Emmis Communications Corporation and Emmis Operating Company

Computation of Company Leverage Ratios

Emmis Communications Corporation and Emmis Operating Company

Computation of Company Leverage Ratios

As of February 28, 2003

Dollars in Thousands

Computation of Emmis Operating Company Senior Leverage Ratio

Under the Fourth Amended and Restated Revolving Credit and

Term Loan Agreement:

Numerator:

Senior credit facility debt outstanding 706,898

Plus: Letters of credit outstanding 1,437

Plus: Mark-to-market derivative instruments 4,194

Plus: Other 416

Total senior debt outstanding, as defined 712,945

Denominator:

Trailing twelve-months operating income 125,855

Plus: Depreciation and amortization 43,370

Plus: Noncash compensation 22,528

Less: Net revenues of assets disposed (1,238)

Plus: Operating expenses of assets disposed 708

Plus/Less: Other reconciling items as defined in indenture (591)

Total pro forma EBITDA, as defined 190,632

Senior debt leverage ratio 3.74

Computation of Emmis Operating Company Total Leverage Ratio

Under the Fourth Amended and Restated Revolving Credit and

Term Loan Agreement:

Numerator:

Senior debt outstanding, as defined (see above) 712,945

Plus: Senior subordinated debt outstanding 300,000

Total Emmis Operating Company debt outstanding, as defined 1,012,945

Denominator:

Total pro forma EBITDA, as defined (see above) 190,632

Emmis Operating Company total leverage ratio 5.31

Computation of Emmis Communications Corporation Total Leverage

Ratio Under the Senior Discount Notes Indenture:

Numerator:

Emmis Operating Company debt outstanding, as defined (see above) 1,012,945

Plus: Senior discount notes outstanding 197,845

Total Emmis Communications Corporation debt outstanding, as defined 1,210,790

Denominator:

Trailing twelve-months operating income 125,855

Plus: Depreciation and amortization 43,370

Plus: Noncash compensation 22,528

Less: Net revenues of assets disposed (1,238)

Plus: Operating expenses of assets disposed 708

Plus/Less: Other reconciling items as defined in indenture (4,185)

Total pro forma EBITDA, as defined 187,038

Emmis Communications Corporation total leverage ratio 6.47