Lee Enterprises Incorporated : Q3’22 Earnings Presentation

UPDATE ON LEE'S DIGITAL

TRANSFORMATION

THIRD QUARTER FY2022 EARNINGS | AUGUST 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.

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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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LEE'S STRATEGY FOR DIGITAL TRANSFORMATION:

THE THREE PILLARS

LEE IS RAPIDLY TRANSFORMING FROM A PRINT-CENTRIC TO A DIGITAL-CENTRIC COMPANY

PILLAR 1	PILLAR 2	PILLAR 3
Expand digital audiences by	Expand digital subscription	Diversify and expand
transforming the	base and revenue	offerings
presentation of local news		for local advertisers
and information

Lee expects the Three Pillar Digital Growth strategy to drive more than

$435 million of recurring, sustainable digital revenue by 2026.

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DIGITAL TRANSFORMATION: MARKET LEADING GROWTH

Digital Subscriber	Digital Agency Revenue	Total Digital Revenue
Growth Leads Industry	Growth Leads Industry	Growing Significantly
501K Current Digital-only	$66M Amplified LTM Revenue	$224M of LTM Total Digital Revenue
Subscribers
10 quarters of leading digital subscriber growth		Total Digital Revenue up 24% YOY
March YOY Growth	LTM March YOY Growth	LTM June YOY Growth
		$224M
		$181M

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