In Volatile Market, Apartments.com Closes Record 2001, Anticipates Even Stronger Market Presence in 2002

Successful business model brings stability to customers and the industry

CHICAGO, January 28, 2002 - Apartments.com (http://www.apartments.com), a national online apartment resource, announced today that it exceeded its operating plan for 2001 with all indicators pointing to an even stronger 2002. The company's ongoing success and growing market presence are endorsements of its strong business model, which leverages powerful media relationships and high-impact online and offline marketing programs to deliver unrivaled value to its trade customers. As the multi-family housing industry draws increasing attention from analyst groups and other stakeholders, Apartments.com is poised to take on an even more visible industry leadership role in the coming year and beyond.

While expanding its customer base by a significant 32 percent in 2001, Apartments.com simultaneously increased the volume of total leads delivered to advertisers by 27 percent. In addition, over the twelve months of 2001, total page views on Apartments.com were 16 percent higher than in 2000 which, according to Media Metrix, enabled Apartments.com to deliver more page views than any other rental focused Web site in 2001. Correspondingly, Apartments.com continued to deliver on its core value proposition by providing a national average of 35-40 leads per month to each advertising property in 2001. Apartments.com expects this increasing rate of consumer confidence to continue due to the highly visual property listings and the promotional power of its affiliate network of more than 150 newspapers nationwide that prompt site visitors to take action.

"Apartments.com's attentive customer service and extraordinary ability to accommodate our day-to-day needs allows our associates to quickly respond to changing market conditions," explained Fredda Steinberg, vice president of national marketing, Archstone-Smith. "We consider Apartments.com to be a valuable driver of qualified leads to our properties with an exceptional return on investment." In local markets, the power of the company's overall model is well demonstrated by the results of a recent affiliation with lasvegas.com, the premier information site on Las Vegas and its local assets. Through a cobranded Web site, Apartments.com and lasvegas.com have established a strong local market community for both apartment hunters and rental properties, as evidenced by the recent 23 percent increase in total leads to participating Las Vegas properties between the usually slow relocation months of November and December.

"2001 was an impressive year for Apartments.com in terms of lead generation for our advertisers," said Tim Fagan, vice president and general manager of Apartments.com. "Apartments.com's four years of focus on the multi-family industry and the extensive reach of our network of local affiliates fortify the overall online offering, providing consumers with a focused, high-quality, one-stop rental resource and advertisers with the lead generation they need."

The company's success, shared by its customers, reflects both the strength of its business model and the industry's vitality. While the competitive landscape continues to change, Apartments.com maintains a solid foundation that enables it to deliver the return on investment required to sustain long-term, mutually beneficial media partnerships. These business-critical relationships have been instrumental in creating the market visibility and leadership that have eluded many of their competitors. With the recent, strategic addition of the Milwaukee Journal Sentinel, Wisconsin's largest and most influential daily newspaper with online properties boasting 20 percent market penetration, Apartments.com catapulted its major market coverage to 35 of the top 50 DMAs in 2001. "We are confident in our investment in Apartments.com and look forward to its continued growth in the market," explained David Hiller, president of Tribune Interactive, Inc., a subsidiary of Tribune Company which jointly owns Apartments.com's parent company Classified Ventures, LLC, along with six other leading media companies. "Apartments.com offers a fast, efficient process to bring renters and property managers together whether they're in the same town or located in another state. It provides valuable utilities that help consumers with many aspects of a move - from arranging a truck to finding storage and packing supplies. These services make Apartments.com an attractive online community for advertisers and potential partners."

About Apartments.com
Apartments.com is a leading national online apartment guide distinguished by its personalized searches, highly visual ads and affiliation with the local Web sites of more than 150 newspapers across the country, including the Chicago Tribune (www.chicagotribune.com), The Washington Post (www.washingtonpost.com), Los Angeles Times (www.latimes.com) and USA Today (www.usatoday.com). Apartments.com, owned by Chicago-based Classified Ventures, LLC, delivers highly qualified, ready-to-rent prospects to its more than 9,000 trade customers, which increases closure rates and decreases the average cost of leasing an apartment.

About Classified Ventures, LLC
Classified Ventures, LLC, manages the Internet's leading destinations in three classified advertising categories: automotive, homes for sale and apartment rentals. In partnership with more than 170 newspaper and television station affiliates, Classified Ventures has developed a national network of online marketplaces containing the Web's best local content for buyers, sellers and renters. CV's products are Apartments.com (www.apartments.com), cars.com (www.cars.com) and HomeScape, a real estate private-label application service provider. Based in Chicago, CV is owned by seven leading media companies: Belo Corp. (NYSE: BLC), Gannett Co., Inc. (NYSE: GCI), Knight Ridder (NYSE: KRI), The McClatchy Company (NYSE: MNI), The New York Times Company (NYSE: NYT), Tribune Company (NYSE: TRB) and The Washington Post Company (NYSE: WPO).