, like many of our advertisers and other media companies, is going through a difficult period. Stock prices of traditional media companies are reflecting this. But Tribune remains financially strong, and we have many positive initiatives taking place throughout our publishing, interactive and broadcasting operations.

At the other end of the spectrum, this week's New Yorker includes a story which recognizes, as we do, that newspapers are a solid business and highly valued by consumers and advertisers.

Sincerely,

Dennis