THE CORPORATE LIBRARY

Related Party Transactions and Outside Related Director Information

Emmis Communications Corporation (EMMS)

6/8/2005 Proxy Information

Mr. Nathanson joined Emmis Communications Corporation in 1998 as Television Division President and resigned in October 2000.

Although Emmis generally prohibits loans to executive officers and directors, we currently have a loan outstanding to Jeffrey H. Smulyan, our Chairman, Chief Executive Officer and President, that is grandfathered under The Sarbanes-Oxley Act of 2002. The largest aggregate amount outstanding on this loan at any month-end during the last fiscal year was $1,203,201, and the balance at February 28, 2005 was 1,042,311. This loan bears interest at our cost of senior debt, which at February 28, 2005 was approximately 4.36% per annum. Prior to 2002, Emmis had made certain life insurance premium payments for the benefit of Mr. Smulyan. Emmis discontinued making such payments in 2001; however, pursuant to a Split Dollar Life Insurance Agreement and Limited Collateral Assignment dated November 2, 1997, Emmis retains the right, upon the death, resignation or termination of Mr. SmulyanŐs employment, to recover all or the premium payments it has made, which total $1.1 million. During the last fiscal year, Emmis leased an airplane and was party to a timeshare agreement with Mr. Smulyan with respect to his personal use of the plane. Under the timeshare agreement, whenever Mr. Smulayn uses the plane for non-business purposes, he pays Emmis for the aggregate incremental cost to Emmis of operating the plane up to the maximum amount permitted by Federal Aviation Authority regulations (which maximum generally approximates the total direct cost). With respect to the last fiscal year, Mr. Smulyan paid approximately $51,000 under the timeshare arrangement. In addition, under Internal Revenue Service regulations, to the extent Mr. Smulyan allows non-business guests to travel on the plane on a business trip or takes the plane on a non-business detour as part of a business trip, additional compensation is attributed to Mr. Smulyan. Generally, these trips on which compensation is assessed pursuant to IRS regulations do not result in any material additional cost or expense to Emmis. During the last fiscal year, Emmis purchased approximately $142,957 of corporate gifts and specialty items from a company owned by the sister of Richard Leventhal, one of our directors.

5/27/2004 Proxy Information

Although Emmis generally prohibits loans to executive officers and directors, we currently have a loan outstanding to Jeffrey H. Smulyan, our Chairman, Chief Executive Officer and President, that is grandfathered under The Sarbanes-Oxley Act of 2002. The largest aggregate amount outstanding on this loan at any month-end during the last fiscal year and at February 29, 2004 was $1,185,172. This loan bears interest at our cost of senior debt, which at February 29, 2004 was approximately 3.61% per annum. During the last fiscal year, we made payments of approximately $6,000 to a company owned by Jeffrey H. Smulyan for our use of an airplane owned by that company. The Compensation Committee approved the terms of the use of Mr. SmulyanŐs plane based upon an independent third-party appraisal that concluded that the cost to Emmis of the plane usage was less than the then-prevailing market rate for such plane. Subsequently, Emmis leased a plane of its own and entered into a timeshare agreement with Mr. Smulyan. Under the timeshare agreement, whenever Mr. Smulyan uses the plane for non-business purposes, he pays Emmis for the total direct cost of operating the plane up to the maximum amount permitted by Federal Aviation Authority regulations (which maximum generally approximates the total direct cost). With respect to the last fiscal year, Mr. Smulyan paid $148,968 under the timeshare arrangement. In addition, under Internal Revenue Service regulations, to the extent Mr. Smulyan allows non-business guests to travel on the plane on a business trip or takes the plane on a non-business detour as part of a business trip, additional compensation is attributed to Mr. Smulyan. Generally, these trips on which compensation is assessed pursuant to IRS regulations do not result in any material additional cost or expense to Emmis.

Mr. Nathanson joined Emmis Communications Corporation in 1998 as Television Division President. Mr. Nathanson resigned as Television Division President effective October 2000.

5/23/2003 Proxy Information

We currently have a loan outstanding to Jeffrey H. Smulyan, our Chairman, Chief Executive Officer and President. The largest aggregate amount outstanding on this loan at any month-end during the last fiscal year and at February 28, 2003 was $1,158,332. This loan bears interest at our cost of senior debt, which at February 28, 2003 was approximately 4.73% per annum. During the last fiscal year, we made payments of approximately $162,000 to a company owned by Jeffrey H. Smulyan for our use of an airplane owned by that company. During the last fiscal year we also purchased approximately $135,000 in corporate service awards and specialty items from a company owned by the sister of one of our directors, Richard A. Leventhal. Both transactions were approved by the Audit Committee after the Audit Committee satisfied itself that the transactions were on terms no less favorable to the company than the company could have obtained from third parties.