X0303 4 2008-12-29 0001232241 JOURNAL COMMUNICATIONS INC JRN 0001311299 BRENNER ELIZABETH JOURNAL COMMUICATIONS, INC. 333 W. STATE ST. MILWAUKEE WI 53203 1 Executive Vice President Class A Common Stock 1767 D Class B Common Stock 0 2008-12-29 4 P 0 75 2.21 A Class A Common Stock 75 77169 D Stock Appreciation Right 13.31 2017-02-16 Class B Common Stock 65000 65000 D Stock Appreciation Right 2017-02-16 Class B Common Stock 20000 20000 D Stock Appreciation Right 7.57 2018-02-15 Class B Common Stock 74000 74000 D Stock Appreciation Right 2018-02-15 Class B Common Stock 39000 39000 D The Class B Common Stock is convertible into Class A Common Stock (subject to certain limitations specified in the Issuer's Amended and Restated Articles of Incorporation) on a 1-for-1 basis at no cost. The stock appreciation right was granted February 16, 2007 to the reporting person under the Journal Communications, Inc. 2003 Equity Incentive Plan. The stock appreciation right vests and becomes exercisable in three equal annual installments on February 16, 2008, 2009 and 2010. The stock appreciation right has an escalating base value which starts with $13.31, the closing price of the Company's Class A Common Stock on the date of grant, and increases by 6% per year for each year that the stock appreciation right remains outstanding, starting on the first anniversary of the grant date. The stock appreciation right was granted February 15, 2008 to the reporting person under the Journal Communications, Inc. 2007 Omnibus Incentive Plan. The stock appreciation right vests and becomes exercisable in three equal annual installments on February 15, 2009, 2010 and 2011. The stock appreciation right has an escalating base value which starts with $7.57, the closing price of the Company's Class A Common Stock on the date of grant, and increases by 6% per year for each year that the stock appreciation right remains outstanding, starting on the first anniversary of the grant date. Russell E. Ryba, Attorney-In-Fact 2008-12-31