Tribune Company, As Agent of and Successor By Merger to the Former the Times Mirror Company, Itself and its Consolidated Subsidiaries - Page 116

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               Looked at from a spending capacity viewpoint, the                      
               following shows our 1999-2001 total resources for                      
               investment:                                                            
                                                    $ Millions                        
                    Current Surplus Balance�          $1,400                          
                    1999-2001 Capex                   375                             
                    1999-2001 Acquisitions            900                             
                    Excess Debt Capacity Estimate     500                             
                           Total 3-year Resources     $3,175                          
                    � Includes Mosby proceeds                                         
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               Share Repurchase Status and Outlook                                    
               As previously discussed, we expect to have                             
               approximately $3.2 billion of investment capacity over                 
               the next few years.  Because our realistic expectations                
               are to spend about $1.5 billion on acquisitions,                       
               capital projects and dividends, this leaves                            
               $1.5-$2 billion to be deployed in share repurchase,                    
               which is our highest return alternative in the absence                 
               of additional high-return acquisitions or capital                      
               projects.                                                              
                         *    *    *    *    *    *    *                              
               Investment Plans                                                       
               Most immediately, we have concerned ourselves with                     
               establishing a short-term investment plan that                         
               emphasizes safety and liquidity.  Over time, any L.L.C.                
               funds not deployed in acquisitions, capital investments                
               or Times Mirror stock shall be managed under our Short-                
               Term Investment Policy.                                                
               After the board of directors had considered the materials              
          that had been presented to it regarding the LLC and Eagle                   
          Publishing (an LLC created for the Mosby transaction), the board            
          approved resolutions with respect to the use of the LLC and Eagle           





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