CERTIFICATE OF INCORPORATION
 
                                     OF
 
                         DOW JONES & COMPANY, INC.
       (AS AMENDED APRIL 22, 1988, APRIL 25, 1989 AND APRIL 20, 2005)
 
 
 
Dow Jones & Company,  Inc.,  a Delaware  corporation,  hereby  certifies as
follows:
 
     FIRST. The name of the corporation is Dow Jones & Company, Inc.
 
     SECOND.  Its registered  office in the State of Delaware is located at
Corporation Trust Center, 1209 Orange Street,  Wilmington,  Delaware 19801.
The name and  address  of its  registered  agent is The  Corporation  Trust
Company, Corporation Trust Center, 1209 Orange Street, Wilmington, Delaware
19801.
 
     THIRD.  The  nature of the  business,  or objects  or  purposes  to be
transacted, promoted or carried on, are:
 
          (a) To gather, collect, purchase, analyze, prepare, edit, publish
     and distribute by newspapers,  magazines, books, periodicals and other
     publications, by ticker, by news bulletins and by other methods, news,
     comment and quotations of all kinds and descriptions;
 
          (b) To edit, publish,  print, conduct and circulate, or otherwise
     deal  with,  any   newspapers,   news  services,   magazines,   books,
     periodicals,  bulletins and other publications,  and news, comment and
     quotations of all kinds and descriptions, and, in general, to carry on
     the business of  collecting,  editing,  transmitting,  publishing  and
     disseminating news, comment and opinion in any form or manner;
 
          (c) To  purchase  or  otherwise  acquire  and to sell,  either as
     principal  or agent,  newspapers,  news  services,  magazines,  books,
     periodicals  and other  publications  of all  kinds and  descriptions,
     stationery and stationer's supplies,  and, generally,  to carry on the
     business of wholesale and retail book sellers and stationers;
 
          (d) To design, manufacture,  buy, sell, lease, operate, maintain,
     service  and deal in and with  news  tickers,  stock,  bond and  other
     tickers, and other receiving,  transmitting and recording instruments,
     printing,  engraving and lithographing  machinery, and other machines,
     machinery and apparatus of all kinds and  descriptions  for receiving,
     transmitting, publishing and recording news, comment and quotations;
 
          (e) To design, manufacture,  buy, sell, lease, operate, maintain,
     service  and deal in and with all  kinds of  machines,  machinery  and
     equipment;
 
          (f) To acquire, hold, use, sell, assign, lease, grant licenses in
     respect of, and mortgage or otherwise  dispose of,  letters  patent of
     the United States or any foreign country,  patent rights, licenses and
     privileges,   inventions,   improvements  and  processes,  copyrights,
     trademarks and trade names,  relating to or useful in connection  with
     any business of the corporation;
 
          (g) To carry on a general  advertising and publicity  business in
     all its  branches,  either as principal  or agent,  and to acquire and
     operate  franchises or privileges for the  performance of the purposes
     of the corporation;
 
          (h)  To  conduct,  and  carry  on  the  business  of  a  printer,
     publisher,  lithographer,   stereotyper,  electrotyper,   photographic
     printer,  engraver,  bookbinder and stationer,  including the printing
     and  publication  of  newspapers,   news  services,   magazines,  news
     bulletins,   stock,   bond  and  other  quotations  and  news,  books,
     pamphlets,   periodicals,  posters,  circulars,  envelopes,  bill  and
     letterheads, cards, tags, labels, commercial, financial and law blanks
     and  forms of every  description;  and,  in  general,  to carry on and
     conduct the business of a printer and publisher;
 
          (i) To  manufacture,  purchase or otherwise  acquire,  invest in,
     own, mortgage,  pledge, sell, assign and transfer or otherwise dispose
     of, trade in, deal in and deal with goods,  wares and  merchandise and
     personal property of every class and description;
 
          (j) To purchase, buy, sell, exchange, own, hold, maintain,  work,
     develop,  convey,  mortgage,  lease, let, hire and otherwise  acquire,
     dispose  of or deal in and with real  estate  and  personal  property,
     wheresoever  situated,  in any part of the world, and without limit as
     to the amount or value  thereof,  and any  interest or right or rights
     therein,  and to  improve  or  deal  with  such  property  in any  way
     permitted by law;
 
          (k) To  borrow or raise  moneys  for any of the  purposes  of the
     corporation  and, from time to time,  without  limit as to amount,  to
     draw,  make,  accept,  endorse,  execute and issue  promissory  notes,
     drafts,  bills of  exchange,  warrants,  bonds,  debentures  and other
     negotiable   or   non-negotiable    instruments   and   evidences   of
     indebtedness,  and to secure  the  payment of any  thereof  and of the
     interest thereon by mortgage upon or pledge,  conveyance or assignment
     in trust of the whole or any part of the property of the  corporation,
     whether at the time owned or thereafter acquired,  and to sell, pledge
     or  otherwise  dispose  of such  bonds  or  other  obligations  of the
     corporation for its corporate purposes, and to confer upon the holders
     of any of its  bonds or other  obligations  such  powers,  rights  and
     privileges  as from time to time may be deemed  advisable by the board
     of directors, to the extent permitted by law;
 
          (l) To acquire by purchase,  subscription  or  otherwise,  and to
     receive,  hold, own,  guarantee,  sell,  assign,  exchange,  transfer,
     mortgage,  pledge or  otherwise  dispose of or deal in and with any of
     the shares of the capital stock,  or any voting trust  certificates in
     respect of the  shares of  capital  stock,  scrip,  warrants,  rights,
     bonds,  debentures,  notes,  trust  receipts,  and  other  securities,
     obligations,  choses  in  action  and  evidences  of  indebtedness  or
     interest issued or created by any corporations, joint stock companies,
     syndicates, associations, firms, trusts or persons, public or private,
     or by the  government  of the  United  States  of  America,  or by any
     foreign government, or by any state, territory, province, municipality
     or other political  subdivision or by any governmental  agency, and as
     owner  thereof to possess and exercise  all of the rights,  powers and
     privileges of ownership,  including the right to execute  consents and
     vote  thereon,  and to do any and all acts  and  things  necessary  or
     advisable   for  the   preservation,   protection,   improvement   and
     enhancement in value thereof;
 
          (m) To lend and  advance  money and extend  credit to any person,
     firm or corporation, either with or without security;
 
          (n) To purchase or  otherwise  acquire,  hold,  cancel,  reissue,
     sell,  pledge,  exchange,  transfer  or  otherwise  deal  in  its  own
     securities,  including shares of its capital stock of any class,  from
     time to time and to such extent and in such manner and upon such terms
     as the board of directors shall  determine;  provided it shall not use
     its funds or  property  for the  purchase of its own shares of capital
     stock when such use would cause any  impairment of its capital  except
     as otherwise permitted by law, and provided further that shares of its
     own capital stock  belonging to it shall not be voted upon directly or
     indirectly;
 
          (o) To  acquire,  and pay for in  cash,  stock  or  bonds of this
     corporation or otherwise,  the good will, rights, assets and property,
     and to undertake or assume the whole or any part of the obligations or
     liabilities of any person, firm, association, trust or corporation;
 
          (p) To apply for, purchase, or acquire by assignment, transfer or
     otherwise,  and to  exercise,  carry out and enjoy any and all  rights
     under  any  statute,  ordinance,  order,  license,  power,  authority,
     franchise,  concession or privilege which any government or authority,
     or any other corporate or public body, may be empowered to enact, make
     or grant,  and to pay for, aid in and contribute  toward  carrying the
     same into effect,  and to appropriate any of the corporation's  stock,
     bonds, debentures, notes and other securities and assets to defray the
     necessary costs, charges and expenses thereof;
 
          (q) To enter into,  make and perform  contracts of every kind and
     description with any person, firm,  association,  trust,  corporation,
     municipality,  county,  state, body politic or government or colony or
     dependency thereof;
 
          (r) To  consolidate  with or  merge  into  any one or more  other
     corporations whenever and however organized;
 
          (s) To have one or more offices and to carry on all or any of its
     operations and business in any of the states,  districts,  territories
     or  possessions  of the  United  States,  and in any and  all  foreign
     countries,  subject to the laws of such  state,  district,  territory,
     possession or country;
 
          (t) In general, to carry on any other business in connection with
     the  foregoing,  and to have and exercise all the powers  conferred by
     the laws of  Delaware  upon  corporations  formed  under  the  General
     Corporation Law of the State of Delaware.
 
     The objects and purposes  specified in the  foregoing  clauses  shall,
except where  otherwise  expressed,  be in nowise  limited or restricted by
reference  to, or  inference  from,  the terms of any other  clause in this
certificate  of  incorporation,  but the objects and purposes  specified in
each of the  foregoing  clauses  of  this  Article  shall  be  regarded  as
independent  objects and purposes,  and the enumeration of specific objects
and  purposes  shall not be construed to restrict in any manner the general
objects and purposes of the  corporation,  nor shall the  expression of one
thing be deemed to exclude  another,  although  it be of like  nature.  The
enumeration  of objects and purposes  herein shall not be deemed to exclude
or in any way limit by inference any powers,  objects or purposes which the
corporation  is empowered to  exercise,  whether  expressly by force of the
laws  of  Delaware,  now  or  hereafter  in  effect,  or  impliedly  by any
reasonable construction of said laws.
 
     FOURTH.   The  total  number  of  shares  of  all  classes  which  the
corporation  shall have  authority  to issue is One Hundred  Sixty  Million
(160,000,000),  consisting of One Hundred Thirty-five Million (135,000,000)
shares of common stock of the par value of $1 per share (hereinafter called
"Common  Stock") and  Twenty-five  Million  (25,000,000)  shares of class B
common stock of the par value of $1 per share (hereinafter  called "Class B
Common Stock").
 
          1. (a) At every  meeting  of the  stockholders  every  holder  of
     Common  Stock  shall be entitled to one (1) vote in person or by proxy
     for each  share of  Common  Stock  standing  in his name on the  stock
     transfer records of the corporation and every holder of Class B Common
     Stock  shall be  entitled  to ten (10) votes in person or by proxy for
     each share of Class B Common  Stock  standing in his name on the stock
     transfer records of the corporation; provided that at every meeting of
     the  stockholders   called  for  the  election  of  directors  of  the
     corporation  (A) the holders of Common Stock,  voting  separately as a
     class,  shall be entitled to elect  seven (7) of the  directors  to be
     elected at such  meeting,  and (B) the holders of class B Common Stock
     and Common  Stock,  voting as a separate  class,  shall be entitled to
     elect the remaining directors to be elected at such meeting.  However,
     if paragraph a. of Article  Fifth is at any time amended to permit the
     number of directors of the  corporation  to exceed  eighteen,  then at
     every  meeting  of  the  stockholders   called  for  the  election  of
     directors,  (A) the holders of Common  Stock,  voting  separately as a
     class,  shall be entitled to elect the greater of (x) seven (7) of the
     directors to be elected at such meeting, or (y) one-third (1/3) of the
     number of  directors to be elected at such  meeting,  and if one-third
     (1/3) of such  number of  directors  is not a whole  number,  the next
     higher whole number of directors to be elected at such  meeting),  and
     (B) the holders of Class B Common Stock and Common Stock,  voting as a
     separate class, shall be entitled to elect the remaining  directors to
     be elected at such meeting. Directors elected by the holders of Common
     Stock,  voting separately as a class, may be removed,  with or without
     cause,  only by a vote of the  holders of a majority  of the shares of
     Common  Stock then  outstanding,  voting  separately  as a class.  If,
     during the interval  between annual meetings of  stockholders  for the
     election of  directors,  the number of directors who have been elected
     by the holders of Common Stock voting  separately as a class shall, by
     reason or resignation,  death or removal,  be reduced,  the vacancy or
     vacancies  in the  directors  elected by the  holders of Common  Stock
     voting separately as a class shall be filled by a majority vote of the
     remaining directors then in office, even if less than a quorum, and if
     not so filled  within forty days after the creation of such vacancy or
     vacancies,  the  Secretary  of the  corporation  shall  call a special
     meeting of the holders of Common  Stock and such  vacancy or vacancies
     shall be filed at such special  meeting.  Any director elected to fill
     any such  vacancy  by the  remaining  directors  then in office may be
     removed from office by vote of the holders of a majority of the shares
     of Common Stock voting separately as a class.
 
          (b) Every  reference in this  certificate of  incorporation  to a
     majority  or other  proportion  of shares of stock shall refer to such
     majority or other proportion of the votes of such shares of stock.
 
          2.  (a)  No  person  holding  shares  of  Class  B  Common  Stock
     (hereinafter  called  a  "Class  B  Holder")  may  transfer,  and  the
     corporation shall not register the transfer of, such shares of Class B
     Common Stock, whether by sale, assignment,  gift, bequest, appointment
     or otherwise, except to a Permitted Transferee of such Class B Holder,
     which term shall have the following meanings:
 
               (i) In the case of a Class B Holder who is a natural  person
          holding record and beneficial  ownership of the shares of Class B
          Common Stock in question,  "Permitted  Transferee"  means (A) the
          spouse of such Class B Holder, (B) a lineal descendant of a great
          grandparent  of such Class B Holder,  (C) the  trustee of a trust
          (including a voting trust) for the benefit of one or more of such
          Class B Holder,  other lineal  descendants of a great grandparent
          of such Class B Holder, the spouse of such Class B Holder, and an
          organization  contributions  to which are  deductible for federal
          income,  estate  or  gift  tax  purposes  (hereinafter  called  a
          "Charitable  Organization"),  and for  the  benefit  of no  other
          person,  provided  that such trust may grant a general or special
          power of  appointment  to such spouse and may permit trust assets
          to be used to pay taxes,  legacies and other  obligations  of the
          trust or the estate of such  Class B Holder  payable by reason of
          the death of such  Class B Holder  and  provided  that such trust
          must  prohibit  transfer  of  shares  of Class B Common  Stock to
          persons  other than  Permitted  Transferees  as defined in clause
          (ii) below,  (D) a Charitable  Organization  established  by such
          Class  B  Holder,  such  Class  B  Holder's  spouse  or a  lineal
          descendant of a great  grandparent of such Class B Holder,  (E) a
          corporation  all of the  outstanding  capital  stock  of which is
          owned by, or a partnership  all of the partners of which are, one
          or more of such Class B Holder,  other  lineal  descendants  of a
          great grandparent of such Class B Holder,  and the spouse of such
          Class B Holder,  provided  that if any share of capital  stock of
          such  a   corporation   (or  of  any  survivor  of  a  merger  or
          consolidation of such a corporation), or any partnership interest
          in such a  partnership,  is  acquired  by any  person  who is not
          within such class of persons,  all shares of Class B Common Stock
          then held by such corporation or partnership, as the case may be,
          shall  be  deemed  without  further  act on  anyone's  part to be
          converted  into shares of Common  Stock,  and stock  certificates
          formerly  representing  such shares of Class B Common Stock shall
          thereupon  and  thereafter be deemed to represent the like number
          of shares of Common Stock.
 
               (ii) In the case of a Class B Holder  holding  the shares of
          Class B Common  Stock in question as trustee  pursuant to a trust
          other than a trust  described in clause  (iii) below,  "Permitted
          Transferee"  means (A) the person who established such trust, and
          (B) a Permitted  Transferee of such person determined pursuant to
          clause (i) above.
 
               (iii) In the case of a Class B Holder  holding the shares of
          Class B Common  Stock in question as trustee  pursuant to a trust
          which was  irrevocable  on the record date  (hereinafter  in this
          paragraph 2 called the "Record Date") for determining the persons
          to whom the  Class B Common  Stock  is first  distributed  by the
          corporation,  "Permitted  Transferee" means any person to whom or
          for whose benefit  principal may be distributed  either during or
          at the  end of the  term  of  such  trust  whether  by  power  of
          appointment or otherwise.
 
               (iv) In the case of a Class B Holder holding record (but not
          beneficial)  ownership  of the shares of Class B Common  Stock in
          question as nominee for the person who was the  beneficial  owner
          thereof on the Record  Date,  "Permitted  Transferee"  means such
          beneficial  owner and a Permitted  Transferee of such  beneficial
          owner  determined  pursuant to clauses (i), (ii),  (iii),  (v) or
          (vi) hereof, as the case may be.
 
               (v) In the case of a Class B Holder  which is a  partnership
          holding record and beneficial  ownership of the shares of Class B
          Common  Stock  in  question,  "Permitted  Transferee"  means  any
          partner of such partnership.
 
               (vi) In the case of a Class B Holder which is a  corporation
          (other than a Charitable  Organization described in subclause (D)
          of clause (i) above) holding  record and beneficial  ownership of
          the  shares  of Class B  Common  Stock  in  question,  "Permitted
          Transferee"  means any stockholder of such corporation  receiving
          shares of Class B Common  Stock  through a dividend  or through a
          distribution made upon liquidation of such  corporation,  and the
          survivor of a merger or consolidation of such corporation.
 
               (vii) In the case of a Class B Holder which is the estate of
          a deceased  Class B Holder,  or which is the estate of a bankrupt
          or insolvent Class B Holder, and provided such deceased, bankrupt
          or insolvent Class B Holder,  as the case may be, held record and
          beneficial  ownership  of the  shares of Class B Common  Stock in
          question,  "Permitted Transferee" means a Permitted Transferee of
          such deceased, bankrupt or insolvent Class B Holder as determined
          pursuant to clauses (i), (v) or (vi) above, as the case may be.
 
          (b)  Notwithstanding  anything to the contrary set forth  herein,
     any Class B Holder may pledge such  Holder's  shares of Class B Common
     Stock to a pledgee  pursuant  to a bona fide  pledge of such shares as
     collateral security for indebtedness due to the pledgee, provided that
     such shares shall not be  transferred  to or registered in the name of
     the  pledgee  and  shall  remain  subject  to the  provisions  of this
     paragraph 2. In the event of  foreclosure  or other similar  action by
     the pledgee,  such pledged  shares of Class B Common Stock may only be
     transferred to a Permitted Transferee of the pledgor or converted into
     shares of Common Stock, as the pledgee may elect.
 
          (c) For purposes of this paragraph 2:
 
               (i) The  relationship  of any  person  that is derived by or
          though legal adoption shall be considered a natural one.
 
               (ii) Each  joint  owner of  shares  of Class B Common  Stock
          shall be considered a "Class B Holder" of such shares.
 
               (iii) A minor for whom  shares  of Class B Common  Stock are
          held  pursuant  to a Uniform  Gifts to Minors Act or similar  law
          shall be considered a Class B Holder of such shares.
 
               (iv) Unless  otherwise  specified,  the term "person"  means
          both natural persons and legal entities.
 
          (d) Any purported  transfer of shares of Class B Common Stock not
     permitted  hereunder  shall be void and of no effect and the purported
     transferee  shall have no rights as a stockholder  of the  corporation
     and no other rights  against or with respect to the  corporation.  The
     corporation may, as a condition to the transfer or the registration of
     transfer of shares of Class B Common  Stock to a  purported  Permitted
     Transferee,  require the furnishing of such  affidavits or other proof
     as it deems necessary to establish that such transferee is a Permitted
     Transferee. The corporation may note on the certificates for shares of
     Class B Common Stock the  restrictions on transfer and registration of
     transfer imposed by this paragraph 2.
 
          (e) When the number of outstanding shares of Class B Common Stock
     falls below Seven Million Five Hundred Thousand  (7,500,000),  or such
     higher  number as results from  adjustments  for stock splits or stock
     dividends,  the  outstanding  shares of Class B Common  Stock shall be
     deemed  without  further act on  anyone's  part to be  converted  into
     shares of Common Stock, and stock certificates  formerly  representing
     outstanding  shares  of  Class B  Common  Stock  shall  thereupon  and
     thereafter  be deemed to represent the like number of shares of Common
     Stock.
 
          3. (a) Each  shares  of Class B Common  Stock  may at any time be
     converted  into one (1) fully paid and  nonassessable  share of Common
     Stock.  Such  right  shall  be  exercised  by  the  surrender  of  the
     certificate  representing  such  share of  Class B Common  Stock to be
     converted to the  corporation at any time during normal business hours
     at the principal executive offices of the corporation,  or if an agent
     for the  registration of transfer of shares of Class B Common Stock is
     then duly  appointed and acting (said agent being  hereinafter  called
     the  "Transfer  Agent")  then at the  office  of the  Transfer  Agent,
     accompanied  by a written notice of the election by the holder thereof
     to convert  and (if so  required by the  corporation  or the  Transfer
     Agent)  by  instruments  of  transfer,  in  form  satisfactory  to the
     corporation and to the Transfer Agent, duly executed by such holder or
     his  duly  authorized  attorney,  and  transfer  tax  stamps  or funds
     therefor, if required pursuant to subparagraph (e) below.
 
          (b) As promptly as practicable after the surrender for conversion
     of a  certificate  representing  shares of Class B Common Stock in the
     manner provided in  subparagraph  (a) above and the payment in cash of
     any amount  required by the provisions of  subparagraphs  (a) and (e),
     the corporation will deliver or cause to be delivered at the office of
     the Transfer  Agent to or upon the written order of the holder of such
     certificate,  a certificate or certificates representing the number of
     full shares of Common Stock issuable upon such  conversion,  issued in
     such name or names as such holder may direct. Such conversion shall be
     deemed to have been made immediately prior to the close of business on
     the date of the surrender of the  certificate  representing  shares of
     Class B Common  Stock,  and all rights of the holder of such shares as
     such  holder  shall  cease at such time and the  person or  persons in
     whose name or names the certificate or certificates  representing  the
     shares of  Common  Stock are to be  issued  shall be  treated  for all
     purposes as having  become the record holder or holders of such shares
     of  Common  Stock  at such  time;  provided,  however,  that  any such
     surrender and payment on any date when the stock transfer books of the
     corporation  shall be closed shall constitute the person or persons in
     whose  name or names  the  certificate  or  certificates  representing
     shares of  Common  Stock  are to be  issued  as the  record  holder or
     holders  thereof for all  purposes  immediately  prior to the close of
     business on the next succeeding day on which such stock transfer books
     are open.
 
          (c) No adjustments in respect of dividends shall be made upon the
     conversion  of any share of Class B Common Stock,  provided,  however,
     that if a share shall be converted  subsequent  to the record date for
     the payment of a dividend or other  distribution  on shares of Class B
     Common Stock but prior to such payment,  the registered holder of such
     share at the close of  business  on such record date shall be entitled
     to receive the dividend or other distribution payable on such share on
     such date  notwithstanding the conversion thereof or the corporation's
     default in payment of the dividend due on such date.
 
          (d) The  corporation  covenants that it will at all times reserve
     and keep available, solely for the purpose of issue upon conversion of
     the outstanding  shares of Class B Common Stock, such number of shares
     of Common Stock as shall be issuable  upon the  conversion of all such
     outstanding shares,  provided,  that nothing contained herein shall be
     construed to preclude the corporation  from satisfying its obligations
     in  respect of the  conversion  of the  outstanding  shares of Class B
     Common Stock by delivery of purchased shares of Common Stock which are
     held in the treasury of the  corporation.  The  corporation  covenants
     that if any  shares of  Common  Stock,  required  to be  reserved  for
     purposes  of  conversion  hereunder,   require  registration  with  or
     approval of any governmental  authority under any federal or state law
     before such shares of Common Stock may be issued upon conversion,  the
     corporation  will cause such shares to be duly registered or approved,
     as the case may be. The  corporation  will endeavor to list the shares
     of Common Stock required to be delivered upon conversion prior to such
     delivery  upon  each  national  securities  exchange  upon  which  the
     outstanding  Common Stock is listed at the time of such delivery.  The
     corporation  covenants  that all shares of Common Stock which shall be
     issued upon  conversion of the shares of Class B Common  Stock,  will,
     upon  issue,  be fully paid and  nonassessable  and not subject to any
     preemptive rights.
 
          (e) The issuance of certificates  for shares of Common Stock upon
     conversion of shares of Class B Stock shall be made without charge for
     any stamp or other similar tax in respect of such  issuance.  However,
     if any such  certificate  is to be issued in a name other than that of
     the holder of the share or shares of Class B Common  Stock  converted,
     the person or persons requesting the issuance thereof shall pay to the
     corporation  the  amount of any tax which may be payable in respect of
     any  transfer  involved  in such  issuance or shall  establish  to the
     satisfaction of the corporation that such tax has been paid.
 
          4. Each share of Common  Stock and Class B Common  Stock shall be
     equal in respect of rights to  dividends  and other  distributions  in
     cash, stock or property of the corporation,  provided that in the case
     of  dividends  or  other   distributions   payable  in  stock  of  the
     corporation,  including  distributions  pursuant to stock split-ups or
     divisions  of stock of the  corporation,  which  occur  after the date
     shares of Class B Common  Stock are first  issued by the  corporation,
     only  shares of Common  Stock  shall be  distributed  with  respect to
     Common  Stock  and  only  shares  of  Class B  Common  Stock  shall be
     distributed with respect to Class B Common Stock.
 
          5.  Except  as  otherwise  provided  in  paragraph  4 above,  the
     corporation  shall not issue additional shares of Class B Common Stock
     after the date shares of Class B Common  Stock are first issued by the
     corporation,  and all shares of Class B Common Stock  surrendered  for
     conversion  shall  be  retired,   unless  otherwise  approved  by  the
     affirmative  vote of the  holders  of a  majority  of the  outstanding
     shares of stock of the corporation entitled to vote.
 
          6. The  number of  authorized  shares of any class or  classes of
     stock  of  the  corporation  may  be  increased  or  decreased  by the
     affirmative  vote of the  holders  of a  majority  of the  outstanding
     shares of stock of the corporation entitled to vote.
 
          7. No  stockholder  of the  corporation  shall be  entitled as of
     right to  subscribe  for,  purchase  or receive any part of any new or
     additional  issue of  stock of any  class,  whether  now or  hereafter
     authorized,  or of bonds,  debentures or other securities  convertible
     into or  exchangeable  for stock,  but all such  additional  shares of
     stock  of  any  class,  or  bonds,   debentures  or  other  securities
     convertible into or exchangeable for stock, may be issued and disposed
     of by the board of directors on such terms and for such consideration,
     so far as may be permitted by law, and to such  persons,  as the board
     of directors in its absolute discretion may deem advisable.
 
     FIFTH. The following  provisions regarding the election and removal of
directors are established:
 
          (a) The number of directors of the corporation  shall be not less
     than ten or more than twenty,  and, subject to such limitation,  shall
     be fixed from time to time by or pursuant to the bylaws. The directors
     shall be classified, with respect to the time for which they severally
     hold office, into three classes, as nearly equal in number as possible
     (and, if Class B Common Stock is outstanding,  consisting as nearly as
     possible  of  one  director  elected  by  the  Common  Stock,   voting
     separately as a class,  for every two directors  elected by the Common
     Stock and the Class B Common Stock voting  together),  one class to be
     originally  elected for a term expiring at the 1987 annual  meeting of
     stockholders,  another  class  to be  originally  elected  for a  term
     expiring at the 1988 annual meeting of stockholders, and another class
     to be  originally  elected  for a term  expiring  at the  1989  annual
     meeting of stockholders, with the members of each class to hold office
     until their  successors have been elected and have qualified.  At each
     annual  meeting  of  stockholders,  the  successors  of the  class  of
     directors  whose term expires at that meeting shall be elected to hold
     office for a term expiring at the annual meeting of stockholders  held
     in  the   third   year   following   the  year  of   their   election.
     Notwithstanding the foregoing, the term of any director who is then 70
     years of age or older  shall in all events  expire at the 1989  annual
     meeting of  stockholders,  and  thereafter  the term of each  director
     shall in all events expire at the annual meeting of stockholders  next
     following such director's 70th birthday.
 
          (b)  Nominations for the election of directors may be made by the
     board  of  directors  or by any  stockholder  entitled  to vote in the
     election of directors.  However,  any stockholder  entitled to vote in
     the  election  of  directors  may  nominate  one or more  persons  for
     election  as  director  only if written  notice of such  stockholder's
     intent to make such nomination or nominations  has been given,  either
     by person delivery or by United States mail,  postage prepaid,  to the
     Secretary  of the  corporation  not later than (i) with  respect to an
     election to be held at an annual meeting of  stockholders,  45 days in
     advance of the calendar day on which the corporation's proxy statement
     was released to  stockholders  in connection  with the previous year's
     annual meeting of stockholders and (ii) with respect to an election to
     be held at a special  meeting  of  stockholders  for the  election  of
     directors,  the close of business on the seventh day following the day
     on which notice of such meeting is first given to  stockholders.  Each
     such  notice  shall  set  forth:  (A)  the  name  and  address  of the
     stockholder  who intends to make the nomination or nominations  and of
     the person or persons to be nominated;  (B) a representation  that the
     stockholder is a holder of record of stock of the corporation entitled
     to vote at such meeting and intends to appear in person or by proxy at
     the meeting to nominate the person or persons specified in the notice;
     (C) a description of all arrangements or  understandings  between such
     stockholder  and each nominee and any other person or persons  (naming
     such  person  or  persons)   pursuant  to  which  the   nomination  or
     nominations  is or are to be made by the  stockholder;  (D) such other
     information  regarding  each nominee  proposed by such  stockholder as
     would have been  required to be included  in a proxy  statement  filed
     pursuant to the proxy rules of the Securities and Exchange  Commission
     if the nominee had been  nominated by the board of directors;  and (E)
     the consent of each nominee to serve as a director of the  corporation
     if elected.  The chairman of any meeting of stockholders may refuse to
     acknowledge  the  nomination  of any person if not made in  compliance
     with the foregoing procedure.
 
          (c) Newly created  directorships  resulting  from any increase in
     the number of  directors  and any  vacancies on the board of directors
     resulting  from  resignation,   retirement,  death,  disqualification,
     removal,  or other cause may be filled by a majority of the  remaining
     directors  then in  office,  even if less  than a  quorum,  except  as
     Article Fourth  otherwise  provides with respect to, if Class B Common
     Stock is outstanding,  the election of directors by the holders of the
     Common Stock voting  separately  as a class.  Any director  elected in
     accordance  with the  preceding  sentence  shall  hold  office for the
     remainder  of the full term of the class of directors in which the new
     directorship  was  created  or the  vacancy  occurred  and until  such
     director's  successor has been elected and has qualified.  No decrease
     in the number of directors  constituting  the board of directors shall
     shorten the term of any incumbent director.
 
          (d) Any  director  may be removed  from office only for cause and
     only by the  affirmative  vote of the  holders  of at least 80% of the
     voting power of the outstanding  Voting Stock (as defined in paragraph
     (a) of Article Seventh),  voting together as a single class, except as
     Article Fourth  otherwise  provides with respect to, if Class B Common
     Stock is outstanding,  the election of directors by the holders of the
     Common Stock voting separately as a class.
 
          (e)  Notwithstanding  any other provision of this  certificate of
     incorporation  or the  bylaws  (and  notwithstanding  the fact  that a
     lesser  percentage  may be  specified  by  law,  this  certificate  of
     incorporation  or the bylaws),  the affirmative vote of the holders of
     at least 80% of the  voting  power of the  outstanding  Voting  Stock,
     voting together as a single class, shall be required to alter,  amend,
     adopt any provision inconsistent with, or repeal this Article Fifth.
 
     SIXTH.   Any  action   required  or  permitted  to  be  taken  by  the
stockholders  of the  corporation  must be taken at a duly called annual or
special  meeting  of  stockholders  and may not be taken by any  consent in
writing  of  such  holders.   Special   meetings  of  stockholders  of  the
corporation  may be called  only by a majority  vote of the whole  board of
directors, except as otherwise required by law and except as Article Fourth
otherwise  provides  with respect to special  meetings to be called for the
purpose  of the  election  of  directors  by,  if Class B  Common  Stock is
outstanding,  the holders of the Common Stock voting separately as a class.
Notwithstanding any other provision of this certificate of incorporation or
the bylaws (and  notwithstanding  the fact that a lesser  percentage may be
specified by law, this  certificate of  incorporation  or the bylaws),  the
affirmative  vote of the holders of at least 80% of the voting power of the
outstanding  Voting  Stock,  voting  together as a single  class,  shall be
required to alter, amend, adopt any provision  inconsistent with, or repeal
this Article Sixth.
 
     SEVENTH.  The  following  provisions  concerning  certain  actions and
transactions are established:
 
          (a) In addition to any  affirmative  vote required by law or this
     certificate  of  incorporation,  and  except  as  otherwise  expressly
     provided in paragraph (c) of this Article Seventh:
 
               (i) any merger or  consolidation  of the  corporation or any
          Subsidiary  (as  hereinafter  defined)  with  (A) any  Interested
          Stockholder  (as  hereinafter  defined)  or (B) any other  person
          (whether or not itself an  Interested  Stockholder)  which is, or
          after such merger or  consolidation  would be, an  Affiliate  (as
          hereinafter defined) of any Interested Stockholder; or
 
               (ii) any sale, lease, exchange,  mortgage,  pledge, transfer
          or  other  disposition  (in one  transaction  or in a  series  of
          transactions)  to or  with  any  Interested  Stockholder  or  any
          Affiliate  of any  Interested  Stockholder  of any  assets of the
          corporation  or any  Subsidiary  having an aggregate  Fair Market
          Value (as hereinafter defined) of $25 million or more; or
 
               (iii) the  issuance or transfer  by the  corporation  or any
          Subsidiary (in one transaction or in a series of transactions) of
          any  securities  of  the  corporation  or any  Subsidiary  to any
          Interested   Stockholder  or  any  Affiliate  of  any  Interested
          Stockholder  in exchange for cash,  securities or other  property
          (or a combination  thereof) having an aggregate Fair Market Value
          of $25 million or more; or
 
               (iv)  the   adoption  of  any  plan  or  proposal   for  the
          liquidation or dissolution of the  corporation  proposed by or on
          behalf of any  Interested  Stockholder  or any  Affiliate  of any
          Interested Stockholder; or
 
               (v)  any  reclassification  of  securities   (including  any
          reverse stock split), or recapitalization of the corporation,  or
          any  merger  or   consolidation   of  the  corporation  with  any
          Subsidiary or any other transaction  (whether or not with or into
          or otherwise involving any Interested  Stockholder) which has the
          effect,  directly or indirectly,  of increasing the proportionate
          share of the  outstanding  shares of any class of Equity Security
          (as  hereinafter  defined) of the  corporation  or any Subsidiary
          which  is  directly  or  indirectly   owned  by  any   Interested
          Stockholder or any Affiliate of any Interested Stockholder; shall
          require  the  affirmative  vote of the holders of at least 80% of
          the voting power of the  outstanding  shares of capital  stock of
          the  corporation  entitled to vote for the  election of directors
          (the "Voting  Stock"),  voting  together as a single class.  Such
          affirmative vote shall be required  notwithstanding the fact that
          no vote  may be  required,  or that a  lesser  percentage  may be
          specified,   by  law  or  in  any  agreement  with  any  national
          securities exchange or otherwise.
 
          (b)  The  term  "Business   Combination"  means  any  transaction
     described in clauses (i) through (v) of paragraph  (a) of this Article
     Seventh.
 
          (c) The provisions of paragraph (a) of this Article Seventh shall
     not  be  applicable  to  a  Business  Combination,  and  the  Business
     Combination  shall require only the  affirmative  vote required by law
     and any other provision of this certificate of  incorporation,  if all
     of the conditions  specified in either of the following  subparagraphs
     (i) or (ii) are met:
 
               (i) The Business  Combination  shall have been approved by a
          majority of the Continuing Directors (as hereinafter defined).
 
               (ii) All of the following conditions shall have been met:
 
                    (A) The  aggregate  amount  of the  cash  and the  Fair
               Market  Value  as of the  date  of the  consummation  of the
               Business  Combination of consideration other than cash to be
               received  per share by holders  of Common  Stock and Class B
               Common Stock in the Business  Combination  is at least equal
               to the highest of the following:
 
                         (1) (if  applicable)  the  highest per share price
                    (including  any brokerage  commissions,  transfer taxes
                    and  soliciting  dealers'  fees) paid by the Interested
                    Stockholder  in question for any shares of Common Stock
                    acquired   by  it  (x)  within  the   two-year   period
                    immediately  prior to the first public  announcement of
                    the terms of the  proposed  Business  Combination  (the
                    "Announcement Date") or (y) in the transaction in which
                    such  Interested   Stockholder   became  an  Interested
                    Stockholder; or
 
                         (2) the Fair  Market  Value  per  share of  Common
                    Stock on the Announcement Date; or
 
                         (3) the Fair  Market  Value  per  share of  Common
                    Stock on the date on which the  Interested  Stockholder
                    in  question  became  an  Interested  Stockholder  (the
                    "Determination Date").
 
                    (B) The  aggregate  amount  of the  cash  and the  Fair
               Market  Value  as of the  date  of the  consummation  of the
               Business  Combination of consideration other than cash to be
               received  per  share  by  holders  of  any  other  class  of
               outstanding Voting Stock is at least equal to the highest of
               the following:
 
                         (1) (if  applicable)  the  highest per share price
                    (including  any brokerage  commissions,  transfer taxes
                    and  soliciting  dealers'  fees) paid by the Interested
                    Stockholder in question for any shares of such class of
                    Voting  Stock  acquired  by it (x) within the  two-year
                    period  immediately  prior to the Announcement  Date or
                    (y)  in  the   transaction  in  which  such  Interested
                    Stockholder became an Interested Stockholder; or
 
                         (2)  (if  applicable)  the  highest   preferential
                    amount per share to which the  holders of such class of
                    Voting Stock are entitled in the event of any voluntary
                    or  involuntary   liquidation  or  dissolution  of  the
                    corporation; or
 
                         (3) the Fair Market  Value per share of such class
                    of Voting Stock on the Announcement Date; or
 
                         (4) the Fair Market  Value per share of such class
                    of Voting Stock on the Determination Date.
 
                    (C) The  consideration  to be  received by holders of a
               particular  class of outstanding  Voting Stock is in cash or
               in the same form as the  Interested  Stockholder in question
               has  previously  paid for  shares  of such  class of  Voting
               Stock,  provided  that the  consideration  to be received by
               holders  of Class B Common  Stock  must be in cash or in the
               same form as such Interested Stockholder has previously paid
               for Common Stock. If the Interested  Stockholder in question
               has previously  paid for shares of any class of Voting Stock
               with   varying   forms   of   consideration,   the  form  of
               consideration  to be paid for shares of such class of Voting
               Stock  purchased in the  transaction  in question  hereunder
               must be  either  cash or the form  used  previously  by such
               Interested  Stockholder  to acquire  the  largest  number of
               shares of such class of Voting Stock.  The price  determined
               in accordance with subparagraphs (ii)(A) and (ii)(B) of this
               paragraph (c) shall be subject to appropriate  adjustment in
               the event of any stock dividend, stock split, combination of
               shares or similar event.
 
                    (D) After the  Interested  Stockholder  in question has
               become   an   Interested   Stockholder   and  prior  to  the
               consummation  of such  Business  Combination:  (1) except as
               approved by a majority of the  Continuing  Directors,  there
               shall have been no failure to declare  and pay,  in whole or
               in part, at the regular date therefor any dividends (whether
               or  not   cumulative)  on  the   outstanding   stock  having
               preference  over the Common  Stock as to  dividends  or upon
               liquidation;  (2) there shall have been (x) no  reduction in
               the annual rate of dividends paid on Common Stock or Class B
               Common Stock (except as necessary to reflect any subdivision
               of the  Common  Stock or Class B Common  Stock),  except  as
               approved by a majority of the Continuing Directors,  and (y)
               no  increase in such  annual  rate of  dividends  (except as
               necessary  to reflect any  reclassification  (including  any
               reverse stock split),  recapitalization,  reorganization  or
               any similar transaction which has the effect of reducing the
               number of  outstanding  shares  of  Common  Stock or Class B
               Common  Stock,  except  as  approved  by a  majority  of the
               Continuing  Directors;  and (3) such Interested  Stockholder
               shall not have become the beneficial owner of any additional
               shares of Voting  Stock  subsequent  to the  transaction  in
               which it became an Interested Stockholder.
 
                    (E) After the  Interested  Stockholder  in question has
               become an Interested Stockholder, it shall not have received
               the benefit,  directly or indirectly (except proportionately
               with all  other  stockholders  of the  corporation),  of any
               loans,  advances,  guarantees,  pledges  or other  financial
               assistance  or any  tax  credits  or  other  tax  advantages
               provided by the  corporation,  whether in anticipation of or
               in connection with such Business Combination or otherwise.
 
                    (F) A proxy or  information  statement  describing  the
               proposed   Business   Combination  and  complying  with  the
               requirements of the Securities  Exchange Act of 1934 and the
               rules  and   regulations   thereunder   (or  any  subsequent
               provisions  replacing such Act, rules or regulations)  shall
               be mailed to the stockholders of the corporation at least 30
               days prior to the consummation of such Business  Combination
               (whether  or not such  proxy  or  information  statement  is
               required  to be mailed  pursuant  to such Act or  subsequent
               provisions).
 
               (d) For purposes of this Article Seventh:
 
                    (i) a "person"  means any  individual,  proprietorship,
               partnership,  corporation  or other entity,  or any group of
               two or more of the foregoing acting together;
 
                    (ii) "Interested  Stockholder"  means any person (other
               than the corporation or any Subsidiary) who or which:
 
                         (A)  is  the   beneficial   owner,   directly   or
                    indirectly,  of 10% or more of the voting  power of the
                    outstanding Voting Stock; or
 
                         (B) is an Affiliate of the  corporation and at any
                    time within the two-year  period  immediately  prior to
                    the date in question was the beneficial owner, directly
                    or  indirectly,  of 10% or more of the voting  power of
                    the then outstanding Voting Stock; or
 
                         (C) is an assignee of or has  otherwise  succeeded
                    to any  shares of Voting  Stock  which were at any time
                    within the  two-year  period  immediately  prior to the
                    date in question  beneficially  owned by an  Interested
                    Stockholder,  if such assignment or succession occurred
                    in  the   course   of  a   transaction   or  series  of
                    transactions not involving a public offering within the
                    meaning of the Securities Act of 1933.
 
                    (iii) A person is a  "beneficial  owner" of any  Voting
               Stock:
 
                         (A) that such person or any of its  Affiliates  or
                    Associates (as hereinafter  defined)  beneficially owns
                    directly or indirectly; or
 
                         (B) that such person or any of its  Affiliates  or
                    Associates  has (1) the right to acquire  (whether such
                    right is  exercisable  immediately  or only  after  the
                    passage of time or upon the occurrence of an event,  or
                    both)  pursuant  to  any   agreement,   arrangement  or
                    understanding   or  upon  the  exercise  of  conversion
                    rights,   exchange  rights,  warrants  or  options,  or
                    otherwise,  or (2) the  right to vote  pursuant  to any
                    agreement, arrangement or understanding; or
 
                         (C)  that  is  beneficially  owned,   directly  or
                    indirectly,  by any other person with which such person
                    or  any  of  its   Affiliates  or  Associates  has  any
                    agreement, arrangement or understanding for the purpose
                    of  acquiring,  holding,  voting  or  disposing  of any
                    shares of Voting Stock.
 
                    (iv) For the purpose of determining whether a person is
               an Interested  Stockholder  pursuant to subparagraph (ii) of
               this  paragraph  (ii) of this  paragraph  (d), the number of
               shares  of  Voting  Stock  deemed  to be  outstanding  shall
               include   shares   deemed  owned  through   application   of
               subparagraph  (iii) of this  paragraph  (d),  but  shall not
               include  any  other  shares  of  Voting  Stock  that  may be
               issuable   pursuant  to  any   agreement,   arrangement   or
               understanding,   or  upon  exercise  of  conversion   right,
               warrants or options, or otherwise.
 
                    (v)  "Affiliate"  and  "Associate"  have the respective
               meanings ascribed to such terms in Rule 12b-2 of the General
               Rules and Regulations  under the Securities  Exchange Act of
               1934, as in effect on March 1, 1986.
 
                    (vi)  "Subsidiary"  means  any  corporation  of which a
               majority of any class of Equity Security is owned,  directly
               or  indirectly,  by the  corporation,  provided that for the
               purposes of the  definition  of Interested  Stockholder  set
               forth in  subparagraph  (ii) of this paragraph (d), the term
               "Subsidiary"  shall  mean  only a  corporation  of  which  a
               majority of each class of Equity Security is owned, directly
               or indirectly, by the corporation.
 
                    (vii) "Continuing Director" means (A) any member of the
               board of  directors  who was a member  of the board on April
               15, 1986,  (B) any member of the board of  directors  who is
               unaffiliated with the Interested Stockholder in question and
               who was a member  of the  board  prior to the time that such
               Interested Stockholder became an Interested Stockholder, and
               (C) any member of the board of directors  who was  nominated
               or elected by a majority of Continuing Directors then on the
               board of directors.
 
                    (viii)  "Fair  Market  Value"  means (A) in the case of
               stock,  the  highest  closing  sale price  during the 30-day
               period immediately preceding the date in question of a share
               of such  stock on the  Composite  Tape  for New  York  Stock
               Exchange - Listed Stocks, or, if such stock is not quoted on
               the Composite Tape, on the New York Stock  Exchange,  or, if
               such stock is not listed on such Exchange,  on the principal
               United  States  securities  exchange  registered  under  the
               Securities  Exchange  Act of 1934 on  which  such  stock  is
               listed,  or,  if  such  stock  is not  listed  on  any  such
               exchange,  the highest closing bid quotation with respect to
               a share of such stock during the 30-day  period  immediately
               preceding  the date in question on the National  Association
               of Securities Dealers,  Inc. Automated  Quotations System or
               any  system  then  in  use,  or if no  such  quotations  are
               available,  the fair market value on the date in question of
               a  share  of  such  stock  as  determined  by the  board  of
               directors  in good  faith  and (B) in the  case of  property
               other  than cash or  stock,  the fair  market  value of such
               property on the date in question as  determined by the board
               of directors in good faith.
 
                    (ix) In the event of any Business  Combination in which
               the corporation  survives,  the phrase  "consideration other
               than cash to be received" as used in  subparagraphs  (ii)(A)
               and (B) of  paragraph  (c) of  this  Article  Seventh  shall
               include the shares of Common Stock, Class B Common Stock and
               the shares of any other class of  outstanding  Voting  Stock
               retained by the holders of such shares.
 
                    (x) "Equity  Security" has the meaning ascribed to such
               term in Section  3(a)(11) of the Securities  Exchange Act of
               1934, as in effect on March 1, 1986.
 
               (e) A majority of the entire  board of  director  shall have
          the power and duty to  determine  for  purposes  of this  Article
          Seventh, on the basis of information known to the directors after
          reasonable  inquiry,  (i)  whether  a  person  is  an  Interested
          Stockholder,   (ii)  the   number  of  shares  of  Voting   Stock
          beneficially  owned by any person,  (iii)  whether a person is an
          Affiliate or  Associate  of another,  and (iv) whether the assets
          that are the subject of any  Business  Combination  have,  or the
          consideration  to be  received  for the  issuance  or transfer of
          securities by the  corporation  or any Subsidiary in any Business
          Combination has, an aggregate Fair Market Value of $25 million or
          more. A majority of the entire board of directors  shall have the
          further  power to interpret  all of the terms and  provisions  of
          this Article Seventh.
 
               (f)  Nothing  contained  in this  Article  Seventh  shall be
          construed to relieve any Interested  Stockholder of any fiduciary
          obligation imposed by law.
 
               (g)  Notwithstanding any other provision of this certificate
          of incorporation or the bylaws (and notwithstanding the fact that
          a lesser  percentage may be specified by law, this certificate of
          incorporation or the bylaws), the affirmative vote of the holders
          of at least 80% of the  voting  power of the  outstanding  Voting
          Stock,  voting  together as a single class,  shall be required to
          alter,  amend,  adopt any provision  inconsistent with, or repeal
          this Article Seventh.
 
          EIGHTH.   The  board  of  directors  of  the  corporation,   when
     evaluating any actions or  transactions  described in paragraph (a) of
     Article Seventh of this certificate of  incorporation,  shall give due
     consideration to all relevant factors,  including  without  limitation
     the effect of such action or  transaction  upon the  independence  and
     integrity  of the  corporation's  publications  and  services  and the
     social and  economic  effects of such action or  transaction  upon the
     corporation's   stockholders,    employees,    subscribers,   readers,
     advertisers, customers, suppliers and other constituencies, and on the
     communities in which the corporation and its  subsidiaries  operate or
     are located.
 
          NINTH.  The minimum amount of capital with which the  corporation
     will commence business is One Thousand Dollars ($1,000).
 
          TENTH. The names and places of residence of the incorporators are
     as follows:
 
          Guy Bancroft................        164 Riverway
                                              Boston, Massachusetts
 
          Richard B. Cole.............        64 Valentine Park
                                              West Newton, Massachusetts
 
          Laurence M. Lombard.........        Dedham, Massachusetts
 
          ELEVENTH. The corporation is to have perpetual existence.
 
          TWELFTH.  The private property of the  stockholders  shall not be
     subject to the payment of corporate debts to any extent whatever.
 
          THIRTEENTH. 1. In furtherance and not in limitation of the powers
     conferred by statute, the board of directors is expressly authorized:
 
               (a) To make, alter or repeal the bylaws of the corporation;
 
               (b) To  authorize  and cause to be  executed  mortgages  and
          liens upon the real and personal property of the corporation;
 
               (c) To set apart out of any of the funds of the  corporation
          available  for  dividends  a reserve or  reserves  for any proper
          purpose and to abolish any such reserve in the manner in which it
          was created;
 
               (d) By resolution or resolutions passed by a majority of the
          whole board, to designate one or more committees,  each committee
          to consist of two or more of the  directors  of the  corporation,
          which,  to the extent  provided in said resolution or resolutions
          or in the bylaws of the corporation,  shall have and may exercise
          the powers of the board of  directors  in the  management  of the
          business and affairs of the  corporation,  and may  authorize the
          seal of the  corporation  to be affixed  to all papers  which may
          require it. Such committee or committees  shall have such name or
          names as may be stated in the bylaws of the corporation or as may
          be  determined  from time to time by  resolution  adopted  by the
          board of directors;
 
               (e) When and as  authorized by the  affirmative  vote of the
          holders of a majority of the stock issued and outstanding  having
          voting  power given at a  stockholders'  meeting  duly called for
          that purpose,  or when  authorized by the written  consent of the
          holders of a majority of the voting stock issued and outstanding,
          to sell,  lease or exchange all of the property and assets of the
          corporation,   including   its  good   will  and  its   corporate
          franchises,   upon  such  terms  and   conditions  and  for  such
          consideration,  which may be in whole or in part  shares of stock
          in,  and/or  other  securities  of,  any  other   corporation  or
          corporations,  as its board of directors shall deem expedient and
          for the best interests of the corporation;
 
               (f)  From  time  to time to  determine  whether  and to what
          extent,  at what time and place and  under  what  conditions  and
          regulations  the accounts and books of the  corporation or any of
          them shall be open to the inspection of any stockholders;  and no
          stockholder  shall have any right to inspect  any account or book
          or document of the corporation  except as conferred by statute or
          bylaws or as authorized by a resolution  of the  stockholders  or
          board of directors.
 
          2.  Notwithstanding  any other  provision of this  certificate of
     incorporation  or the bylaws (and in addition  to any  different  vote
     that may be specified by law, this certificate of incorporation or the
     bylaws),  so  long  as  there  shall  be  any  Class  B  Common  Stock
     outstanding, (x) Section 43 of the Bylaws of the corporation shall not
     be  amended,  altered  or  repealed,  and no bylaw  inconsistent  with
     Section 43 of the Bylaws may be adopted, without either (a) if adopted
     by  the  stockholders,  the  affirmative  vote  of a  majority  of the
     outstanding  shares of  Common  Stock  and the  affirmative  vote of a
     majority  of the  outstanding  shares  of Class B Common  Stock,  each
     voting separately as a class, or (b) if adopted by the directors,  the
     affirmative  vote of at least 80% of the directors  then in office and
     (y) this paragraph 2 shall not be amended, altered or repealed without
     the affirmative vote of a majority of the outstanding shares of Common
     Stock and the affirmative vote of a majority of the outstanding shares
     of Class B Common Stock, each voting separately as a class.
 
          FOURTEENTH.  Whenever a  compromise  or  arrangement  is proposed
     between this corporation and its creditors or any class of them and/or
     between this  corporation  and its  stockholders or any class of them,
     any court of equitable  jurisdiction within the State of Delaware may,
     on the  application  in a summary  way of this  corporation  or of any
     creditor or stockholder thereof, or on the application of any receiver
     or receivers  appointed for this  corporation  under the provisions of
     Section  291 of  Title 8 of the  Delaware  Code or under  any  similar
     provisions  enacted in place thereof or on the application of trustees
     in  dissolution  or of any  receiver or receivers  appointed  for this
     corporation  under the  provisions  of  Section  279 of Title 8 of the
     Delaware  Code or  under  any  similar  provisions  enacted  in  place
     thereof,  order a  meeting  of the  creditors  or class of  creditors,
     and/or  of  the   stockholders   or  class  of  stockholders  of  this
     corporation,  as the case may be, to be summoned in such manner as the
     said Court directs. If a majority in number representing three-fourths
     in  value  of the  creditors  or class  of  creditors,  and/or  of the
     stockholders or class of stockholders of this corporation, as the case
     may  be,  agree  to  any   compromise  or   arrangement   and  to  any
     reorganization  of this  corporation as consequence of such compromise
     or  arrangement,  the  said  compromise  or  arrangement  and the said
     reorganization  shall,  if  sanctioned  by the Court to which the said
     application has been made, be binding on all the creditors or class of
     creditors,  and/or on all the stockholders or class of stockholders of
     this corporation, as the case may be, and also on this corporation.
 
          FIFTEENTH.   A  director   of  the   corporation   shall  not  be
     disqualified  by his  office  from  dealing  or  contracting  with the
     corporation either as a vendor,  purchaser or otherwise, nor shall any
     transaction  or  contract  of the  corporation  be void or voidable by
     reason of the fact that any director or any firm of which any director
     is a member or any corporation of which any director is a shareholder,
     officer or director,  is in any way interested in such  transaction or
     contract,  provided that such  transaction  or contract is or shall be
     authorized,  ratified  or  approved  (1) by a vote of a majority  of a
     quorum of the board of directors without including in such majority or
     quorum any director so interested  or member of a firm so  interested,
     or a shareholder,  officer or director of a corporation so interested,
     or (2) by the  written  consent of the holders of record of a majority
     of the  outstanding  shares of stock of the  corporation  entitled  to
     vote, or (3) by the  affirmative  vote of the holders of a majority of
     stock of the corporation  represented at any meeting at which a quorum
     is present,  and provided  further that such interest  shall have been
     fully  disclosed or otherwise  known to the directors or  stockholders
     authorizing,  ratifying or approving such transaction or contract; nor
     shall any  director  be liable to account to the  corporation  for any
     profits  realized  by or from  or  through  any  such  transaction  or
     contract  of the  corporation  authorized,  ratified  or  approved  as
     aforesaid  by reason of the fact that he, or any firm of which he is a
     member or any  corporation  of which he is a  shareholder,  officer or
     director was  interested  in such  transaction  or  contract.  Nothing
     herein  contained shall create liability in the events above described
     or  prevent  the  authorization,  ratification  or  approval  of  such
     transactions or contracts in any other manner permitted by law.
 
          SIXTEENTH. Meetings of stockholders may be held without the State
     of Delaware,  if the bylaws so provide.  The books of the  corporation
     may be kept  (subject  to any  provision  contained  in the  statutes)
     outside  of the State of  Delaware  at such  place or places as may be
     from  time to time  designated  by the  board of  directors  or in the
     bylaws  of the  corporation.  Elections  of  directors  need not be by
     ballot unless the bylaws of the corporation shall so provide.
 
          SEVENTEENTH.  No director of the  corporation  shall be liable to
     the corporation or its stockholders for monetary damages for breach of
     fiduciary duty as a director,  except for liability (i) for any breach
     of  the  director's   duty  of  loyalty  to  the  corporation  or  its
     stockholders,  (ii) for acts or  omissions  not in good faith or which
     involve  intentional  misconduct or a knowing  violation of law, (iii)
     under Section 174 of the Delaware General Corporation Law, or (iv) for
     any transaction from which the director  derived an improper  personal
     benefit.  Neither  the  amendment  nor  the  repeal  of  this  Article
     Seventeenth,  nor the adoption of any provision of the  certificate of
     incorporation  inconsistent  with  this  Article  Seventeenth,   shall
     eliminate  or reduce the  effect of this  Article  Seventeenth  on any
     cause of action  that  arises out of an act or  omission of a director
     occurring prior to such amendment, repeal or adoption.
 
          EIGHTEENTH.  The corporation  reserves the right to amend, alter,
     change  or repeal  any  provision  contained  in this  certificate  of
     incorporation,  in the manner now or hereafter  prescribed by statute,
     and all rights conferred upon stockholders  herein are granted subject
     to this reservation.