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SUBWAY

To Whom It May Concern:

In the early spring of 2000, my company decided we needed a bigger presence in the Sneads Ferry area of North Carolina. My SUBWAY, restaurant is in a fantastic location, but the signage at the site is quite limited. I had noticed that there were a few vacant Fairway billboards in the area, so I inquired as to their availability. A few weeks later, we had come to an agreement.

We leased three billboards in the Sneads Ferry area. Two of these boards were directional signs leading to our Sneads Ferry location; the third was a directional sign to our Surf City store some 10 miles away. Though we knew we would not generate a great deal of traffic in Surf City directly from that sign, we were hoping that simply having an additional sign in the Sneads Ferry area would create more name recognition for our product, and more sales in that restaurant.

We had leased two small, unlighted boards previously with Tri-State for another of our stores. We had been pleased with the performance of these boards, but felt that for our Sneads Ferry location, we needed something larger and lighted, as that was more functional with the traffic patterns in the community.

The sales results with these billboards have been nothing short of phenomenal. Comparing the most recent twenty-six weeks of 2002 (when our stores were promoted with the Fairway Billboards) vs the same period in 1999 (the last year we did not have billboards), our Snead's Ferry store's sales have increased an amazing 81.4 %.

To compare, the average SUBWAY, store in the state of North Carolina has ''only'' seen sales increased of 26 % over the same time period; good to be sure, but nothing compared to what this location has done. Our other two restaurants, both promoted with billboards of other companies, are doing extremely well in their own right over the same time period, but cannot compare to the increases seen within our Sneads Ferry stores with the Fairway Billboards.

We will continue to use Fairway billboards wherever we can. The prices are second to none, and they produce results that increase sales.

Sincerely,

David S. Gladstone
President
Del Sol Management Corporation


Fairway Outdoor Advertising is a division of Morris Communications Company.