ESOP formed for Tribune Company's Going Private Transaction OAK BROOK, Ill., April 23 /PRNewswire-FirstCall/ -- GreatBanc Trust Company is pleased to announce that it is Independent Trustee of the newly formed Tribune Company Employee Stock Ownership Plan (ESOP), according to Michael Welgat, President, GreatBanc Trust. The formation of the ESOP is an important element in Tribune's recently announced transaction to take the company private, and GreatBanc Trust played a critical role in the structure and design of the transaction. "It is an honor and a privilege to support this historic event, and we look forward to the continuing relationship," said Welgat. GreatBanc Trust has been involved in other landmark ESOP transactions, including serving as trustee for the first 100 per cent ESOP utilizing a limited liability company (LLC) in the United States, according to Welgat. GreatBanc Trust serves as ESOP Trustee for a number of Fortune 500 companies and over 150 private companies across the US. Marilyn Marchetti, Senior Vice President of GreatBanc Trust, led the GreatBanc Trust ESOP team in structuring the Tribune transaction and will continue to be team leader in providing Independent Trustee services to the Tribune ESOP. Under Marchetti's leadership, the GreatBanc Trust ESOP team for Tribune also included Danielle Montesano, Senior Vice President, ERISA attorney; Julie Williams, Vice President, ESOP valuation expert and MBA; and Jim Staruck, Vice President, mergers and acquisitions attorney and MBA. "Acting as Independent Trustee during the transaction process, GreatBanc Trust's primary role was to assure that the transaction was fair to the employees participating in the Tribune ESOP," according to Marchetti. "In our continuing role as Independent Trustee, our sole duty is to protect the interests of the ESOP participants and beneficiaries and to act in their best interests." GreatBanc acted as "watchdog" for the Tribune ESOP participants in analyzing and approving this transaction, said Marchetti. "GreatBanc Trust takes its job as Independent Trustee very seriously and was at the table on all decision making, negotiating vigorously to get the best possible deal for the employees," she declared. "GreatBanc Trust put together a powerful and experienced team to ensure that this transaction was prudent from a financial point of view for the Tribune ESOP and its participants." In connection with the Tribune ESOP transaction, GreatBanc Trust retained Duff & Phelps, LLC as its independent financial advisor and KL Gates as its legal counsel. ESOPs were developed to allow employees to receive "a piece of the pie" and to share in the fruits of their labors, according to Marchetti. "Rather than receiving just a paycheck, employees who own shares of their employer's stock through an ESOP share in any growth in their employer's value and are motivated to make the company more profitable. The most successful ESOP companies are those that invest in educating their employees about the potential benefits of the ESOP and the ways in which they play a role in creating value for the company and for themselves, as owners. Successfully implemented ESOPs can positively affect a company's bottom line profits, which often translates to significant wealth creation in employees' ESOP retirement accounts," said Marchetti. The newly created Tribune Company ESOP will be funded solely through company contributions. Those contributions will deliver shares of Tribune stock to eligible employees' accounts. The first allocation, for the year 2008, will be made in early 2009. The company initially anticipates an annual allocation of approximately 5 percent, based on employees' eligible compensation. Marilyn Marchetti has been instrumental in developing and structuring ESOPs for many U.S.-based multinational corporations and has been a featured speaker at ESOP conferences in the United States, Europe, China and Africa. She is a former member of the Board of Directors of The ESOP Association and is currently on its Board of Governors. She also serves on the Legislative and Regulatory Committee of the ESOP Association and is the founder of the Illinois Chapter of ESOP Association and served as its Chapter Secretary and Treasurer. Incorporated in 1989 as a full service trust company, GreatBanc Trust provides trust, investment and wealth management services to individuals as well as a comprehensive range of institutional services to corporations, foundations, endowments and not-for-profit organizations. GreatBanc Trust is nationally recognized as a highly skilled, independent ERISA trustee with a specialization in employee stock ownership plans (ESOPs) and sophisticated, cutting edge ESOP transactions for the Fortune 500 as well as smaller companies. Together with its two affiliates, Salem Trust Company and Pennant Management, Inc., GreatBanc Trust supervises client assets from its headquarters in Oak Brook, IL and offices in New York, Chicago, Milwaukee and several locations in Florida. Contact Information: Marilyn Marchetti, Senior Vice President GreatBanc Trust Company (630) 572-5121 DATASOURCE: GreatBanc Trust Company; Tribune Company CONTACT: Marilyn Marchetti, Senior Vice President of GreatBanc Trust Company, +1-630-572-5121, Web site: http://www.greatbanctrust.com/

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