Emmis Announces Dividend on Convertible Preferred Stock; Re-Election of Board Members

Indianapolis…Emmis Communications Corporation (NASDAQ: EMMS) today announced that its Board of Directors declared a dividend for its 6.25% convertible preferred stock (NASDAQ: EMMSP), with a record date of July 5, 2003, and a payable date of July 15, 2003.

The per share dividend for the quarter is $.78125. One share of Emmis preferred stock is convertible to 1.28 shares of Emmis Class A Common Stock.

In addition, today at the company’s Annual Shareholders Meeting, four board members were re-elected. Susan B. Bayh, Gary L. Kaseff and Frank V. Sica were elected to three-year terms on the Board, while Peter A. Lund was elected to a two-year term. In addition, the selection of Ernst & Young as Emmis’ independent auditor was ratified.