TIME SHARING AGREEMENT

                  This Agreement is made by and between Riggs Bank N.A.
("Lessor") and Perpetual  Corporation/Lazy  Lane Farms, Inc. and Allbritton
Communications Company ("Lessee").

                                R E C I T A L S :

                  WHEREAS, Lessor is the owner of that certain civil aircraft
known as one (1) Gulfstream V model aircraft bearing manufacturer's serial
number 556 and the United States Registration Number N556AR ("the Aircraft");

                  WHEREAS,  Lessor  employs/contracts  for the services of a
fully qualified  flight crew to operate the Aircraft;

                  WHEREAS, Lessor and Lessee desire to lease said Aircraft and
flight crew on a time sharing basis as defined in Section 91.501 (c) (1) of the
Federal Aviation Regulations ("FAR"); and


                  NOW, THEREFORE, in consideration of the mutual covenants
contained herein, and for other good and valuable consideration, the parties
agree as follows:


1.       Lessor agrees to lease the Aircraft to Lessee, on as "as needed -- as
         available" basis, pursuant to the provisions of FAR 91.501 (c) (1) and
         to provide a fully qualified flight crew for all operations for flights
         scheduled from the date hereof until August 1, 2002. Notwithstanding
         the foregoing, Lessee shall not be entitled to use the Aircraft more
         than one hour for every two hours, on average, that Lessor uses any
         aircraft owned by Lessee, under the terms of a separate Time Sharing
         Agreements. Credit may be carried forward from previous use of
         Perpetual Corporation/Lazy Lane Farms, Inc.'s aircraft by Lessor under
         Time Sharing Agreement executed December 9, 1999.

2.       Lessee shall pay Lessor for each flight conducted under this Agreement
         all or so much of the actual expenses of each specific flight as
         authorized by FAR Part 91.501 (d) as may be requested for payment by
         Lessor. These expenses include and are limited to:

         (1)      Fuel, oil, lubricants, and other additives;
         (2)      Travel expenses of the crew, including food, lodging and
                  ground transportation;
         (3)      Hangar and tie down costs away from, the Aircraft's base of
                  operation;
         (4)      Insurance obtained for the specific flight;
         (5)      Landing fees, airport taxes and similar  assessments
                  including,  but not limited to, IRC Section 4261
                  and related excise taxes;
         (6)      Customs, foreign permit, and similar fees directly related to
                  the flight;
         (7)      In-flight food and beverages;
         (8)      Passenger ground transportation;
         (9)      Flight planning and weather contract services; and
         (10)     An additional charge equal to 100% of  the expenses listed in
                  subparagraph (1) of this paragraph.

                                      -1-
<PAGE>

3.       Lessor will pay all expenses related to the operation of the Aircraft
         when incurred, and will provide an invoice and bill Lessee in
         accordance with paragraph 2 above on the last day of the month in which
         any flight for the account of Lessee occurs. Lessee shall pay Lessor
         for said expenses within thirty days of receipt of the invoice and bill
         therefor.

4.       Lessee will provide Lessor with requests for flight time and proposed
         flight schedules as far in advance of any given flight as possible, and
         in any case, at least 3 hours in advance of Lessee's planned departure.
         Requests for flight time shall be in a form, whether written or oral,
         mutually convenient to, and agreed upon by the parties and unless
         accepted by Lessor, shall be deemed rejected. In addition to the
         proposed schedules and flight times Lessee shall provide at least the
         following information for each proposed flight at some time prior to
         scheduled departure as required by the Lessor or Lessor's flight crew:

         (a)      proposed departure point;
         (b)      destination;
         (c)      date and time of flight;
         (d)      the number of anticipated passengers;
         (e)      the nature and extent of luggage and/or cargo to be carried;
         (f)      the date and time of return flight, if any; and
         (g)      any other  information  concerning the proposed  flight that
                  may be pertinent or required by Lessor or Lessor's flight
                  crew.

5.       Lessor shall have final authority over the scheduling of the Aircraft,
         provided, however, that Lessor will try to accommodate Lessee's needs
         and avoid conflicts in scheduling.

6.       Lessor shall be solely responsible for seeking maintenance, preventive
         maintenance and required or otherwise necessary inspections on the
         Aircraft, and shall take such requirements into account in scheduling
         the Aircraft. No period of maintenance, preventative maintenance, or
         inspection shall be delayed or postponed for the purpose of scheduling
         the Aircraft, unless said maintenance or inspection can be safely
         conducted at a later time in compliance with all applicable laws and
         regulations, and with the sound discretion of the pilot in command. The
         pilot in command shall have final and complete authority to cancel any
         flight for any reason or condition which in his judgement would
         compromise the safety of the flight.

7.       Lessor  shall  contract  for or employ,  pay for and provide to Lessee
         a qualified  flight crew for each flight undertaken under this
         Agreement.

                                      -2-
<PAGE>



8.       In accordance with applicable Federal Aviation  Regulations,  the
         qualified flight crew provided by Lessor will exercise all of its
         duties and  responsibilities  in regard to the safety of each flight
         conducted  hereunder, Lessee  specifically agrees that the flight crew,
         in its sole discretion,  may terminate any flight,  refuse to commence
         any  flight,  or take  other  action  which in the  considered
         judgement  of the pilot in command is necessitated by  considerations
         of safety.  No such action of the pilot in command shall create or
         support any liability  for loss,  injury,  damage or delay to Lessee or
         any other  person.  The parties  further agree that Lessor  shall not
         be liable for delay or failure to furnish the Aircraft  and crew
         pursuant to this  Agreement when such  failure  is caused  by
         government  regulation  or  authority,  mechanical  difficulty,  war,
         civil commotion, strikes or labor disputes, weather conditions, acts of
         God or other unforeseen circumstances.

9.       Lessor will make its best efforts to provide such additional insurance
         coverage as Lessee shall request or require, provided, however, that
         the cost of such additional insurance shall be borne by Lessee as set
         forth in paragraph 2(d) hereof.

10.      Lessee warrants that:

         (a)      Lessee will solely use the Aircraft for and on account of its
                  own personal or business use, and will not use the Aircraft
                  for the purpose of providing transportation of passengers or
                  cargo for compensation or hire;

         (b)      Lessee shall refrain from incurring any mechanic's or other
                  lien in connection with inspection, preventative maintenance,
                  maintenance or storage of the Aircraft, whether permissible or
                  impermissible under this Agreement, nor shall there be any
                  attempt by Lessee to convey, mortgage, assign, lease or any
                  way alienate the Aircraft or create any kind of lien or
                  security interest involving the Aircraft or do anything or
                  take any action that might mature into such a lien; and

         (c)      during the term of this Agreement, Lessee will abide by and
                  conform to all such laws, governmental and airport orders,
                  rules and regulations, as shall from time to time be in effect
                  relating in any way to the operation and use of the Aircraft
                  by a timesharing Lessee.

11.      Neither this Agreement nor any party's interest herein shall be
         assignable to any other party whatsoever. This Agreement shall inure to
         the benefit of and be binding upon the parties hereto, their heirs,
         representatives and successors.

12.      TRUTH IN LEASING STATEMENT UNDER SECTION 91.23 OF THE FAR's.

                                      -3-
<PAGE>



WITHIN THE TWELVE (12) MONTH PERIOD PRECEDING THE DATE OF THIS AGREEMENT, EXCEPT
TO THE EXTENT THE AIRCRAFT IS LESS THAN TWELVE (12) MONTHS OLD, THE AIRCRAFT HAS
BEEN INSPECTED AND MAINTAINED AND IN ACCORDANCE WITH THE FOLLOWING PROVISIONS OF
FAR:


CHECK ONE:

_        91.409 (f) (1): A continuous airworthiness inspection program that is
         part of a continuous airworthiness maintenance program currently in use
         by a person holding an air carrier operating certificate or an
         operating certificate issued under FAR Part 121, 127, or 135 and
         operating that make and model aircraft under FAR Part 121 or operating
         that make and model under FAR Part 135 and maintaining it under FAR
         135.411(a)(2).

_        91.409 (f) (2):   An approved aircraft  inspection program approved
         under FAR 135.419 and currently in use by a person holding an operating
         certificate issued under FAR Part 135.

_        91.409 (f) (3):   A current inspection program recommended by the
         manufacturer.

_        91.409 (f) (4): Any other inspection program established by the
         registered owner or operator of the Aircraft and approved by the
         Administrator of the Federal Aviation Administration in accordance with
         FAR 91.409 (g).

THE PARTIES HERETO CERTIFY THAT DURING THE TERM OF THIS AGREEMENT AND FOR
OPERATIONS CONDUCTED HEREUNDER, THE AIRCRAFT WILL BE MAINTAINED AND INSPECTED IN
ACCORDANCE WITH THE PROVISIONS OF FAR:


THE PARTIES HERETO CERTIFY THAT DURING THE TERM OF THIS AGREEMENT AND FOR
OPERATIONS CONDUCTED HEREUNDER, THE AIRCRAFT WILL BE MAINTAINED AND INSPECTED
IN ACCORDANCE WITH THE PROVISIONS OF FAR:

CHECK ONE:

_ 91.409 (F)(1)    _ 91.409 (F)(2)    _ 91.409 (F)(3)    _ 91.409 (F)(4)

         LESSOR SHALL HAVE AND RETAIN OPERATIONAL CONTROL OF THE AIRCRAFT DURING
ALL OPERATIONS CONDUCTED PURSUANT TO THIS LEASE. EACH PARTY HERETO CERTIFIES
THAT IT UNDERSTANDS THE EXTENT OF ITS RESPONSIBILITIES, SET FORTH HEREIN, FOR
COMPLIANCE WITH APPLICABLE FEDERAL AVIATION REGULATIONS.

         AN EXPLANATION OF FACTORS BEARING ON OPERATIONAL CONTROL AND PERTINENT
FEDERAL AVIATION REGULATIONS CAN BE OBTAINED FROM THE NEAREST FEDERAL AVIATION
ADMINISTRATION FLIGHT STANDARDS DISTRICT OFFICE, GENERAL AVIATION DISTRICT
OFFICE, OR AIR CARRIER DISTRICT OFFICE.

                                      -4-

<PAGE>





THE PARTIES HERETO CERTIFY THAT A TRUE COPY OF THIS AGREEMENT SHALL BE CARRIED
ON THE AIRCRAFT AT ALL TIMES, AND SHALL BE MADE AVAILABLE FOR INSPECTION UPON
REQUEST BY AN APPROPRIATELY CONSTITUTED IDENTIFIED REPRESENTATIVE OF THE
ADMINISTRATOR OF THE FAA.


                  IN WITNESS WHEREOF, the, parties have executed this Agreement
as of the date and year written below.

Lessor:                              Lessee:

RIGGS  BANK N.A.                     PERPETUAL CORPORATION



By:/S/ROBERT C. ROANE                By:/S/LAWRENCE I. HEBERT
   ==================                   =====================
   Robert C. Roane                      Lawrence I. Hebert

Title:Executive Vice President and   Title:President
      Chief Operating Officer
                                     Date:1/29/01
Date: 1/29/01                             =======
      =======

                                     LAZY LANE  FARMS, INC.


                                     By:/S/LAWRENCE I. HEBERT
                                        =====================
                                        Lawrence I. Hebert

                                     Title: Vice President

                                     Date:1/29/01
                                          =======

                                     ALLBRITTON COMMUNICATIONS COMPANY


                                     By:/S/LAWRENCE I. HEBERT
                                        =====================
                                     Lawrence I. Hebert

                                     Title:Chairman and
                                     Chief Executive Officer

                                     Date:1/29/01
                                          =======

                                      -5-

<PAGE>

                        INSTRUCTIONS FOR COMPLIANCE WITH
                         "TRUTH IN LEASING" REQUIREMENTS


1.       Mail a copy of the lease to the following address via certified mail,
         return receipt requested, immediately upon execution of the lease (14
         C.F.R. 91.23 requires that the copy be sent within twenty-four hours
         after it is signed):

                           Federal Aviation Administration
                           Aircraft Registration Branch
                           ATTN: Technical Section
                           P.O. Box 25724
                           Oklahoma City, Oklahoma 73125

2.       Telephone the nearest Flight  Standards  District Office at least
         forty-eight  hours prior to the first flight under this lease.

3.       Carry a copy of the lease in the aircraft at all times.

                                      -6-

Source: OneCLE Business Contracts.