BUILDING LONG-TERM VALUE

INVESTOR PRESENTATION | SEPTEMBER 2022

SAFE HARBOR

The information provided in this presentation may include forward-looking statements relating to future events or the future financial performance of the Company. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Words such as "aims", "anticipates," "plans," "expects," "intends," "will," "potential," "hope" and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based upon current expectations of the Company and involve assumptions that may never materialize or may prove to be incorrect. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties. Detailed information regarding factors that may cause actual results to differ materially from the results expressed or implied by statements in report relating to the Company may be found in the Company's periodic filings with the Commission, including the factors described in the sections entitled "Risk Factors," copies of which may be obtained from the SEC's website at www.sec.gov. The Company does not undertake any obligation to update forward-looking statements contained in this presentation.

Except where otherwise indicated, the information in this presentation speaks only as of September 19, 2022. This presentation contains non-GAAP financial measures and key metrics relating to the Company's past and expected future performance. You can find the reconciliation of these measures to the nearest comparable GAAP financial measures in the Appendix.

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LEE IS STRONGLY POSITIONED FOR THE FUTURE (NASDAQ: LEE)

Leading provider of digital products and services and high quality, trusted, local news and information

  • Deep relationships in 77 attractive, mid-size local markets, reaching more than 43M unique visitors each month1
  • Mid-sizemarket focus enables greater audience engagement/deeper penetration and lower volatility from macroeconomic trends
  • Lee reaches 7 out of 10 adults in its markets during the week

Fastest growing digital subscription platform in local media

  • 11 consecutive quarters of industry leading digital subscription growth
  • 501,000 digital subscriptions as of June (+49% YOY)
  • LTM June digital subscription revenue of $37 million (+50% YOY in Q3FY22)

Digital advertising growing across platforms with differentiated digital product offerings

  • Developed Amplified Digital®, a full service digital marketing services agency
  • LTM June Amplified revenue of $66 million (+74 YOY in Q3FY22)
  • Lee's omni channel sales platform, Vision, provides a competitive advantage to grow digital advertising and marketing services revenue

Strong business model and best-in-class management team

  • Hired by Warren Buffett in 2018 to manage Berkshire Hathaway's local media operations
  • Team consistently outperforms local media peers on revenue metrics
  • Majority of revenue is subscription based, recurring revenue

1 Digital audience represents average monthly UV on Lee's owned and operated websites in the three months ended June 2022.

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WARREN BUFFETT BELIEVES THAT WE ARE WELL-POSITIONED TO EXECUTE ON OUR TRANSFORMATION

My partner Charlie Munger and I have known and admired the Lee organization for over 40 years. They have delivered exceptional performance managing BH Media's newspapers and continue to outpace the industry in digital market share and revenue. We had zero interest in selling the group to anyone else for one simple reason: We believe that Lee is best positioned to manage through the industry's challenges.

No organization is more committed to serving the vital role of high-quality local news, however delivered, as Lee. I am confident that our newspapers will be in the right hands going forward and I also am pleased to be deepening our long-term relationship with Lee through the financing agreement." Warren Buffett, January 29, 2020

As Lee's sole lender, Berkshire Hathaway remains highly confident in Lee's Board and management as they continue to navigate the ever-evolving newspaper industry." Warren Buffett, February 14, 2022

Source: Lee Enterprises press release, January 29, 2020

Note: Permission obtained to use quotation.

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LEE INVESTMENT THESIS

WE BELIEVE OUR THREE PILLAR DIGITAL GROWTH STRATEGY WILL CREATE SUBSTANTIAL VALUE:

Execute Three Pillar Digital Growth Strategy

Generate long-term sustainable digital revenue growth, margin expansion, and strong free cash flow

Continued Debt Reduction & Strengthened Balance Sheet

Expect to reach <2.5x leverage target within five years

Increased Shareholder Value

Operating cash flow and profits are enhanced

Debt reduction drives shareholder value

Multiple expansion fueled by increased recurring, high-margin digital revenue

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Disclaimer

Lee Enterprises Incorporated published this content on 23 September 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 September 2022 21:10:02 UTC.