EMMIS COMMUNICATIONS EXPECTS TO EXCEED FOURTH QUARTER GUIDANCE

March 26, 2002

Indianapolis – Emmis Communications Corporation (NASDAQ: EMMS) today announced that it expects to exceed the Fourth Quarter guidance the company issued on Jan. 15, 2002.

Upon completion of its audit, the company expects to announce that its net revenue for the quarter ended Feb. 28, 2002 will exceed $114.0 million and EBITDA for the quarter will exceed $23.3 million.

In addition, the company said that, while it is too early to state numbers for the First Quarter, the tone of business appears to be improving. The company will give First Quarter guidance on April 16.

Emmis Corporation

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