Murray McQueenPresident,

Tribune Real Estate Holdings

Real Estate

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Inves tment H igh l igh ts

o Maximizing the value of Tribune’s real estate portfolio

o ~8mm sq. feet generating ~$50M annually of rental revenues

o Maximizing cash flow and pursuing development

opportunities

o Deliberate monetization strategy

President

Director of Financial

Structuring / Senior

Asset Manager

Controller /

Accountant

Head Corp. Real

Estate / Senior Asset

Manager

Asset Managers

Analysts

Support

Real Estate

Management

Team

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Overview of Tribune’s Real Estate Portfolio

17%

10%

22%

51%

~8M

sq.ft.

64%

36%

~$50mm

80 Real Estate Assets ~8 million square feet ~1,200acres of land (includes ~800 acres of antenna land)

Tribune Media

Unleased Space

Third Party

(Other)

Third Party

(Publishing)

Tribune

Publishing

Third Party

(Other)

Select Properties from Real Estate Portfolio Breakdown of Sq. Ft. (in millions)

Annualized Revenue ($ in millions)

Times Mirror SquareLos Angeles, CA

Tribune TowerChicago, IL

Las OlasFt. Lauderdale, FL

700 West Chicago Chicago, IL

Short Term &

Intermediate Term Long Term

Maximize occupancy,

lease rates and operating

efficiencies

Current Leases with:

○ Tribune Media Business Units

○ Tribune Publishing

○ Third parties

Prepare the Portfolio for

value maximization:

○ Direct management & redevelopment

○ Pursue entitlement changes to increase value

○ Joint venture partnerships

○ Strategic sales or other monetization events

Deliver best in-class

corporate real estate

management services

○ Servicing Tribune Media business units & affiliates

○ Leverage off of scale for best vendor pricing and service

Owned Real Estate Leased Real Estate

Maximizing the Long-term Value of Tribune’s Owned Real Estate Assets

Operating & Investment Strategy

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T i m e s

M i r r o r

S q u a r e

O r l a n d o

7 0 0 W e s t

C h i c a g oT r i b u n e

T o w e r

F o r t

L a u d e r d a l e

C o s t a M e s a

Tr i b u n e R e a l E s t a t e H o l d i n g s : G e o g r a p h i c a l l y D i v e r s e

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Tribune Media

Real EstateLocal Developers

Redevelopment

HoldCo

Contributing

Real Estate Asset

Bringing Localized

Expertise

Joint Venture

Redevelopment

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Redevelopment Case Study

○ Prime Michigan Ave. location

○ Zoning for up to 2.4mm sq. ft. of development

• 737k sq. ft. existing footprint

• 1.7mm sq. ft. potential development rights

○ Redevelopment options:

• Residential

• Retail

• Hotel components

○ Maximize high rent / low cap rate, Michigan Ave. retail component

○ Unique Michigan Ave. retail opportunities

○ Multi-year process

• Series of governmental approvals required

T h e O p p o r t u n i t y – T r i b u n e To w e r

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Tribune Tower

Redevelopment Case Study: Tribune Tower

Tr i b u n e To w e r S i t e h a s t h e 2 n d H i g h e s t V i s i t o r

C o u n t i n C h i c a g o

Tr i b u n e To w e r

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T R I B U N E T O W E R R E T A I L

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Potential Redevelopment on

Tribune Tower SiteConceptual Massing Study

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Redevelopment Case Study Times Mirror Square

8 acres of

prime real

estate

1.9mm sq.

ft. supported

by zoning

LA Metro

Station to be on

property

Mixed use

development,

historic

Multi-year

process, studies,

approvals

T h e O p p o r t u n i t y – L A T i m e s M i r r o r S q u a r e

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LA Times Mirror Square

“Hole in the Donut” of downtown Los Angeles

Development

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○ Portfolio of mission critical, single purpose facilities

○ Attractive locations that capitalize on the renaissance of urban centers

○ Capitalize on previously undermanaged real estate holdings and underutilized locations

○ Strategy to maximize value creation by forming strategic partnership with local developers, entitle and redevelop opportunistically, and create monetizable cash

flows

○ Enhance the operating efficiencies through best practices in operations, leasing and expense management

Rea l Es ta te Summary

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