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Investor Relations

SEC Filings

GRAHAM HOLDINGS CO filed this Form 10-K on 03/29/1994
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<PAGE>   10
     Newsweek's other demographic edition, Newsweek Woman, which was published
ten times during 1993, has a circulation rate base of 700,000 selected female
subscribers.  At the beginning of 1993 advertising rates for this edition were
increased by an average of 15.0%, with an additional average increase of 4.9%
instituted early in 1994.

     Internationally, Newsweek is published in an Atlantic edition covering the
British Isles, Europe, the Middle East and Africa, a Pacific edition covering
Japan, Korea and Southeast Asia, and a Latin America edition, all of which are
in the English language.  Editorial copy solely of domestic interest is
eliminated in the international editions and is replaced by other
international, business or national coverage primarily of interest abroad.
Since 1984 a 24-page section of Newsweek has been included in The Bulletin, an
Australian weekly news magazine which also circulates in New Zealand.  In 1986
a Japanese-language edition of Newsweek, Nihon Ban, began publication in Tokyo
pursuant to an arrangement with a Japanese publishing company which translates
editorial copy, sells advertising in Japan and prints and distributes the
edition.  In November 1991 a Korean-language edition of Newsweek, Hankuk Pan,
began publication pursuant to a similar arrangement with a Korean publishing

     The average weekly circulation rate base, advertising pages and gross
advertising revenues of Newsweek's international editions (including The
Bulletin insertions but not including the Japanese- or Korean-language editions
of Newsweek) for the past five years have been as follows:

                                         AVERAGE WEEKLY                    GROSS
                                          CIRCULATION     ADVERTISING   ADVERTISING
                                            RATE BASE        PAGES*      REVENUES*
                                            ---------        ------      ---------
      <S>                                    <C>             <C>       <C>
      1989  ...........................      665,000         2,352     $60,187,000
      1990  ...........................      673,000         2,466      67,131,000
      1991  ...........................      705,000         2,296      68,405,000
      1992  ...........................      730,000         2,549      76,765,000
      1993  ...........................      745,000         2,128      68,053,000

           * Advertising pages and gross advertising revenues are those
     reported by LNA International.  LNA computes gross advertising revenues
     from basic one-time rates and the number of advertising pages carried.
     LNA figures therefore exceed actual gross advertising revenues, which
     reflect lower rates for multiple insertions.  Net revenues as reported in
     the Company's Consolidated Statements of Income also exclude agency fees
     and cash discounts, which are included in the gross advertising revenues
     shown above.  Page and revenue figures exclude affiliated advertising.

     For 1994 the average weekly circulation rate base for Newsweek's English
language international editions (including The Bulletin insertions) will be
748,000.  The average weekly circulation rate bases for the Japanese-language
and Korean-language editions for 1994 will be 160,000 and 100,000,

     In April 1993 Newsweek introduced the first CD-ROM version of a major
magazine -- Newsweek InterActive.  Combining text, photos, audio and video,
Newsweek InterActive, which is available by subscription as well as through
retail outlets, is the first regularly published general interest multimedia
magazine.  Newsweek InterActive is also the first multimedia magazine to
provide a platform which allows readers to interact with digitally stored
advertising information.