SMULYAN ESTABLISHES FOUNDATION WITH MATCHING GRANTS PROGRAM FOR EMPLOYEES

Indianapolis – Jeff Smulyan, Chairman and CEO of EMMIS Communications Corporation (Nasdaq: EMMS) has announced the formation of the Smulyan Family Foundation Matching Grant Program for EMMIS employees.

“Through the Matching Grant Program, the Foundation hopes to support many community causes and organizations by maximizing the impact of EMMIS employees’ gifts with the Foundation’s resources, ” Smulyan said.

The program will match, dollar for dollar up to $500, employee contributions to qualifying IRC 501 (c)(3) organizations. Grants will be allocated for the life of the program (January 1, 2001 – December 31, 2003) or until all funds allocated to the program are spent.

The foundation will be funded with the $750,000 company bonus awarded to Smulyan last year.