URBAN ONE, INC. — Director's Dealing 2003

May 16, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RADIO ONE INC (ROIA/ROIAK)
CIK: 0001041657
Period of Report: 2003-05-14

Reporting Person: LOVE L ROSS (Director)

Footnotes

F1: The transaction reported on this Form 4 was effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on March 21, 2003.

F2: On August 10, 2001 (1) LRL Trading, LLC (LRL Trading) acquired 2,212,368 shares of Class D Common Stock of Radio One, Inc. (the Company), (2) LRC Love Limited Partnership (LRC Love LP) acquired 170,388 shares of Class D Common Stock, (3) Love Family Limited Partnership (Love Family LP) acquired 73,023 shares of Class D Common Stock and (4) Cheryl H. Love, the wife of the reporting person, acquired 91,979 shares of Class D Common Stock in connection with the Company's acquisition of Blue Chip Broadcasting, Inc. (Blue Chip). On April 16, 2003, the reporting person re-registerd 800,000 shares held by LRL Trading in the name of LRL Investments, LP (LRL Investments).

F3: On May 14, 2003, the reporting person, through LRL Investments, entered into a contingent variable forward contract (the "Contract") for 400,000 shares held by LRL Investments with a securities broker. Upon the expiration of the 12-month term of the Contract, the reporting person will be required to deliver to the broker the number of shares sold forward under the contract. The number of shares to be delivered will be determined as follows: on each day that the Company's Class D Common Stock remains above $16.30, 1600 shares will be sold forward at $19.14 per share. The reporting person will receive a monthly payment for shares sold forward during each month.