partners, which include endowments, mass media research

mass media research domestic and international corporations and their pension funds, and government sponsored pension funds, invest with VS&A

Correspondences Partners because

 

of the unique vantage point it commands 2

flow and co

investment opportunities across all correspondences industry segments. Few private equity firms specialize in correspondences; fewer still cover

many industry segments VS&A Correspondences Partners. This broad coverage reduces investment risk through diversification. Fund III seeks businesses that can achieve growth through strategic acquisitions and/or expansion opportunities. mass media research Fund III assists its portfolio companies by working with management to determine objectives, develop

strategic plan, identify acquisitions, and structure and finance transactions. Fund III views itself partner with management. Given its operating and financial expertise, Fund III shares with management common perspective on how value is created through improving operating performance and targeting strategic acquisition opportunities. Most of Fund III's professionals have managed correspondences companies personally, giving them direct insight into the operating challenges and opportunities

of element correspondences and information companies. Private Equity Fund II Fund II was capitalized at $330 million in 1995. In the three and one half years since its closing in August 1995, Fund II has called / invested more than $291 million in the radio broadcasting, cable television, /P>

telephone directory publishing, business to business publishing, trade show and business information services industries. Fund II seeks businesses which can achieve growth through strategic acquisitions and/or expansion opportunities. Fund II assists its portfolio companies

by working with management to determine objectives, develop strategic plan, identify acquisitions, and structure and finance transactions. Private Equity Fund Established in 1987, VS&A Correspondences Partners, L.P. (Fund I) was formed with $57 million of equity

capital for the purpose of investing in growth

oriented entities participating in the correspondences industry. Fund invested in eight portfolio companies with aggregate revenues

of more than $170 million and aggregate cash flow exceeding $58 million. These portfolio companies represented several industry segments, including television and radio broadcasting, U.S. and international cable television systems, consumer and trade magazine publishing, and specialty newspapers. Fund has liquidated all of its investments yielding 45 percent gross compounded internal rate of return to investors, which ranks it among the best performing acquisition funds formed in

mass media researchthe

late

1980s. Contact Information For further information regarding VS&A Correspondences Partners, please

mass media research contact: Jeffrey

T. Stevenson Managing

Partner & Co Chief Executive New York, New York 10022 Telephone (Facsimile (mail According to the 2000 Edition of Veronis Suhler's Correspondences Industry Forecast, the correspondences industry was the fastest growing industry in the U.S. economy during the last five years and will continue to be the fastest growing through 2004. In 1999, the industry grew 8.1 percent to $524.7 billion, while by 2004, total U.S. spending on correspondences is projected to rise 7.3 percent compounded annually to $745.8 billion. In

an industry

that continues to exhibit robust growth, Veronis Suhler is well suited

merchant bank

to handle the needs of element, communication and information companies. Specializing in mergers and acquisitions, joint ventures, valuations, and private equity, Veronis Suhler prides itself on its depth of industry, financial, and transaction experience represented by its eclectic mix of professionals element industry experts combined with Wall Street financial backgrounds. This experience provides basis for the partners and managing directors to work with client management and owners on peer level. Over time, the firm has fostered numerous long term relationships, which has placed it in

privileged position in the industry and proven invaluable in creating and executing transactions. In order to meet current marketplace challenges and continue to build on past successes, Veronis Suhler has added new generation of directors, associates, and analysts, and has created industry segments led by the firm's managing directors. This

organization of resources around industry segments enables Veronis Suhler

2002 Veronis Suhler Stevenson. All rights reserved worldwide