The McClatchy Company 2007 Annual Report A BLUEPRINT FOR SUCCESS THE McCLATCHY COMPANY is the third largest newspaper company in the United States, with 30 daily newspapers, approximately 50 non-dailies, and direct marketing and direct mail operations. McClatchy also operates leading local websites in each of its markets which extend its audience reach. The websites offer users information, comprehensive news, advertising, e-commerce and other services. Together with its newspapers and direct marketing products, these interactive operations make McClatchy the leading local media company in each of its premium high growth markets. McClatchy-owned newspapers include The Miami Herald, The Sacramento Bee, The Fort Worth Star-Telegram, The Kansas City Star, The Charlotte Observer, and The (Raleigh) News & Observer. McClatchy also has a portfolio of premium digital assets. The company owns and operates McClatchy Interactive, an interactive operation that provides websites with content, publishing tools and software development. McClatchy owns 14.4% of CareerBuilder, the nation’s largest online job site and owns 25.6% of Classified Ventures, a newspaper industry partnership that offers two of the nation’s premier classified websites: the auto website, cars.com, and the rental site, apartments.com. McClatchy is listed on the New York Stock Exchange under the symbol MNI. THE MCCLATCHY COMPANY 2007 ANNUAL REPORT PAGE 1 A BLUEPRINT FOR SUCCESS We are focused on four major areas: driving new revenues, with a particular emphasis on online advertising; growing total audience; providing high quality public service journalism; and restructuring our costs. PAGE 2 THE MCCLATCHY COMPANY 2007 ANNUAL REPORT LETTER TO SHAREHOLDERS Perhaps it is fitting that McClatchy’s celebration of its 150th anniversary in 2007 should be marked by competitive pressures and economic challenges. While this surely was not the environment we would have chosen, it is broadly reflective of the company’s history and strength – a reminder that success is the result not of easy sailing but of skillful navigation and stout heart. GARY B. PRUITT, Chairman, President and Chief Executive Officer Beginning before the advent of electric lights in 1857, McClatchy has repeatedly faced competitive and technological challenges like those that define today’s environment. Consider 1863, the year in which the transcontinental telegraph first began to deliver same-day news from the East Coast to our hometown, Sacramento, altering the news landscape as radically as today’s online delivery. Over subsequent decades,World Wars, economic downturns including the Great Depression, and competition from radio and television likewise tested McClatchy. Today a maturing internet is taking share from all media, including newspapers. Through it all, we have employed a simple philosophy: Stay true to our mission of public service journalism while adapting operations to achieve financial success. Charles Darwin is said to have observed that, “It is not the strongest of the species that survive, nor the most intelligent, but the ones most responsive to change,” and our adaptive strategy is perfectly congruent with that. Our confidence in handling today’s challenges grows from that foundation of resilience and competitive corporate focus. THE MCCLATCHY COMPANY 2007 ANNUAL REPORT PAGE 3 TODAY’S ENVIRONMENT AND OUR RESULTS Basically, we are focused on four major areas: driving new Advertising conditions eroded over the course of 2007. General economic trends aren’t improving, and our big markets in Florida and California have been especially hard revenues, with a particular emphasis on online advertising; growing total audience; providing high quality public service journalism; and restructuring our costs. hit by the real estate downturn and its ripple effect through DRIVING NEW REVENUES the other sectors of the economy.Today, job growth appears to be slowing nationally, with consequent slowing in employment advertising. Despite the gloomy outlook often portrayed by observers, our newspapers are robust, highly profitable mass media in all our markets. On the local level, we are focusing on As a result last year advertising revenues declined 8.6% increasing the number of small advertisers in our papers. and total revenues were down 7.9% on a pro forma basis, On the national level, our papers are working together that is, including the addition of newspapers purchased regionally to attract large advertisers. We also publish a in the Knight Ridder acquisition on June 27, 2006 and growing portfolio of niche and lifestyle publications, which excluding the Minneapolis Star Tribune newspaper which was sold on March 5, 2007, and reporting on a similar 52-week basis. Also because of declining revenues and the related impact together with direct mail programs generate 8.3% of our ad revenues.This is print revenue – but not newspaper revenue. In fact, these targeted efforts supplement the broad reach of our newspapers. on our stock price, we recorded pre-tax non-cash impair- Our growth increasingly comes from online and we are ment charges of $2.8 billion in 2007.The company’s 2007 intensely focused there. Our websites offer best of breed after-tax loss from continuing operations was $2.7 billion, classified and retail advertising products, many of them or $33.26 per share including the effect of non-cash after- provided by leading internet companies who are strongly tax impairment charges. We have worked hard to reduce expenses to offset the impact of the revenue declines, and as a result pro forma cash operating expenses declined 9.1% while operating cash flow was down only 4.3% during the year. In fact we generated $575 million in operating cash flow and used it positioned in the online classified and retail advertising arena, including: CareerBuilder for employment; cars.com for autos; apartments.com in the rental category; and ShopLocal for retail advertising. Importantly, McClatchy owns between 14 and 26 percent of each of these valuable and growing internet companies. and the proceeds from asset sales to reduce debt by more Even while we’re focused on becoming more efficient than $805 million in 2007. Debt at the end of 2007 was elsewhere, we are investing significantly in our online $2.47 billion compared to $3.28 billion at the beginning operations, including adding sales staff. of the year. While the current advertising environment has certainly methods. Now we are rapidly becoming online specialists hurt results, we can find some light at the end of the tunnel who can do much better. We are realigning sales incentives by recognizing that cyclical trends – like real estate – to focus on driving online sales, and online sales training do ultimately turn. But we’re not kidding ourselves, either. efforts are strengthened for 2008. To date, we’ve done well leveraging our traditional skills and We understand that secular advertising shifts are also afoot. So given these challenging circumstances, the obvious questions are: What are we doing to respond? What are we doing to ensure future success? PAGE 4 THE MCCLATCHY COMPANY 2007 ANNUAL REPORT McClatchy is working with industry peers and technology we produce today than wanted it yesterday, and we know companies to offer the best online products. We forged a audience growth is the best predictor of future financial partnership with Yahoo that makes perfect sense. We are success for any media company. We reach 70% of the not a technology company like Yahoo, able to build and adults in our local markets with our newspapers and digital refine capabilities for highly targeted graphical ad serving products, together a powerful engine for commerce and and search. But Yahoo is not a local media company and public service. We will continue to focus on the combined lacks McClatchy’s large news and local advertising sales imperatives of growing total audience and finding increas- capabilities.Together we will grow audience and revenue. ingly robust revenues. McClatchy continues to be near the top of the newspaper PROVIDING HIGH QUALITY PUBLIC industry in online ad revenue as a percent of total at 8.6% SERVICE JOURNALISM in 2007. Last year’s online revenue performance was stunted due to various transitional issues arising in the Knight Ridder acquisition and the fact that slowing print revenues offered fewer up-sell opportunities. But with our intensified online focus and our strong internet businesses, we expect to return to solid growth online in 2008. As always, McClatchy remains committed to a relevant, high quality news report. Last year we won two Pulitzer prizes, for local reporting at The Miami Herald and feature photography at The Sacramento Bee. No company won more. Reporters at McClatchy’s Washington Bureau broke the story of political implications in the firing of numerous GROWING OUR TOTAL AUDIENCE U.S. Attorneys and continued to lead on the story, and To remain the leading local media company and a must buy for advertisers, we are focused on continuing to grow total audience, print and online, as we become a hybrid print and online news and advertising company. Print circulation ended 2007 down about 3.5% daily and 4.0% Sunday. About a third of that decline reflects strate- gic reductions on our part – eliminating some unprofitable circulation that advertisers have told us has little value. We will continue that pruning through about mid-2008. We then expect to return to a more typical run rate, averaging perhaps a two percent annual decline.That might not sound so good to some, but we know it means that we’re holding on to our traditional audience better than other media competitors, all of whom face greater audience fragmentation. While our print audience may be slowly declining, our online audience is growing rapidly -- with unique visitors up 25% in 2007. This is the brightest single story our industry has to tell: that we are growing total audience of print and online taken together on an unduplicated basis. More people want what Iraqi women staffers from our Baghdad bureau received the prestigious “Courage in Journalism” award. A new national destination website, featuring the work of bureau correspondents in D.C. and abroad, debuted this year, and some of the company’s foreign correspondents are headlined on Yahoo News. The interactive technology that brings competition also provides opportunity. For instance, newsrooms once confined to a once-a-day print schedule now provide breaking news around the clock, as their websites and mobile alerts compete with television and radio broadcasters for news headlines that can subsequently be expanded in the newspapers. We employ better storytelling tools than ever before, extending our reach across many platforms. Far more than competitors, the company’s 24/7 news organizations can provide both targeted information and in-depth coverage as needed through newspapers, websites, mobile delivery and other developing technologies. Our top priorities for newsrooms are frequent news updates on all platforms, video reports, user generated content, and greater cooperation and integration of print and online. Let me give you an example of one website that’s getting it right: In 2007, The Kansas City Star website produced more than 50 news updates daily and more than 30 different THE MCCLATCHY COMPANY 2007 ANNUAL REPORT PAGE 5 videos weekly.The result? Traffic at kansascity.com grew more than 33%. We are constantly getting better at this And we have chosen our markets carefully.These are premium markets where the household growth rate is in each of our premium markets across the country. 40% faster than the U.S. average. So while there may be RESTRUCTURING OUR COSTS Finally, we know that we must reduce cost structures – not through disruptive and expensive across-the-board cuts but through informed judgments and reallocations. We continually ask,“what would a news company that started today look like?” And then we move toward that cost structure. Much of our reengineering has taken place deep within our operations, far from public view. We don’t issue press releases about the operational restructuring that goes on in our company every day, but our progress has been substantial. With technology, we’re taking advantage of economies of scale like never before in our industry. Largely through attrition, centralization and outsourcing, workforce size and compensation expenses are down. We reduced headcount by 7.0% in 2007 and total compensation expenses declined 7.5%. In total, cash expenses declined 9.1% in 2007 compared to pro forma 2006 and we will continue our focus on restructuring our costs in 2008. We are doing a better job at sharing news content and resources within our company, which both saves money and improves quality. While we are mastering and tuning our operations online, we are also refocusing the printed paper to serve today’s readers better. As we do both, we are rapidly becoming a hybrid print and online news and advertising company, well-positioned to capture our share of business in the evolving media world. OUR OUTLOOK economic cycles that affect our markets, over time their growth translates into larger audiences and more advertisers. This is my 12th year as McClatchy’s CEO. In the first 10 years, we led the industry in terms of stock price performance. In the past two years we have lagged. Over the previous six years McClatchy consistently outperformed the industry average in terms of advertising revenue growth. In 2007, driven down by California and Florida, we have underperformed the industry average. After living through these ups and downs, I can tell you that it’s a lot more fun to lead than to lag. We expect to do so again.This is not the time to be rattled or discouraged— far from it. Instead, we are determined to restore this company to a leadership position, create strong returns for all of our shareholders, and both sustain and extend our journalistic mission. Before closing I’d like to acknowledge the efforts of our employees who have worked hard and demonstrated great flexibility and perseverance in a very tough year filled with changes.Their efforts are the foundation of our success. We are grateful for the relationships we share with employees, customers and shareholders, and for your continued support. We will spare no effort in making sure we continue to earn it. Gary B. Pruitt Chairman, President and CEO We see the future and have responded with a strategy that March 1, 2008 is sustainable: Combine the mass reach of our newspaper readership with targeted direct mail and niche publications and the power of each market’s leading local internet business. As a result, we operate the leading local media company in each of our markets. THE MCCLATCHY COMPANY 2007 ANNUAL REPORT PAGE 7 Our websites offer best of breed classified advertising products, including: careerbuilder.com for employment; cars.com for autos; and apartments.com in the rental category. Importantly, McClatchy owns between 14 and 26 percent of each of these valuable and growing internet companies. GROWING REVENUES: Our newspapers and online websites are robust, highly profitable mass media. We focus locally on increasing the number of small advertisers, while working together regionally to attract large national advertisers. Online as a percent of total ad revenue at McClatchy – 8.6% in 2007 – is near the top of our industry. TOTAL REVENUES BY REGION Northwest 12% California 18% Midwest 15% Texas 10% Florida 15% Southeast 30% We now operate in 29 premium growth markets spanning from Anchorage to Miami, and have the greatest diversification of revenues in the company’s history. THE MCCLATCHY COMPANY 2007 ANNUAL REPORT PAGE 9 We have chosen our markets carefully, and Charlotte is a great example of our premium growth markets. McClatchy’s markets have household growth rates 40% faster than the U.S. average.Their growth translates into larger audiences and more advertisers. GROWING AUDIENCE: We are quickly becoming a hybrid news and advertising company, combining print and digital delivery. Our total audience, that is print and online taken together on an unduplicated basis, is growing, and reaches 70% of the adults in our largest markets. THE MCCLATCHY COMPANY 2007 ANNUAL REPORT PAGE 11 The Miami Herald’s What the 5! enter- tainment feature, produced Monday through Friday, is a five-minute video show featuring two youthful hosts bantering about five stories of interest that day, stories that are light and often irreverent. PUBLIC SERVICE JOURNALISM: McClatchy delivers top quality journalism. Last year we won Pulitzer prizes at The Miami Herald and The Sacramento Bee. Newsrooms once confined to a once-a-day print schedule now provide breaking news 24/7, as websites and mobile alerts deliver news and headlines later expanded in printed newspapers. In 2007 The Miami Herald won the Pulitzer prize for local reporting for a story on waste, favoritism and the lack of oversight at the Miami-Dade Housing Agency that resulted in dismissals, investigations and prosecutions. The Sacramento Bee won the Pulitzer prize for feature photography for an intimate portrayal of a single mother and her young son as he lost his battle with cancer in the series “A Mother’s Journey.” THE MCCLATCHY COMPANY 2007 ANNUAL REPORT PAGE 13 We are doing a better job at sharing news content and resources, which both saves money and improves quality. Our papers complete the switch to a narrower page in 2008 resulting in $8 million in annualized savings. And this is another sweet spot: it is cheaper and preferred by readers. RESTRUCTURING COSTS: We are no longer tied to traditional cost structures. Technology allows us to take advantage of economies of scale like never before. Cash expenses declined 9.1% in 2007 compared to 2006 as we focus on efficiency. We continually ask, “what would a news company that started today look like?” And then we move toward that cost structure. We are doing so not through disruptive and expensive across-the-board cuts but through informed judgments and reallocations. PAGE 14 THE MCCLATCHY COMPANY 2007 ANNUAL REPORT AT-A-GLANCE CALIFORNIA The Sacramento Bee www.sacbee.com Daily Circulation Sunday Circulation TOTAL REVENUES The Fresno Bee www.fresnobee.com Daily Circulation Sunday Circulation TOTAL REVENUES The Modesto Bee www.modbee.com Daily Circulation Sunday Circulation TOTAL REVENUES 270,697 312,706 $211,035,000 150,482 173,558 $107,673,000 79,918 83,870 $57,663,000 The Tribune (San Luis Obispo, CA) www.sanluisobispo.com Daily Circulation Sunday Circulation TOTAL REVENUES 36,579 38,233 $26,366,000 Merced Sun-Star www.mercedsun-star.com Daily Circulation Sunday Circulation TOTAL REVENUES 15,728 NA $12,775,000 The State (Colombia,SC) www.thestate.com Daily Circulation Sunday Circulation TOTAL REVENUES 104,786 132,525 $83,933,000 The Telegraph (Macon, GA) www.macon.com Daily Circulation Sunday Circulation TOTAL REVENUES 56,333 71,839 $35,148,000 The Sun News (Myrtle Beach, SC) www.myrtlebeachonline.com Daily Circulation Sunday Circulation TOTAL REVENUES 49,946 60,481 $45,315,000 Ledger-Enquirer (Columbus, GA) www.ledger-enquirer.com Daily Circulation Sunday Circulation TOTAL REVENUES 42,567 51,375 $33,317,000 Sun Herald (Biloxi & Gulfport, MS) www.sunherald.com Daily Circulation Sunday Circulation TOTAL REVENUES 44,509 49,524 $35,659,000 The Herald (Rock Hill, SC) www.heraldonline.com Daily Circulation Sunday Circulation TOTAL REVENUES 30,210 31,983 $16,092,000 FLORIDA The Miami Herald and El Nuevo Herald www.miamiherald.com www.elnuevoherald.com Daily Circulation Sunday Circulation TOTAL REVENUES Bradenton Herald www.heraldtoday.com Daily Circulation Sunday Circulation TOTAL REVENUES MIDWEST 334,315 405,253 $297,417,000 43,420 49,236 $32,233,000 The Kansas City Star (Kansas City, MO) www.kansascity.com Daily Circulation Sunday Circulation TOTAL REVENUES 252,957 348,182 $220,320,000 The Wichita Eagle www.kansas.com Daily Circulation Sunday Circulation TOTAL REVENUES 85,005 132,452 $62,979,000 Belleville News-Democrat (Belleville, IL) www.bellevillenewsdemocrat.com Daily Circulation Sunday Circulation TOTAL REVENUES 52,293 64,393 $34,361,000 SOUTHEAST The Charlotte Observer www.charlotte.com Daily Circulation Sunday Circulation TOTAL REVENUES 211,126 265,142 $169,292,000 The Island Packet (Hilton Head, SC) www.islandpacket.com Daily Circulation Sunday Circulation TOTAL REVENUES 18,974 20,394 $17,824,000 The News & Observer (Raleigh, NC) www.newsobserver.com Daily Circulation Sunday Circulation TOTAL REVENUES 171,094 211,712 $144,254,000 The Beaufort Gazette (Beaufort, SC) www.beaufortgazette.com Daily Circulation Sunday Circulation TOTAL REVENUES 11,794 11,285 $6,892,000 THE MCCLATCHY COMPANY 2007 ANNUAL REPORT PAGE 15 NORTHWEST PENNSYLVANIA KENTUCKY Lexington Herald-Leader www.kentucky.com Daily Circulation Sunday Circulation TOTAL REVENUES 109,036 137,109 $77,912,000 Centre Daily Times (State College, PA) www.centredaily.com Daily Circulation Sunday Circulation TOTAL REVENUES 24,274 31,409 $18,300,000 INTERACTIVE Total Page Views TOTAL REVENUES* 2,716,836,000 $170,551,000 McClatchy Corporate website www.mcclatchy.com McClatchy Interactive website www.mcclatchyinteractive.com McClatchy Interactive provides our websites with content, publishing tools and software development. McClatchy Washington Bureau website www.mcclatchydc.com Home to more than 40 journalists in Washington, D.C. and home base for the company’s foreign correspondents, the Bureau has regional, national and foreign reporting firepower. The News Tribune (Tacoma, WA) www.thenewstribune.com Daily Circulation Sunday Circulation TOTAL REVENUES 112,370 128,568 $83,011,000 Anchorage Daily News www.adn.com Daily Circulation Sunday Circulation TOTAL REVENUES 63,641 72,587 $55,301,000 Idaho Statesmen (Boise, ID) www.idahostatesman.com Daily Circulation Sunday Circulation TOTAL REVENUES 63,033 82,984 $53,663,000 Tri-City Herald (Tri-Cities, WA) www.tri-cityherald.com Daily Circulation Sunday Circulation TOTAL REVENUES 40,318 42,819 $25,867,000 The Olympian (Olympia, WA) www.theolympian.com Daily Circulation Sunday Circulation TOTAL REVENUES 31,890 39,218 $27,491,000 The Bellingham Herald www.bellinghamherald.com Daily Circulation Sunday Circulation TOTAL REVENUES 22,866 28,898 $19,778,000 TEXAS Star-Telegram (Forth Worth,TX) www.dfw.com Daily Circulation Sunday Circulation TOTAL REVENUES 207,564 292,771 $229,133,000 Circulation figures are reported on the company’s fiscal year basis and are not meant to reflect Audit Bureau of Circulations (ABC) reported figures. Revenues include amounts generated by nearby non-daily publications reporting to the daily newspapers. *Largely included in individual newspapers revenues reported elsewhere in this section. PAGE 16 THE MCCLATCHY COMPANY 2007 ANNUAL REPORT FINANCIAL HIGHLIGHTS in thousands except per share amounts 2007* 2006* % change FOR THE YEAR Net revenues Operating expenses Income (loss) from continuing operations Income (loss) from continuing operations per share Operating cash flow from continuing operations** $2,260,363 4,826,315 (2,726,609) (33.26) 574,653 $1,675,190 1,328,282 183,495 2.84 445,773 34.9% 263.4% -1585.9% -1271.1% 28.9% AT YEAR END Total assets Long-term debt*** Stockholders’ equity Shares outstanding: Class A shares Class B shares $4,137,919 2,471,827 425,540 $8,054,710 2,746,669 3,103,624 57,105 25,051 55,754 26,116 -48.6% -10.0% -86.3% 2.4% -4.1% * The Star Tribune newspaper has been reported as a discontinued operation in both 2006 and 2007. ** Operating cash flow from continuing operations represents operating income/loss ($2,565,952,000 loss in 2007 and $346,908,000 income in 2006) plus depreciation and amortization ($148,559,000 in 2007 and $98,865,000 in 2006), plus impairment charges in 2007 ($2,992,046,000).The company believes operating cash flow is commonly used as a measure of performance for newspaper companies, however, it does not purport to represent cash provided by operating activities as shown in the company’s statement of cash flows, nor is it meant as a substitute for measures of performance prepared in accordance with generally accepted accounting principles. *** 2006 amount excludes $530 million of debt classified as current in the company’s balance sheet. DIRECTORS AND OFFICERS STOCKHOLDER INFORMATION DIRECTORS GENERAL OFFICE Elizabeth A. Ballantine President, EBA Associates Leroy T. Barnes, Jr. Former Vice President and Treasurer, PG&E Corporation William K. Coblentz Senior Partner, Coblentz, Patch, Duffy & Bass Molly Maloney Evangelisti Former Special Projects Coordinator, The Sacramento Bee Dr. Kathleen Foley Feldstein President, Economics Studies, Inc. Larry Jinks Former Newspaper Executive, Knight-Ridder, Inc. Joan F. Lane Special Assistant to the Board of Trustees, Stanford University Brown McClatchy Maloney Owner and Publisher, Olympic View Publishing and Owner, Radio Pacific Kevin S. McClatchy Former Managing General Partner and Chief Executive Officer, Pittsburgh Pirates William B. McClatchy Entrepreneur, Journalist and Co-founder of Index Investing, LLC Theodore R. Mitchell President and Chief Executive Officer, New Schools Venture Fund Gary B. Pruitt Chairman, President and Chief Executive Officer, The McClatchy Company P. Anthony Ridder Former Chairman and Chief Executive Officer Knight-Ridder, Inc. S. Donley Ritchey, Jr. Former Chairman and Chief Executive Officer, Lucky Stores, Inc. Frederick R. Ruiz Chairman & CEO, Ruiz Food Products, Inc. OFFICERS Gary B. Pruitt Chairman, President and Chief Executive Officer Lynn Dickerson Vice President, Operations Heather Fagundes Vice President, Human Resources Christian A. Hendricks Vice President, Interactive Media Karole Morgan-Prager Vice President, General Counsel and Corporate Secretary Patrick J. Talamantes Vice President, Finance and Chief Financial Officer Howard Weaver Vice President, News Robert J. Weil Vice President, Operations Frank R. J. Whittaker Vice President, Operations R. Elaine Lintecum Treasurer Hai V. Nguyen Controller The McClatchy Company 2100 Q Street Sacramento, California 95816 (916) 321-1846 TRANSFER AGENT AND REGISTRAR Wells Fargo Shareowner Services PO Box 64874 St. Paul, Mn 55164-0874 www.shareowneronline.com (800) 718-2377 Independent Auditor: Deloitte & Touche LLP 400 Capitol Mall Sacramento, Ca 95814 FORM 10-K Upon request, the Company will provide, without charge, a copy of its report on Form 10-K filed with the Securities and Exchange Commission. Requests should be made in writing to: The McClatchy Company Attention: Treasurer P. O. Box 15779 Sacramento, California 95852 ANNUAL MEETING The annual meeting of stockholders will be held at the Vizcaya Pavilion, 2019 21st Street, Sacramento, California, on Tuesday, May 13, 2008 at 9:00 a.m. Pacific Time. CERTIFICATIONS OF OFFICERS The company submitted its Annual CEO Certification for 2007 to the New York Stock Exchange on June 15, 2007. The company has filed with the Securities and Exchange Commission as Exhibits 31.3 and 31.2 to its Annual Report on From 10-K for the fiscal year ended December 30, 2007, the Certifications of its Chief Executive Officer and Chief Financial Officer required in connection with that report by rules 13a-14(a) and 15-d-14(a) under the Securities Exchange Act. s r e h p a r g o h t i L d n a s r e t n i r P g n o F & g n o F : g n i t n i r P s e t a i c o s s A n g i s e D n i t r a M : y h p a r g o t o h P & n g i s e D THE MCCLATCHY COMPANY Since 1857 2100 Q Street • Sacramento, CA 95816 • (916) 321-1846 www.mcclatchy.com