How real estate will be handled in the Tribune Company spinoff of its newspaper properties, according to its SEC Form 10. http://www.sec.gov/Archives/edgar/data/1593195/000119312513466790/d635774dex991.htm

gistfile1.txt

Real Estate Matters

Tribune Real Estate Holdings, LLC (“Tribune Real Estate Holdings”), through its subsidiaries, 
holds title to all of the owned real property that is used in the operation of Tribune’s 
business, including the publishing business. Tribune Real Estate Holdings is a wholly-owned 
subsidiary of Tribune, and following the distribution, Tribune Real Estate Holdings will 
continue to be a wholly-owned subsidiary of Tribune.

Each subsidiary of Tribune Real Estate Holdings which owns a property that is used by 
Tribune Publishing is party to a lease agreement with the relevant Tribune Publishing 
entity with respect to such property. Each lease contains arm’s-length terms, which 
were determined based on the recommendations of an independent licensed real estate 
appraiser. These lease arrangements will continue, according to their respective 
terms, following the distribution.

There are 15 net leases for Tribune Publishing’s industrial facilities which include
 printing plants, distribution facilities and related office space. For printing 
plants the initial lease term is 10 years with two options to renew for additional 
10 year terms. For distribution facilities, the initial lease term is 5 years with 
two options to renew for additional 10 year terms. Under the net leases, the rent 
is net of taxes, insurance and operating expenses, and the tenant is responsible 
for repairs and maintenance.

The leases for Tribune Tower in Chicago and Los Angeles Times Square, both of 
which are large multi-tenant buildings, are gross leases which provide for 
professional management of the building. At Tribune Tower, Tribune Publishing 
leases approximately 306,000 square feet, while at Los Angeles Times Square, 
ribune Publishing leases approximately 242,000 square feet. The gross leases 
provide for an initial term of 5 years with renewal options for up to two 
additional 5 year terms. Under the terms of the gross leases, the tenant pays 
its pro-rata share of common area expenses, taxes and insurance and certain other expenses.