Methuselah Advisors served as financial advisor to Zell Credit Opportunities Master Fund, L.P.Emmis has filed a Current Report on Form 8-K with the Securities and Exchange Commission with respect to the subject matter of this press release. About Emmis Emmis Communications Corporation is a diversified media company, principally focused on radio broadcasting. Emmis operates the 8th largest publicly traded radio portfolio in the United States based on total listeners. Emmis owns 18 FM and two AM radio stations in New York, Los Angeles, St. Louis, Austin (Emmis has a 50.1% controlling interest in Emmis' radio stations located there), Indianapolis and Terre Haute, IN. Emmis' news releases and other information are available on the company's website at www.emmis.com. CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This press release includes information that could constitute forward-looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, among others, statements about Emmis' beliefs, plans, objectives, goals, expectations, estimates and intentions that are subject to significant risks and uncertainties and are subject to change based on various factors, many of which are beyond our control. The words "may," "could," "should," "would," "believe," "anticipate," "estimate," "expect," "intend," "plan," "target," "goal," and similar expressions are intended to identify forward-looking statements. All forward-looking statements, by their nature, are subject to risks and uncertainties. Although Emmis believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, Emmis' actual results could differ materially from those described in the forward-looking statements. Such statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future result, performance or achievement expressed or implied by such forward-looking statement. Such factors include, among others (i) general economic and business conditions; (ii) fluctuations in the demand for advertising and demand for different types of advertising media; (iii) our ability to service our outstanding debt; (iv) increased competition in our markets and the broadcasting industry; (v) our ability to attract and secure programming, on-air talent, writers and photographers; (vi) inability to obtain (or to obtain timely) necessary approvals for purchase or sale transactions or to complete the transactions for other reasons generally beyond our control; (vii) increases in the costs of programming, including on-air talent; (viii) inability to grow through suitable acquisitions; (viii) changes in audience measurement systems; (ix) new or changing regulations of the Federal Communications Commission or other governmental agencies; (x) competition from new or different technologies; (xi) war, terrorist acts or political instability; and (xii) other factors mentioned in documents filed by the Company with the Securities and Exchange Commission. Emmis does not undertake any obligation to publicly update or revise any forward-looking statements because of new information, future events or otherwise.