Outperform. emmis communications 2004 abbreviated financial highlights in thousands except where noted  year ended Feb. 28 (29) ’00 ’01 ’02 ’03 ’04 net revenues 325,265 473,345 539,822 562,363 591,868 station operating income* 125,477 174,213 185,665 213,112 220,445 station op income margin 38.6% 36.8% 34.4% 37.9% 37.2% leverage 2.5x 6.8x 9.3x 6.5x 6.7x *excluding noncash compensation publishing tv radio 5 4 3 2 1 0 1% 2.7% 4.5% INDUSTRY MARKETS EMMIS radio division revenue growth fiscal 2004 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $0 00 01 02 03 04 $300,000 $250,000 $200,000 $150,000 $100,000 $50,000 $0 00 01 02 03 04 325,265 473,345 539,822 562,363 591,868 125,447 174,213 185,665 213,112 220,445 net revenue station operating income,  excluding noncash compensation 4 2 0 -2 -4 -6 -4.7% -2.3% 0.5% INDUSTRY MARKETS EMMIS tv division revenue growth calendar 2003