Modified Joint Operating Arrangement
Key Pages

Amendment and Restatement of Agreement

      This Agreement is made this first day of February, 1999, by and between SEATTLE TIMES COMPANY ("Times"), a Delaware corporation, and HEARST NEWSPAPERS PARTNERSHIP, L.P. ("Hearst"), a Delaware limited partnership, for the purpose of amending and restating in its entirety that certain agreement, establishing a joint newspaper operating arrangement, between Times and The Hearst Corporation, dated January 13, 1981, to read as follows: etc. etc.

The key pages:

Page 2 ("the continued publication of at least two newspapers of general circulation, editorially and reportorially separate and independent under a joint newspaper operating arrangement, is of paramount importance to the citizens of Seattle and its environs; ")

Page 7 (Promotion of P-I)

Page 9 (see "Newspaper Cessation Date" at bottom of page)

Page 10 (Newspaper Cessation Date cont'd)

Page 18 (Force Majeure)

Page 20 (Loss Operations)

Page 21 (Loss Operations cont'd)