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Emmis Communications Public-side Lender Presentation April 21, 2015

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2 Note: Certain statements in this presentation constitute “forward-looking
statements” within the meaning of the Private Securities Litigation Reform Act
of 1995. Such forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results, performance
or achievements of the Company to be materially different from any future
results, performance or achievements expressed or implied by such
forward-looking statements. Reference is made to the Company’s Annual Report on
Form 10-K and other public documents filed with the Securities and Exchange
Commission for additional information concerning such risks and uncertainties
Additional disclosure related to non-GAAP financial measures can be found under
the Investors tab on our website, www.emmis.com

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3 • Jeff Smulyan, Chairman, President & Chief Executive Officer • Patrick Walsh,
Executive Vice President, Chief Financial Officer & Chief Operating Officer •
Ryan Hornaday, Senior Vice President of Finance & Treasurer Today’s presenters

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4  Emmis performed better than its competitors in New York (Emmis -6.0%, NY
market -7.3% for 9 months ended November 30, 2014), but the overall market
remains weak and continues to be a drag on Emmis’ performance  The Company is
facing new headwinds in the Los Angeles market, where a new station was launched
in February 2015 (iHeart Radio’s KRRL) aimed directly at Emmis’ Power 106 (KPWR)
– KRRL also lured away Emmis’ popular morning host (Big Boy) in early March; the
station launched commercial-free with 10,000 songs and a $1+ million marketing
campaign to jumpstart ratings – Power 106 has been Emmis’ best-performing
station for several years and is its most profitable  The New York and Los
Angeles markets account for over half of Emmis’ radio revenues, which causes the
Company uncertainty regarding financial results for Fiscal 2016  Emmis is
seeking further covenant relief for the quarters ended May 31, 2015 through
February 28, 2017 given the aforementioned uncertainty – Emmis finished Fiscal
2015 under its 6.00x covenant at 5.40x, but wants to constructively manage
compliance with sufficient cushion – The Company reduced cash operating costs by
approximately $7 million as part of its Fiscal 2016 budget Situation update and
overview of amendment request

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5 Emmis has outperformed its markets but markets are weak Time period Emmis
revenue growth Market revenue growth 9M 11/30/14 +1.8% -4.1% FYE 2/28/14 +4.9%
+2.7% FYE 2/28/13 +3.3% -1.2% FYE 2/29/121 +4.0% +0.6% FYE 2/28/111 +6.7% +4.5%
Emmis versus the market  Emmis wins! By 2%  Emmis wins! By 4%  Emmis wins! By
3%  Emmis wins! By 2% Superior strategy and execution leading to consistently
better results Source: Miller Kaplan 1 Excludes WRKS now operated under LMA with
ESPN as WEPN-FM  Emmis wins! By 6%; extending performance lead on rivals

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6 KPWR (Power 106) in Los Angeles has been strong; however, new headwinds are
expected YTD 9-month market revenue summary  Total revenues -3.0% YTD 9-month
Emmis revenue summary  Total revenues +8.2% Los Angeles market  Power 106 has
been Emmis’ top performing station for several years while facing limited direct
competition in the Los Angeles radio market  Market rank by radio revenues: #1
 Ranking in primary demographic target: #1 (November 2014)  Revenues have
outpaced the competitors in the Los Angeles market, helping Emmis’ market share
grow from 5.5% to 6.1% during the 9 months ended November 30, 2014 Market
overview Programming  Launched The Cruz Show in mornings with long-time Power
106 evening personality J Cruz and nearly all of former morning show cast (lost
one member)  Completed research on station’s competitive positioning with
Edison Research Talent  Completed or enhanced contract terms with key
personalities J Cruz (mornings), Yesi Ortiz (mid-days) and Felli Fel (afternoon
drive) along with morning show cast and key mixers  In December, reached 4-year
agreement with award-winning program director Jimmy Steal  Signed or finalizing
employment agreements with key programming, sales management, marketing and
digital personnel Tactical response to LA pressure Sales  Enhanced commission
structure for account executives  Working on companywide non-compete agreements
for sales force (evaluating alternatives in California) Marketing and Promotion
 Added $500K to Q1 marketing budget and retained full amount of core digital
and promotional budgets (i.e. targeted ticket giveaways and Facebook
advertising)  Increased total spend from $300K to $950K Culture and
Compensation  Finalizing lease extension to provide for tenant improvement
allowance  Finalized non-executive, team incentive for hitting Fiscal 2016
budget

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7 New York market has been challenging; Emmis executing its plan YTD 9-month
market revenue summary  Total revenues -7.3% YTD 9-month Emmis revenue summary
 Total revenues -6.0% New York market  The New York market has been weak
throughout calendar 2014, down mid to high single digits after being up 5% in
calendar 2013  Auto is down slightly while wireless and beverages are down
significantly  National was off approximately 30% during the summer months and
was down 18% for the 9- months ended November 30, 2014 Market overview
Programming and Talent  Hiring new Program Director for Hot 97 with background
at CBS and Beasley who quickly landed new mid-day personality from Radio One-
Houston and afternoon personality from iHeart Media-San Francisco and MTV to
improve appeal to young-end audience  Locked up new or extended contracts with
key talent including Ebro Darden, Funk Flex, DJ Enuff, DJ Camillo on Hot 97 and
Earthquake, Shaila and Déjà vu on WBLS  Locking up these talents was more
expensive in light of the public disclosures in LA litigation Tactical response
to NYC market weakness Sales  Restructured commissions to focus team on new
business development, digital and event sales in light of weak transaction
environment  Staffed team to focus on selling large dollar integrated marketing
programs to national clients  Efforts focused on Summer Jam, Circle of Sisters
and digital assets Culture and Compensation  One-year post acquisition, team is
integrated and working together more effectively  Significant talent upgrades
on-air, programming and in sales should begin to improve operating performance
in Fiscal 2016

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8 Emmis continues to outperform in other radio markets; publishing business
continues to grow YTD 9-month market revenue summary  Total revenues -2.8% YTD
9-month Emmis revenue summary  Total revenues -1.1% St. Louis market (Emmis: 4
stations)  Emmis’ publishing operations consist of Texas Monthly, Los Angeles,
Atlanta, Indianapolis Monthly, Cincinnati, and Orange Coast  Publishing grew
revenues 3.5% in the 9-months ended November 30, 2014  Custom publications
(alumni magazines, visitor guides, etc.) has been a profitable growth segment
for Emmis’ publishing division Publishing summary  Emmis continues to
outperform the St. Louis, Austin and Indianapolis markets, beating market
revenues in each of the three radio markets  The Company captured additional
market share of 0.5%, 3.1% and 3.7% in St. Louis, Austin and Indianapolis,
respectively  In addition to the three aforementioned markets, Emmis also
operates four stations in Terre Haute, IN that generated $96,000 in cash flow
for the Company Performance overview YTD 9-month market revenue summary  Total
revenues +6.0% YTD 9-month Emmis revenue summary  Total revenues +9.6% Austin
market (Emmis: 6 stations) YTD 9-month market revenue summary  Total revenues
-1.2% YTD 9-month Emmis revenue summary  Total revenues +4.6% Indianapolis
market (Emmis: 4 stations)

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Transaction overview J.P. Morgan Securities LLC

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10 Actual % of x LTM Pro Forma % of x LTM ($ millions) 11/30/2014 Market Cap.
Adj. EBITDA 11/30/2014 Market Cap. Adj. EBITDA Cash and Cash Equivalents $1.9
$1.9 $20mm Revolver due June 2019 10.0 4.9% 0.36x 10.0 3.6% 0.27x Term Loan B
due 2021 109.0 53.1% 3.88x 185.0 65.8% 5.00x Total Balance Sheet Debt $119.0
58.0% 4.23x $195.0 69.3% 5.27x Net Compliance Debt $117.1 4.16x $193.1 5.22x
Market Value of Equity 2 86.2 42.0% 86.2 30.7% Total Market Capitalization
$205.2 100.0% $281.2 100.0% Less: Cash and Cash Equivalents (1.9) (1.9)
Enterprise Value $203.3 7.23x $279.3 7.55x LTM 11/30/2014 Adjusted EBITDA $28.1
Pro Forma for 2nd Closing 11/30/2014 Adjusted EBITDA 3 $37.0 Pro Forma November
30, 20141 Pro Forma For 2nd Closing Existing capitalization Source: Company
financials and projection model Note: Capitalization table excludes Digonex and
98.7 non recourse debt 1 Leverage ratio nets $76.0 million of restricted cash
against Term Loan balance 2 Market capitalization as of April 14, 2015 3 Pro
forma for impact of WLIB/WBLS acquisition

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11 Summary of amendment request Summary of terms and conditions Borrower: Emmis
Operating Company (the “Company”) Guarantors: All existing and future restricted
domestic subsidiaries of the Borrower Sole Bookrunner: J.P. Morgan Securities
LLC Administrative Agent: JPMorgan Chase Bank, N.A. Ratings:  Corporate – [TBD]
 Issue – [TBD] Facilities: Facility Amount Tenor Rates LIBOR Floor OID
Amortization Revolver $20mm 5 years L + 475 bps None 99.01 None Term Loan B
$185.0mm2 7 years L + 475 bps 1.00% 98.75 1.00% per annum; bullet at maturity
Call Protection: 102 through February 29, 2016, 101 through February 28, 2017
and par thereafter (Term Loan B only) Amortization (TL B): 0.50% through quarter
ending January 1, 2016 and 1.25% thereafter Use of Proceeds: Finance the
acquisition of YMF Media, LLC’s New York cluster of radio stations (the
“Acquisition”), refinance certain indebtedness, pay fees and expenses and fund
working capital and general corporate purposes Security: First priority lien on,
and security interest in, substantially all tangible and intangible property of
the Borrower and each Guarantor, including a pledge of 100% of the stock of the
Borrower and each domestic restricted subsidiary, subject to FCC rules on
licenses Incremental Facility: $20mm plus an unlimited amount subject to pro
forma net senior secured leverage < 3.50x Financial Maintenance Covenants: 
Maximum Total Debt / EBITDA: Amend covenant to 6.75x through February 29, 2016,
stepping down to 6.50x through May 31, 2016, 6.25x through August 31, 2016,
6.00x through November 30, 2017, 5.75x through February 28, 2017 and 4.00x
thereafter  Minimum Interest Coverage (Revolver only): 2.00x Mandatory
Prepayments: Mandatory prepayments required from proceeds of:  100% of net cash
proceeds of non-ordinary course asset sale proceeds, with 12-month reinvestment
rights  100% of debt issuance proceeds (other than permitted debt)  75% of ECF
stepping down to 50% when net senior secured leverage < 3.50x, 25% when net
senior secured leverage < 2.75x and 0% when net senior secured leverage < 2.25x
Other Adjustments3:  EBITDA definition allowance for severance basket and
limited radio station reformatting  Excess Cash Flow definition adjustment for
LMA and financing fees 1 Taken in the form of an upfront fee 2 At closing $76mm
was funded into escrow until the phase 2 Acquisition payment in February 2015 3
Severance basket to permit up to $5.0mm in add back as well as a radio station
reformatting basket of $2.5mm; Excess Cash Flow adjustment up to $6.0mm Note:
The definitions of “Consolidated Excess Cash Flow” and “Consolidated EBITDA”
will be amended to carve out fees and expenses in connection with the Amendment
Borrower Guarantors Sole Bookrunner Facilities Security Pricing Facility Drawn
Cost Undrawn Cost LIBOR Floor Facility Drawn Cost Undrawn Cost LIBOR Floor RC L
+ 500 bps 50.0bps n/a RC L + 600 bps 50.0bps n/a TLB L + 500 bps n/a 1.00% TLB L
+ 600 bps n/a 1.00% Incremental Facilities Consent Fee Call Premium (TLB)
Amortization (TLB) Financial Covenants Mandatory prepayments 37.5 bps 50.0 bps
102 call protection through the first anniversary of the Amendment Date, 101
call protection through the second anniversary of the Amendment Date and par
thereafter 0.50% per quarter through FYE 2/28/16 and 5.0% per annum thereafter
Reset 101 soft call for 12 months after amendment ffectiveness 1.0% per annum;
with bullet payment due at maturity  Max. leverage ratio of 6.75x through
February 29, 2016, stepping down to 6.50x through May 31, 2016, 6.25x through
August 31, 2016, 6.00x through Novemb r 30, 2016, 5.75x through F bruary 28,
2017 and 4.00x thereafter  Same as existing  Max. leverage ratio of 5.25x
through November 30, 2014, stepping up to 6.00x through February 29, 2016,
stepping down to 4.75x through November 30, 2016 and 4.00x ther after  Min.
interest coverage ratio of 2.00x (RC only)  100% of debt issuance proceeds
(other than Permitted Debt)  75% of ECF stepping down to 50% when net sr. sec.
leverage < 3.50x, 25% when leverage < 2.75x, and 0% when < 2.25x  100% of net
cash proceeds of non-ordinary course asset sales, as well as insurance and co
demnation proceeds, with 12-month reinv stment rights  Same as existing
Illustrative Amendment #2 terms and conditions Same as existing Same as existing
Same as existing  Same as existing  Same as existing Same as existing Same as
existing 1st priority lien on, and security interest in, substantially all
tangible and intangible property of the Borrower a d each Guarant , including a
pledge of 100% of the stock of the Borrower and each domestic restricted
subsidiary, subject to FCC rules on licenses $20.0 million / unlimit d up to
3.5x net senior secured lever ge  7-year $185mm Senior Secured Term Loan B
Facility Amendment #1 terms and conditions Emmis Operating Company (the
“Borrower”) All existing and future restricted, domestic subsidiaries J.P.
Morgan Securities LLC  5-year $20mm Senior Secured Revolving Credit Facility

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12 Fiscal Quarter Ending Ratio Fiscal Quarter Ending Ratio Fiscal Quarter Ending
Ratio August 31, 2014 5.25x August 31, 2014 5.25x August 31, 2014 5.25x November
30, 2014 5.25x November 30, 2014 5.25x November 30, 2014 5.25x February 28, 2015
5.25x February 28, 2015 6.00x February 28, 2015 6.00x May 31, 2015 5.25x May 31,
2015 6.00x May 31, 2015 6.75x August 31, 2015 5.25x August 31, 2015 6.00x August
31, 2015 6.75x November 30, 2015 4.75x November 30, 2015 6.00x November 30, 2015
6.75x February 29, 2016 4.75x February 29, 2016 6.00x February 29, 2016 6.75x
May 31, 2016 4.75x May 31, 2016 4.75x May 31, 2016 6.50x August 31, 2016 4.75x
August 31, 2016 4.75x August 31, 2016 6.25x November 30, 2016 4.75x November 30,
2016 4.75x November 30, 2016 6.00x February 28, 2017 and thereafter 4.00x
February 28, 2017 and thereafter 4.00x February 28, 2017 5.75x May 31, 2017 and
thereafter 4.00x Original Leverage Covenant Step-Down Schedule Amend #1 Leverage
Covenant Step-Down Schedule Proposed Leverage Covenant Step-Down Schedule
Leverage covenant step down amendment summary

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13 Preliminary transaction timeline Key Dates  Tuesday April 21st, 2015 Launch
amendment via Lender Conference Call Draft Amendment documentation posted to
IntraLinks  Wednesday April 29th, 2015 Consents due from Lenders  Thursday,
April 30th, 2015 Closing and effectiveness  May 7th, 2015 Year end performance
announcement = Bank holiday = Important transaction date April 2015 May 2015 S M
T W T F S S M T W T F S 1 2 3 4 1 2 5 6 7 8 9 10 11 3 4 5 6 7 8 9 12 13 14 15 16
17 18 10 11 12 13 14 15 16 19 20 21 22 23 24 25 17 18 19 20 21 22 23 26 27 28 29
30 24 25 26 27 28 29 30 31

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Appendix

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15 EBITDA Reconciliation ($ thousands) PF 11/30/14 Pro Forma Cash Flows $37,173
Less: Katz credit ($1,024) Less: Minority Interest - Austin ($6,193) Less: Trade
Income / Plus: Trade Loss $97 Plus: Pro forma synergies - WBLS/WLIB $751 Plus:
KIHT (St. Louis) reformatting losses -- Plus: Severance and Contract Termination
Costs -- Plus: Preferred Litigation Costs $785 Plus: Digonex Transaction Fees
(legal fees) $266 Plus: YMF legal fees and severance $1,250 Plus: NextRadio
payments to Sprint funded by Emmis $768 Plus: YMF Earnout - Gain on contract
settlement $2,500 Plus: Digonex operating losses (excluded sub) $594 Plus:
Interest Income $31 LTM Adjusted EBITDA $36,998 EBITDA reconciliation

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