CAPITOL BROADCASTING COMPANY, INC.

Capitol Broadcasting Company, Inc. is a diversified communications company which owns and/or operates WRAL-TV, WRAL Digital, WRAL-FM, WRAL-HD2, WCMC-FM, WDNC-AM, WCLY-AM, Microspace, CBC New Media Group and Wolfpack Sports Marketing in Raleigh, NC; WJZY-TV and WMYT-TV in Charlotte, NC; WILM-TV and Sunrise Broadcasting in Wilmington, NC; WRAZ-TV and The Durham Bulls in Durham, NC; and real estate interests including the American Tobacco Project and Diamond View office buildings in Durham, NC.

In the winter of 2004, Capitol Broadcasting Company embarked on a four-month journey to help define our core values and draft a Code of Ethics to provide clear guidance in putting those values into practice on the job. The Kenan Institute for Ethics at Duke University led the Ethics at Work process for CBC, an interactive program proven successful in equipping other North Carolina corporations to confront their daily ethical challenges.

Capitol Broadcasting has always sought to set high ethical standards. But we realize that sustaining these standards in our modern world requires ongoing attention and conversation. This Code of Ethics stands as a strong moral compass for our everyday decisions at CBC.

Capitol Broadcasting Company's legacy of hard work, creativity, and a commitment to our audiences, our clients, and our employees has made us a successful broadcasting company and industry leader in the communications field. As a business leader, CBC will continue to provide the highest level of service and expertise to our listeners and clients in order to increase our profitability and market share. As a community leader, CBC will strive to ensure that ethics and moral standards are clearly set forth in everything we do, reinforcing our belief that a company cannot meet its business responsibility without meeting its community responsibility. As a concerned employer, CBC will continue to provide our employees with quality benefits and retirement packages, training opportunities to help advance their skills and keep our workforce current and competitive, and a wholesome family environment.