text: Quarter Ended 
  May 2002 
  August 2002 
  November 2002 
  February 2003 
  May 2003 
  August 2003 
  November 2003 
  February 2004  High 
  31.85 
  30.15 
  24.05 
  24.86 
  21.24 
  23.87 
  24.06 
  28.65 
  
  On April 23, 2004, there were approximately 4,841 record holders of the Class A 
  Common Stock and one record holder of the Class B Common Stock. 
  
  Emmis intends to retain future earnings for use in its business and does not anticipate 
  paying any dividends on shares of its common stock in the foreseeable future. 