Emmis Offers To Swap Shares For Employees' Underwater Options

Deal Offered

EMMIS COMMUNICATIONS CORP. is offering to exchange some outstanding options held by employees in its Equity Compensation Plans that have become priced higher than the present market share price.

Options priced over $2.95 per share (except those priced at $11.22 per share or $17.45 per share) can be swapped for shares of EMMIS restricted Class A Common Stock.  Options to buy a total of 2,168,757 shares can be swapped for 511,065 shares that will vest in one year under the plan.

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