Gannett : Citi’s Apps Economy Conference Presentation

The Path Forward

January 6, 2022

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Disclaimer and Notes

In General. This disclaimer applies to this document and the verbal or written comments of any person presenting it. This document, taken together with any such verbal or written comments, is referred to herein as the "Presentation." Gannett Co., Inc. is referred to in this Presentation as "Gannett," "we," "us," "our" or the "Company". Prior to November 19, 2019, our corporate name was New Media Investment Group Inc. ("New Media") and Gannett Co., Inc. ("Legacy Gannett") was a separate publicly traded company. On November 19, 2019, New Media acquired Legacy Gannett (the "Acquisition"). In connection with the Acquisition, Legacy Gannett became a wholly owned subsidiary of New Media, and New Media's name was changed to Gannett Co., Inc.

Cautionary Statement Regarding Forward-LookingStatements. Certain items and statements in this Presentation may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding our ability to grow Adjusted EBITDA, our ability to achieve our operating priorities, integration of our acquisitions, our digital revenue performance and growth, growth in our Digital Marketing Solutions segment, our expectations, in terms of both amount and timing, with respect to implementation of synergies, realization of cost savings, debt repayment, our cash interest savings, and our net leverage, growth of and demand for our digital-only subscriptions and digital marketing and advertising services, growth of our average revenue per customer, our strategy, and future revenue trends and our ability to influence trends. Words such as "expect(s)", "plan(s)", "believes(s)", "project(s)", "will", "target" and similar expressions are intended to identify such forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties. These and other risks and uncertainties could cause actual results to differ materially from those described in the forward-looking statements, many of which are beyond our control. The Company can give no assurance its expectations will be attained. Accordingly, you should not place undue reliance on any forward-looking statements contained in this Presentation. For a discussion of some of the risks and important factors that could cause actual results to differ from such forward-looking statements, see the risks and other factors detailed from time to time in the Company's 2020 Annual Report on Form 10-K, our quarterly reports on Form 10-Q, and our other filings with the Securities and Exchange Commission. Furthermore, new risks and uncertainties emerge from time to time, and it is not possible for the Company to predict or assess the impact of every factor that may cause its actual results to differ from those contained in any forward-looking statements. Such forward-looking statements speak only as of the date indicated or as of this Presentation. Except to the extent required by law, the Company expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with regard thereto or change in events, conditions or circumstances on which any statement is based.

Past Performance. In all cases where historical performance is presented, please note that past performance is not a reliable indicator of future results and should not be relied upon as the basis for making an investment decision. This Presentation is not an offer to sell, nor a solicitation of an offer to buy any securities.

Non-GAAPMeasures. This Presentation includes non-GAAP measures, such as Adjusted EBITDA and free cash flow. See the "Appendix" in this Presentation for information regarding these non-GAAP measure, including reconciliations to the most directly comparable GAAP financial measures.

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Gannett operates a scalable, data-driven digital media platform that is fully aligned with consumer and digital marketing trends.

We are a subscription-led and digitally focused media and marketing solutions company that is committed to empowering communities to thrive.

Our strategy is focused on driving audience growth and engagement by delivering deeper content experiences to our consumers, while offering the products and marketing expertise our business partners desire.

Gannett At-a-Glance

Digitally focused content company

• Strong local and national brands create significant scale for marketing B2C and B2B products
• Advertising, print & digital, across multiplatform media network and partners
• Digital marketing services to help SMBs generate digital leads on LocaliQ platform
• Content subscriptions, both print and digital-only, for consumers
• Organize local community events in-person and virtually
• Ancillary offerings, like commercial printing for other publishers
• The largest owner of daily newspapers in the United States and community newspapers in the United Kingdom

Revenue Mix LTM Q3'21

Digital Marketing Services

Events13%

1%

Other

8%

Circulation

39% Advertising

38%

Key Highlights(1)

1.5M+	$1.0B	$467M	~50%
Quarter End	LTM Digital	LTM Adjusted	Expected Free Cash
Digital-Only	Revenue (31% of	EBITDA(2)	Flow Conversion in
Subscribers	total revenue)		2022

179M	15K	2.1M	2.0M
Avg. Monthly	Avg. Monthly	Total Quarterly	Total Quarterly
Digital Audience	DMS Core	Event	Print
	Customers	Attendees	Subscribers

Distribution Footprint

• 250 local dailies + USA TODAY in the US
• 120+ community newspapers in the UK

1.	LTM Digital Revenue and LTM Adjusted EBITDA reflect data as of Q3 2021, while the remainder metrics reflect data for Q3 2021.	4
2.	Adjusted EBITDA and free cash flow conversion are non-GAAP metrics. Refer to Appendix for reconciliation of non-GAAP metrics.

Our Operating Matrix

Strong Focus On Sustainable Value Creation

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