(4)

At September 30, 2011, Belo had $886,778 in fixed-rate debt securities as follows: $175,716 of 6³/4% Senior Notes due 2013; $271,062 of 8% Senior Notes due 2016; $200,000 of 7³/4% Senior Debentures due 2027; and $240,000 of 7¹/4% Senior Debentures due 2027. The weighted average effective interest rate for the fixed-rate debt instruments is 7.5%.

At September 30, 2011, Belo also had variable-rate debt capacity of $205,000 under a credit agreement (Amended 2009 Credit Agreement). As of September 30, 2011, the Company did not have an outstanding balance under the Amended 2009 Credit Agreement and all unused borrowings were available for borrowing. The Company is required to maintain certain leverage and interest ratios specified in the agreement. The leverage ratio is generally defined as the ratio of total debt to cash flow and the senior leverage ratio is generally defined as the ratio of the debt under the credit facility to cash flow. The interest coverage ratio is generally defined as the ratio of interest expense to cash flow. At September 30, 2011, the Company’s leverage ratio was 3.8, its interest coverage ratio was 3.3 and its senior leverage ratio was 0.0. At September 30, 2011, the Company was in compliance with all debt covenants.

At September 30, 2011, the fair value of Belo’s 6³/4% Senior Notes due May 30, 2013, 8% Senior Notes due November 15, 2016, 7³/4% Senior Debentures due September 1, 2027, and 7¹/4% Senior Debentures due September 15, 2027, was estimated to be $181,203, $289,438, $168,000, and $196,800, respectively. The fair value is estimated using quoted market prices and yields obtained through independent pricing sources (Level 1 inputs).