Average Circulation at the Top 25 U.S. Daily Newspapers      

Newspaper Name          Print       Total Digital   Total Excluding   Total Branded  Total Average  Total Average  % Change    
                                                    Branded Editions    Editions      Circulation    Circulation    
                                                                                     as of 3/31/12  as of 3/31/11    
    
  WALL STREET JOURNAL      1,566,027       552,288   2,118,315                            2,118,315   2,117,796        0.02%    
    
  USA TODAY                1,701,777       115,669   1,817,446                            1,817,446   1,829,099       -0.64%    
    
  NEW YORK TIMES             779,731       807,026   1,586,757                            1,586,757     916,911       73.05%    
    
  LOS ANGELES TIMES          489,514       100,221     589,735               26,840         616,575     605,244        1.87%    
    
  NEW YORK DAILY NEWS        400,061       156,470     556,531               23,105         579,636     530,924        9.17%    
    
  SAN JOSE MERCURY NEWS      139,825        66,213     206,038              369,748         575,786     577,662       -0.32%    
    
  NEW YORK POST              408,579       146,748     555,327                              555,327     522,875        6.21%    
    
  WASHINGTON POST            467,450        40,165     507,615                              507,615     550,821       -7.84%    
    
  CHICAGO SUN-TIMES          200,503        68,986     269,489              152,846         422,335     419,408        0.70%    
    
  CHICAGO TRIBUNE            387,217        27,373     414,590                              414,590     437,205       -5.17%    
    
  DALLAS MORNING NEWS        202,123        49,795     251,918              153,431         405,349     404,951        0.10%    
    
  DENVER POST                240,200       150,920     391,120               10,000         401,120     324,970       23.43%    
    
  NEWSDAY                    284,357       113,616     397,973                              397,973     298,759       33.21%    
    
  HOUSTON CHRONICLE          254,696        91,422     346,118               37,889         384,007     364,837        5.25%    
    
  PHILADELPHIA INQUIRER      205,412        55,921     261,333               63,958         325,291     343,709       -5.36%    
    
  PHOENIX REPUBLIC           320,696           904     321,600                              321,600     337,170       -4.62%    
    
  MINNEAPOLIS STAR TRIBUNE   239,797        60,533     300,330                              300,330     296,417        1.32%    
    
  ST. PETERSBURG TIMES       239,190        19,955     259,145               40,352         299,497     292,441        2.41%    
    
  ORANGE COUNTY REGISTER     162,821        20,774     183,595               97,217         280,812     182,964       53.48%    
    
  NEWARK STAR-LEDGER         197,034        81,906     278,940                              278,940     229,253       21.67%    
    
  OREGONIAN                  226,659        21,174     247,833                              247,833     260,386       -4.82%    
    
  CLEVELAND PLAIN DEALER     232,288        14,283     246,571                              246,571     254,372       -3.07%    
    
  SEATTLE TIMES              206,517        30,412     236,929                              236,929     253,740       -6.63%    
    
  SAN DIEGO UNION-TRIBUNE    204,245        13,334     217,579               13,163         230,742     218,614        5.55%    
    
  DETROIT FREE PRESS         132,635        98,104     230,739                              230,739     246,169       -6.27%