JOURNAL COMMUNICATIONS INC.
                           ---------------------------
                            SUPPLEMENTAL BENEFIT PLAN
                            -------------------------
                     (as amended and restated June 2, 1999)

     In order to supplement pension benefits received by certain employees under
the Journal Communications, Inc. Employees' Pension Plan ("Pension Plan") and
the Journal Communications, Inc. Investment Savings Plan ("ISP") which are
affected by Internal Revenue Code ("Code") limitations, this amended and
restated Plan is adopted effective June 2, 1999.

     1. Eligibility.
        -----------

     Those employees eligible for benefits hereunder are those employees of
Journal Communications, Inc. and its affiliates who: (i) participate in the
Pension Plan or who receive Annual Employer Contributions pursuant to the ISP;
(ii) whose benefits under such plans are limited by the limit on compensation
which may be taken into account under Code Section 401(a)(17) or by the limit on
contributions and benefits contained in Code Section 415; and (iii) who are
selected for participation by the Chairman of the Board of Directors of Journal
Communications, Inc. (the "Chairman").

     2. Amount of Supplemental Benefit.
        ------------------------------

     (a) Pension Plan Participants. The Company shall pay to each eligible
employee (or upon the employee's death, to his or her beneficiary) who
participated in the Pension Plan a supplemental benefit equal to the excess, if
any, of (i) over (ii):

          (i) The monthly benefit payable to the employee (or upon the
employee's death, to his or her beneficiary) under the Pension Plan, computed
without regard to the limitations imposed on the amount of compensation that may
be taken into account under the Pension Plan pursuant to Section 401(a)(17) of
the Code or the limitation on benefits which may be paid under the Pension Plan
contained in Section 415 of the Code, but taking into account for purposes of
compensation under the Pension Plan, only base pay plus annual incentive
compensation (including any deferred amounts of base pay and annual incentive
compensation).

          (ii) The amount of monthly benefit actually payable to the employee
(or, upon the employee's death, to his or her beneficiary) under the Pension
Plan as limited by Code Sections 40l(a)(l7) and 415.

     (b) ISP Participants. The Company shall pay, beginning on or after January
1, 2000, to each eligible employee (or upon the employee's death, to his or her
beneficiary) who received an Annual Employer Contribution pursuant to the ISP, a
supplemental benefit based on the amount credited to an account established for
the employee, the balance of which is determined as follows:

          (i) For each year beginning on or after January 1, 2000, there shall
be credited to the account, at the time the Annual Employer Contribution to the
ISP is made on behalf of the employee for such year, an amount equal to the
difference between: (A) the Annual Employer Contribution that would be made to
the ISP computed without regard to the limitations imposed on the amount of
compensation that may be taken into account under the Pension Plan

<PAGE>

pursuant to Section 401(a)(17) of the Code or the limitation on contributions
contained in Section 415 of the Code, but taking into account for purposes of
compensation under the ISP only base pay (including any deferred amounts of base
pay); and (B) the amount of the Annual Employer Contribution actually made on
behalf of the Employee under the ISP as limited by Code Sections 401(a)(17).

          (ii) Earnings shall be credited to the account of each employee, from
time to time, at the rate determined by the Chairman.

     3. Payment of Benefits.
        -------------------

     Benefits which become payable to an employee under this Plan (or, upon the
employee's death, to his or her beneficiary) shall be payable at the same time,
in the manner, and for the same duration as the benefits which are payable to
the employee (or upon the employee's death, to his or her beneficiary) under the
Pension Plan (for benefits accrued pursuant to Section 2(a) of this Plan) or
under the ISP (for benefits accrued pursuant to Section 2(b) of this Plan).

     4. Company's Payment Obligation.
        ----------------------------

     Benefits under this Plan shall be payable exclusively from the general
assets of the Company, and the Company shall be under no obligation to set
aside, earmark, or entrust any fund or assets with which to pay such benefits.
Eligible employees (and their beneficiaries) shall be general creditors of the
Company with respect to benefits hereunder as, if, and when any benefits become
payable.

     5. Beneficiary.
        -----------

     An employee's beneficiary hereunder shall be the same person(s) determined
to be the employee's beneficiary under the Pension Plan (for benefits accrued
pursuant to Section 2(a) of this Plan) or under the ISP (for benefits accrued
pursuant to Section 2(b) of this Plan).

     6. General.
        -------

     No employee or beneficiary shall have any right to assign, transfer or
otherwise convey to any person or entity the right to receive any payments
hereunder. The Company reserves the right to amend or terminate this Plan in any
manner, at any time, and for any reason.

     7. Prior Plans.
        -----------

     This plan supercedes both the Supplementary Retirement Plan For
Participants Of The Journal Company Employees Pension Agreement and the prior
version of the Journal Communications, Inc. Supplemental Benefit Plan.


                                       2