STATE OF CALIFORNIA

BUSINESS, TRANSPORTATION AND HOUSING AGENCY

DEPARTMENT OF CORPORATIONS

File No.  309-3570

PERMIT

THIS PERMIT IS PERMISSIVE ONLY

AND DOES NOT CONSTITUTE A RECOMMENDATION OR ENDORSEMENT

OF THE SECURITIES PERMITTED TO BE ISSUED

Issuer:         Scripps Investments & Loans, Inc.

is hereby qualified to offer, sell and issue the securities described in the application filed on March 3, 2008, and any amendments and supplements thereto to the date hereof, to the persons described in said application, for the considerations, uses and purposes, and in the manner set forth in said application.  This qualification is effective for 12 months from the date hereof.

This permit is issued upon the following condition:

(a) RESTRICTION ON TRANSFER. The sale or transfer of the securities authorized by this permit is restricted by and subject to the provisions of section 260.141.11 of the commissioner's rules. The issuer of such securities shall cause a copy of section 260.141.11 to be delivered to each issuee or transferee of such securities. That all certificates evidencing any of said securities, whether upon initial issuance or upon any transfer thereof, shall bear upon their face a legend, prominently stamped or printed thereon and in capital letters of not less than ten-point type, reading as follows:

"IT IS UNLAWFUL TO CONSUMMATE A SALE OR TRANSFER OF THIS SECURITY, OR ANY INTEREST THEREIN, OR TO RECEIVE ANY CONSIDERATION THEREFOR, WITHOUT THE PRIOR WRITTEN CONSENT OF THE CALIFORNIA CORPORATIONS COMMISSIONER OF THE STATE OF CALIFORNIA, EXCEPT AS PERMITTED IN THE COMMISSIONER'S RULES.