Ottaway Newspapers

Ottaway Newspapers purchased the assets of Stockton Newspapers for $140,000,000. The scope of our engagement with Ottaway included the determination of fair market value for the subject tangible and intangible assets located at the following address: 530 East Market Street, Stockton, California 95202 (approximately 120,000 sq.ft. of facility space). Foxboro Consulting Group, Inc. valuation specialists appraised all designated assets to assist Ottaway with its allocation of the purchase price among the assets to be appraised for tax and financial accounting and reporting requirements in accordance with the provisions of the Financial Accounting Standards Board (“FASB”) Statements 141, Business Combinations (“SFAS141“) & 142 Goodwill and Other Intangible Assets (“SFAS 142“) and the Internal Revenue Code.

The Memorial Press, LLC – Enterprise NewsMedia, LLC

Foxboro Consulting Group, Inc. performed an appraisal of certain identifiable intangible assets of J.A.A. Corporation d/b/a Associated/Independent Newspapers (“the Company”) which was acquired by The Memorial Press, LLC (“The Memorial Press”), an affiliate of Enterprise NewsMedia, LLC, on February 24, 2006 (the “Valuation Date”). We were advised that the total consideration paid for substantially all of the assets of the Company approximated $152,500,000. The Company publishes, prints and distributes weekly community newspapers in several Massachusetts communities. The Company sells advertising space and subscriptions.

The purpose of this appraisal was to express an opinion, as of the Valuation Date, of the fair value, under the premise of continued use, of the identifiable intangible assets of The Company acquired by The Memorial Press. We understand that this opinion of value will serve as a basis for allocation of the purchase price for financial reporting purposes in accordance with the provisions of Financial Accounting Standards Board (“FASB”) Statements No. 141, Business Combinations (“SFAS 141”) and No. 142, Goodwill and Other Intangible Assets (“SFAS 142”). It is entirely inappropriate to use this report and the valuation conclusions contained herein for any purpose other than the one stated in this report.

The Memorial Press, LLC – Enterprise NewsMedia, LLC

Foxboro Consulting Group, Inc. performed an appraisal of certain identifiable intangible assets of The Bulletin Newspapers, Inc. (“Norwood Bulletin ” or “the Company”) which was acquired by The Memorial Press, LLC (“Memorial Press”) on January 28, 2005 (the “Valuation Date”). We are advised that the total consideration paid for all of the outstanding membership interests in the Company approximated $155,575,000. The Norwood Bulletin publishes, prints and distributes a weekly community newspaper in Norwood, MA. The company sells advertising space and subscriptions. The purpose of this appraisal was to express an opinion, as of the Valuation Date, of the fair value under the premise of continued use of the intangible assets of The Norwood Bulletin acquired by Memorial Press.

We understand that this opinion of value will serve as a basis for allocation of the purchase price for financial reporting purposes in accordance with the provisions of Financial Accounting Standards Board (“FASB”) Statements No. 141, Business Combinations (“SFAS 141”) and No. 142, Goodwill and Other Intangible Assets (“SFAS 142”). It is entirely inappropriate to use this report and the valuation conclusions contained herein for any purpose other than the one stated in this report.