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MILBANK WINTHROP & CO INC
> BLC
| Date | Name | Ticker | Shares | Change | Value | Change | Price |
| 09/30/2011 | BELO CORP | BLC | 12,800 | -6,000 | 63,000 | -79,000 | $4.92 |
| 06/30/2011 | BELO CORP | BLC | 18,800 | -1,200 | 142,000 | -34,000 | $7.55 |
| 03/31/2011 | BELO CORP | BLC | 20,000 | 0 | 176,000 | 34,000 | $8.80 |
| 12/31/2010 | BELO CORP | BLC | 20,000 | 0 | 142,000 | 18,000 | $7.10 |
| 09/30/2010 | BELO CORP | BLC | 20,000 | 0 | 124,000 | 10,000 | $6.20 |
| 06/30/2010 | BELO CORP | BLC | 20,000 | -10,000 | 114,000 | -91,000 | $5.70 |
| 03/31/2010 | BELO CORP | BLC | 30,000 | 0 | 205,000 | 42,000 | $6.83 |
| 01/31/2010 | BELO CORP | BLC | 30,000 | -16,000 | 163,000 | -86,000 | $5.43 |
| 09/30/2009 | BELO CORP | BLC | 46,000 | 0 | 249,000 | 221,000 | $5.41 |
| 06/30/2009 | BELO CORP | BLC | 46,000 | 0 | 82,000 | 54,000 | $1.78 |
| 03/31/2009 | BELO CORP | BLC | 46,000 | 0 | 28,000 | -44,000 | $0.61 |
| 12/31/2008 | BELO CORP | BLC | 46,000 | 46,000 | 72,000 | 72,000 | $1.57 |
| 09/30/2008 | BELO CORP | BLC | 46,000 | 0 | 274,000 | -62,000 | $5.96 |
| 06/30/2008 | BELO CORP | BLC | 46,000 | 0 | 336,000 | -150,000 | $7.30 |
| 03/31/2008 | BELO CORP | BLC | 46,000 | 0 | 486,000 | -316,000 | $10.57 |
| 12/31/2007 | BELO CORP | BLC | 46,000 | -2,000 | 802,000 | -31,000 | $17.43 |
| 09/30/2007 | BELO CORP | BLC | 48,000 | -2,000 | 833,000 | -197,000 | $17.35 |
| 06/30/2007 | BELO CORP | BLC | 50,000 | 0 | 1,030,000 | 96,000 | $20.60 |
| 03/31/2007 | BELO CORP | BLC | 50,000 | 0 | 934,000 | 15,500 | $18.68 |
| 12/31/2006 | BELO CORP | BLC | 50,000 | 0 | 918,500 | 127,500 | $18.37 |
| 09/30/2006 | BELO CORP | BLC | 50,000 | 50,000 | 791,000 | 791,000 | $15.82 |
| 06/30/2006 | BELO CORP | BLC | 0 | -65,000 | 0 | -1,292,000 | |
| 03/31/2006 | BELO CORP | BLC | 65,000 | 65,000 | 1,292,000 | 1,292,000 | $19.88 |
| 09/30/2005 | BELO CORP | BLC | 0 | -65,000 | 0 | -1,558,000 | |
| 06/30/2005 | BELO CORP | BLC | 65,000 | 0 | 1,558,000 | -11,000 | $23.97 |
| 03/31/2005 | BELO CORP | BLC | 65,000 | -15,000 | 1,569,000 | -530,200 | $24.14 |
| 12/31/2004 | BELO CORP | BLC | 80,000 | 0 | 2,099,200 | 296,200 | $26.24 |
| 09/30/2004 | BELO CORP | BLC | 80,000 | 0 | 1,803,000 | -345,000 | $22.54 |
| 06/30/2004 | BELO CORP | BLC | 80,000 | 80,000 | 2,148,000 | 2,148,000 | $26.85 |
| 03/31/2004 | BELO CORP | BLC | 80,000 | 0 | 2,220,800 | -46,400 | $27.76 |
| 12/31/2003 | BELO CORP | BLC | 80,000 | -3,000 | 2,267,200 | 254,450 | $28.34 |
| 09/30/2003 | BELO CORP | BLC | 83,000 | -2,000 | 2,012,750 | 112,150 | $24.25 |
| 06/30/2003 | BELO CORP | BLC | 85,000 | 0 | 1,900,600 | 178,500 | $22.36 |
| 04/29/2003 | BELO CORP | BLC | 85,000 | 0 | 1,722,100 | -90,100 | $20.26 |
| 12/31/2002 | BELO CORP | BLC | 85,000 | 0 | 1,812,200 | -47,600 | $21.32 |
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