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Emmis Back in Compliance With Nasdaq Rules

February 14, 2011,

Today, the Nasdaq Stock Market informed Emmis Communications Corporation that the closing bid price of the Company’s Class A Common Stock (listed on the Nasdaq Global Select Market under the symbol “EMMS”) has been above $1.00 per share for at least ten consecutive trading days and that the Company is now in compliance with Marketplace Rule 5450(a)(1) (the “Minimum Bid Price Rule”).