WORLD TRADE CENTER REBUILDING IS KEY TO REVIVING SAGGING DOWNTOWN NEW YORK MARKET, SAYS PRIMEDIA’S NATIONAL REAL ESTATE INVESTOR

New Page 1 WORLD TRADE CENTER REBUILDING IS KEY TO REVIVING SAGGING DOWNTOWN NEW YORK MARKET, SAYS PRIMEDIA’S NATIONAL REAL ESTATE INVESTOR Is This A Second Chance For Downtown? Percentage of Advertising Proceeds to Benefit the Alliance for Downtown New York New York, New York – August 9, 2002 – Can a replacement project at the site of the World Trade Center tragedy spur neighborhood revival? PRIMEDIA’S

WORLD TRADE CENTER REBUILDING IS KEY TO REVIVING SAGGING DOWNTOWN NEW YORK MARKET, SAYS PRIMEDIA’S NATIONAL REAL ESTATE INVESTOR

Is This A Second Chance For Downtown?

Percentage of Advertising Proceeds to Benefit the Alliance for Downtown New York

New York, New York – August 9, 2002 – Can a replacement project at the site of the World Trade Center tragedy spur neighborhood revival? PRIMEDIA’S National Real Estate Investor, in a comprehensive package examining the rebuilding efforts, points out that the original goal for the World Trade Center development some 40 years ago was to shore up an already softening downtown commercial real estate market. As the August cover story, “A Second Chance for Downtown,” spells out, the city, state and private interests have a unique opportunity to get it right. But, as the public debate over the site continues, there are many key issues yet to resolve:

• How to successfully combine the rebuilding initiative with an improvement to Lower Manhattan's transportation system and overall street grid

• How to balance the economic and business realities for the landowner and leaseholder of the site with the need for a substantial memorial in honor of the victims of the terrorist attacks

• How to successfully integrate office, retail and residential components in such a manner that it reinvigorates downtown

“This is truly a critical planning period for the future of Lower Manhattan," said Matt Valley, editor-in-chief of PRIMEDIA’s National Real Estate Investor. "New York has the opportunity to realize the dream of reviving an aging downtown, to bring back development from Midtown and other parts of the city — but only if the redevelopment is bold and inspiring. The significance of this project can’t be overstated. The Wall Street area is the third largest CBD in the nation.”

In support of the rebuilding efforts, PRIMEDIA’s National Real Estate Investor is joining with its advertisers to donate 10% of the advertising revenue from the August issue to the Alliance for Downtown New York, an organization that oversees the Downtown Lower Manhattan Business Improvement District (BID). The advertisers participating in this initiative include the following companies: Belfor, Bock & Clark, GE Capital Real Estate, GMAC Commercial Mortgage, Ibex Construction, Insignia/ESG and Transwestern Investment Co. “The development plans for lower Manhattan are of a great interest to all members of the commercial real estate industry and we are very proud to be working with our advertisers to raise and donate proceeds that will benefit the renewed growth of New York City,” said Jackie Kandell, publisher of PRIMEDIA’s National Real Estate Investor.

The August issue of PRIMEDIA’s National Real Estate Investor magazine is currently available and additional information about its special report on rebuilding New York City can be found at www.nreionline.com.

About PRIMEDIA’s National Real Estate Investor

National Real Estate Investor is the leading authority on commercial real estate trends. The magazine’s readers represent a cross-section of disciplines — brokerage, construction, development, finance/investment, property management, corporate real estate, and real estate services. No other publication provides as much independent research on a variety of topics that pertain to the office, industrial, retail, hotel and multifamily markets as NREI.

About PRIMEDIA

PRIMEDIA is the new tradition in media. With 2001 sales from continuing businesses of $1.6 billion from a unique combination of traditional and new media properties, it is the leading targeted content and integrated marketing solutions company in both the consumer and business-to-business sectors. The Company is the #1 special interest magazine publisher in the U.S., with more than 250 titles such as Seventeen, Automobile, Motor Trend, New York, Fly Fisherman, American Baby, Telephony and American Demographics; the #1 producer and distributor of specialty video with 18 satellite and digital video product lines, including Channel One Network; and the #1 news and information group on the Internet, led by About.com. PRIMEDIA's stock symbol is: NYSE: PRM. More information about the Company can be found at http://www.primedia.com.

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Media Contacts: Hawley Strait, 212-446-1877

[email protected]

Noelle Wojciehowski, 212-462-3658

[email protected]

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