Gannett : Quarterly Supplement Q3 2020

Q3 2020 Earnings

November 3, 2020

Disclaimers 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." Prior to November 19, 2019, our corporate name was New Media Investment Group Inc. ("New Media" or "Legacy 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. (also referred to as "Gannett," "we," "us," "our" or the "Company").

Cautionary Statement Regarding Forward-LookingStatements. Certain 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 operating priorities, our expectations, in terms of both amount and timing, with respect to implementation of synergies, realization of cost savings, debt repayment, real estate and other asset sales, debt refinancing, future growth and revenue trends, liquidity benefit under CARES Act provisions, and our ability to influence trends. These statements are based

on management's current expectations and beliefs and are subject to a number of risks and uncertainties, which could cause actual results to differ materially

from those described in the forward-looking statements. Many of these risks and uncertainties 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 Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and 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 of this press release. 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, Free Cash Flow and same store pro forma revenue. Year-over- year same store pro forma revenue changes are calculated based on GAAP revenue for Legacy New Media and Legacy Gannett prior to the Acquisition and GAAP revenue for the Company for the reporting period, excluding (1) revenues related to 2019 acquisitions from the beginning of 2020 through the first year anniversary of the applicable acquisition date, (2) exited operations, (3) currency impacts, and (4) deferred revenue impacts related to the Acquisition. See the "Appendix" in this presentation for information regarding these non-GAAP measures, including reconciliations to the most directly comparable GAAP financial measure.

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Digital subscribers (US & UK)

Q3 2020 Top Line Stats

Gannett is a digitally focused media and marketing solutions company committed to serving communities

through content, experiences, and innovative marketing and advertising products and solutions

Community Engagement

(U.S. and UK)

185M Average Monthly Audience

2.5B Total Pageviews

391M Total Video Views

41K+ Paid Virtual Race Registrations

Revenue Drivers

3.6M Total subscribers (Print + Digital U.S. & UK)

1.029M

90% Events Revenue compared to Q3 2019 (YTD) with Pivot to Virtual

Gannett's local reach across

US and UK

More than 115,000 businesses

served globally

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2020-2021 Operating Priorities to Drive Growth

Strong opportunity for creating shareholder value

• Improved financial performance and sustainability through migration to a subscription-led business model
• • Grow our consumer marketing revenue through increasing our digital-only subscriptions and stabilizing print subscriptions
  • Return digital marketing services to double-digit growth through product and customer growth leveraging our broad reach across the country
  • Continued expansion of our community events, both through locations and concepts, with revenue growth of over 40% annually
  • Continue to lower cost structure in order to grow EBITDA and margin
• Create a stronger, more resilient balance sheet
• • Reduce leverage through strong cash flow generation and sales of non-strategic and real estate assets
  • Lower cost of debt; refinance current Term Loan B
  • Preserve/strengthen liquidity position
  • Sell $100 - $125 million in assets in 2021
• Completion of our integration to align the Company around our growth areas and maximize efficiencies
• • Complete our implementation of $300 million in synergies by the end of 2021
  • Leverage consolidated systems and increased data to drive product and customer growth
  • Share best practices across our footprint and business divisions leading to improved financial performance

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