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## T O S HAREHOLDERS , EMPLOYEES AND F RIENDS ( CONTINUED )... 

areas of coverage. Our editors also began producing a bimonthly newsletter to share ideas and best practices. You can view the newsletters and the principles and practices at www.lee.net. 

We are especially proud of the excellent coverage our Montana papers delivered, both in print and online, during the wildfires in late summer. In fact, the coverage earned the Independent Record in Helena and the Missoulian our company’s top awards for excellence in journalism. Other President’s Awards winners were the Lincoln Journal Star for a series on Hispanic migration and the Wisconsin State Journal for its wide range of investigative reporting. 

Along with the other two top priorities, we are building our online future. We have created dominant local portals in each of our communities, and we are continuing to add services and features. 

For two years in a row, our online revenue and page views have doubled, and we’re expecting that trend to continue in 2001. 

Online revenue at our wholly owned operations grew from $1.6 million in 1999 to $3.3 million in 2000, and page views grew from 7.5 million a month to 15 million. In addition, our online subsidiary, International Newspaper Network, 

showed revenue growth from $700,000 to $1 million. INN provides online services for more than 350 small and midsize newspapers. 

In 2001, we also strengthened Lee’s top management. 

Our new vice president for sales and marketing, Michael Phelps, brought a national reputation for developing both advertising and circulation sales strategies. Jim Hopson, formerly a vice president for Thomson Newspapers and a pioneer in creating strategic marketing groups of regional newspapers, joined us as vice president for publishing in Wisconsin. He also serves as publisher of our largest newspaper, the Wisconsin State Journal . 

Greg Veon, a vice president for publishing and one of our most experienced leaders, gained responsibility for 16 newspapers in the Midwest and West. John VanStrydonck, most recently publisher of the Rapid City Journal , became vice president for Pacific Northwest Publishing with additional responsibilities for production and newsprint. 

We strengthened our publisher ranks, as well. 

Linda Lindus, formerly a Thomson publisher, joined Lee as publisher of the Southern Illinoisan 

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