TEGNA : Investor Presentation with Governance January 2021

Investor ESG Presentation

January 2021

Forward-Looking Statements

Certain statements in this communication may constitute "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein are subject to a number of risks, trends and uncertainties that could cause actual results or company actions to differ materially from what is expressed or implied by these statements, including risks relating to the coronavirus (COVID-19) pandemic and its

effect on our revenues, particularly our non-political advertising revenues. Potential regulatory actions, changes in consumer behaviors and impacts on and modifications to TEGNA's operations and business relating thereto and TEGNA's ability to execute on its standalone plan can also cause actual results to differ materially. Other economic, competitive, governmental, technological and other factors and risks that may affect TEGNA's operations or financial results are discussed in our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Any forward-looking statements in this presentation should be evaluated in light of these important risk factors.

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Our Response to COVID-19

Actions taken during COVID-19 support our employees, customers, and communities

❑ Our Board has been actively involved in overseeing our response to COVID-19; our directors' combined skills and experiences have proved invaluable in navigating the pandemic

❑ We are serving and supporting our viewers, customers, and each other during these extraordinary times as we continue to work to create long-term value for all our shareholders

❑ We moved quickly to protect our colleagues in newsrooms by moving to remote work and found innovative ways to deliver trusted news and substantive content that brings clarity, context and hope to our audiences

❑ Our established culture of innovation and execution allowed us to act quickly and decisively navigate the pandemic, and our employees have continued to utilize innovative approaches to our work through these unprecedented circumstances

❑ We are informing and uniting our communities during a time of dislocation and isolation, including through our balanced Facts Not Fear editorial brand and philosophy from day one of the pandemic, which has clearly resonated with our audiences across all platforms

❑ Our VERIFY franchise helps sift fact from fiction among a sea of misinformation and disinformation. TEGNA coverage has been a welcome antidote to the anxiety-ridden experiences provided by some national news and social media outlets

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Company Overview

TEGNA is an independent media company providing empowering stories, impactful investigations

and integrated marketing services through trusted and innovative content across platforms

$3.1B

Market Cap1

$2.9B

Revenues2

$1.0B

Adj. EBITDA2,3

64

Stations

51

Markets

+80%	+11%	+123%
	Largest
Visitors 4	Monthly	Total Video Plays4		owner of Big 4
	Active Users4			affiliates in
				the top 25
				markets

Largest

affiliate group

2nd Largest

: Legacy TEGNA stations

: Dispatch stations

: Nexstar / Tribune divestiture stations affiliate group

1 As of 31-Dec-2020;2 Preliminary FY 2020. See press release dated Jan 6, 2021 for additional information; 3 See

Non-GAAP Reconciliation on slide 24; 4 As of Sept 2020, TEGNA average monthly year to date. Sources: Google	4
Analytics, YouTube Analytics, Campaign Monitor

TEGNA's Business Strategy Drives Long-Term Value

TEGNA's commitment to financial discipline, superior execution and innovative content and

marketing solutions creates a compelling long-term value proposition

Five Key Pillars of Value Creation		Superior Execution

Continue to be best in class operator

Aggressively pursue accretive M&A opportunities resulting from industry consolidation

Pursue growth opportunities through

partnerships, innovation and adjacent businesses

• 50%+ of durable revenues from subscription & political in '19/'20 cycle
• ~35% Adjusted EBITDA margin for full-year 20201
• Net subscription profits are expected to grow mid-to-high twenties percent year-over-year in 2021
• ~40 stations acquired and ~$4 billion of transaction value since '13
• Efficiency of acquisitions have kept us well under the 39% FCC local ownership cap at 32%, with the UHF discount, which provides us headroom for future M&A
• Premion in OTT advertising services, with Gray now serving as a reseller of Premion's services
• Expansion of OTT streaming services, including a recent update of Roku streaming apps for all stations and the start of rolling out station apps on Amazon Fire TV
• True Crime Network (formerly known as Justice Network) / Quest in multicast networks
• Innovative content: newscast transformation, interactive TV and digital series Daily Blast Live,
  VAULT Studios podcasts, new audience engagement tools including "Near Me"

Maintain a strong balance sheet

Commitment to free cash flow generation and a balanced capital allocation process

• 4.5x net leverage as of 3Q 20202; net leverage is expected to end the year at or below 4.0x
• $1.5 billion revolver extended through 2024 increases capital flexibility
• Executed $2.65 billion in recent refinancings to lower interest expense and extend maturities
• 96% of fixed-rate debt ensures a low cost of debt
• Amended the only financial covenant (debt coverage) to extend the step-down of the maximum permitted total leverage ratio from 5.50 to 5.25 by 15 months
• Continued thoughtful, disciplined allocation philosophy
• Primary focus on debt paydown; also returning capital to shareholders through a regular dividend

Source: Company filings	5
1 Preliminary FY 2020. See press release dated Jan 6, 2021 for additional information.
2 The leverage ratio used for our single financial covenant in our revolving credit agreement was 4.38x as of the end of the quarter. The primary difference between the two leverage ratios is the definition of Adjusted EBITDA in the

revolving credit agreement version requires additional adjustments to add back non-cash compensation and contractual synergy benefits during periods in the trailing eight quarters that preceded the acquisition.

Consistent Execution of our Strategy has Driven Growth and Diversification

Increasing mix of high margin subscription and political revenues allows us to continue to deliver

value to shareholders, regardless of cyclical or economic conditions

Shift in TEGNA Revenue Composition

2015		2019

Advertising &		Advertising		Subscription
Marketing(1) Subscription		44%
& Marketing	(1)
71%	26%
	53%

	Political	Other	Political
Other	2%
1%
1%
2%

Our high-margin, stable political and subscription revenues will

make up more than half of our 2019-2020 revenues, and we expect

an increasing percentage thereafter

Subscription Revenue		Political Revenue
Expect full year 2020 subscription revenue to		Political revenues will contribute ~$445
be up high-twenties percent		million for the full year

$445M

$1,005M

$841M

$719M

$449M

$582M

$234M

$159M

$155M

2015	2016	2017	2018		2019	2014	2016	2018	2020
		High margin and					2020 a record political year
		predictable

TEGNA's Advertising and Marketing Services Revenue Cyclicality

TEGNA's even- to odd-year results are comparatively impacted by the cyclical driver of

spending related to political advertising in election years

1 Advertising & Marketing Services: Advertising (Excluding Political) + Digital revenue	6

Experienced Leadership with History of Driving Results

Dave Lougee

Lynn Beall

Anne Bentley

Ed Busby

President and

Executive Vice President and

Vice President and

Senior Vice President of

Chief Executive Officer

COO of Media Operations

Chief Communications Officer

Strategy

	Victoria D. Harker			Akin Harrison			Jeffery Newman			Grady Tripp
	Executive Vice President and			Senior Vice President, General			Senior Vice President and Chief			Vice President and
	Chief Financial Officer			Counsel and Secretary			Human Resources Office			Chief Diversity Officer

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Our Board is Independent, Diverse and Engaged

Howard D. Elias		Dave Lougee		Gina L. Bianchini		Stuart J. Epstein
Independent Chairman, TEGNA		President and CEO, TEGNA		▪ Founder and CEO,		▪	CFO, DAZN Group
▪ Chief Customer Officer & President,		▪ Former President, TEGNA Media		Mighty Networks		▪	Former Co-Managing Partner,
Services & Digital, Dell Technologies		▪ Former President of Broadcasting,		▪ Former CEO and Co-Founder,			Evolution Media
▪ Former President and COO,		Gannett Co., Inc.		Ning, Inc.		▪	Former CFO, NBCUniversal
EMC Global Enterprise Services

Lidia Fonseca

Karen H. Grimes

Scott K. McCune

Henry W. McGee

▪ EVP, Chief Digital and

▪ Former Partner, Senior Managing

▪ Founder, MS&E Ventures

▪

Senior Lecturer,

Technology Officer, Pfizer

Director, and Equity Portfolio

▪ Former VP, Global Media and

Harvard Business School

▪ Former CIO, Quest Diagnostics

Manager, Wellington Management

Integrated Marketing, The

▪

Former President,

Coca-Cola Company

HBO Home Entertainment

Susan Ness

Bruce P. Nolop

Neal Shapiro

Melinda C. Witmer

▪ Principal, Susan Ness Strategies

▪ Former CFO, E*TRADE

▪ President and CEO, WNET

▪

Founder, LookLeft Media

▪ Former FCC Commissioner

Financial Corporation

▪ Former President, NBC News

▪ Former Chief Video and

▪ Former CFO, Pitney Bowes Inc.

Content Officer, Time Warner

Cable (now Spectrum)

Independent Oversight and Leadership:

• 11 of 12 directors on the Board are independent
• Leadership structure allows for effective, independent Board oversight and communication, while enabling the CEO to focus on executing the strategic plan and managing operations

Active and Engaged Directors:

• Significant amount of time dedicated to Board strategy discussions
• Director participation in extensive shareholder engagement program
• Regularly evaluates all opportunities to create value

Annual Evaluation and Commitment to Refreshment:

• Annual assessment conducted to assess effectiveness of Board and committees
• Ongoing board refreshment process resulted in six new independent directors added over the past five years and the transition of the chairman role during 20181

Gender & Racial Diversity

17%	Racially &	42% Female

Ethnically

Diverse

Tenure1

Average Tenure: 6.5 yrs

1 As of January 1, 2021. Includes Gannett board membership	8
prior to the spin-off

Our Directors' Expertise Aligns with Our Long-Term Strategy

Specific Area of

Expertise Represented # of Directors with

Recently added Directors' skills align with TEGNA's strategy, provide further insight into the evolving media landscape, enhance financial/M&A experience

Desired Board Skill	on Board	Skillset / Experience
	Financial	⚫ ⚫ ⚫ ⚫ ⚫ ⚫
Core business	Marketing	⚫ ⚫ ⚫ ⚫ ⚫ ⚫
fundamentals
Operational	⚫ ⚫ ⚫ ⚫ ⚫ ⚫ ⚫ ⚫ ⚫ ⚫
Protect and enhance	ESG	⚫ ⚫ ⚫ ⚫ ⚫ ⚫ ⚫
long-term value
Strong independent	Public Co. Board	⚫ ⚫ ⚫ ⚫ ⚫
	⚫ ⚫ ⚫ ⚫ ⚫ ⚫
oversight & leadership	Public Co. C-Suite
capabilities	Leadership	⚫ ⚫ ⚫ ⚫ ⚫ ⚫ ⚫ ⚫ ⚫ ⚫ ⚫ ⚫
Industry-specific	Media	⚫ ⚫ ⚫ ⚫ ⚫ ⚫ ⚫ ⚫ ⚫ ⚫
experience	Digital / Technology	⚫ ⚫ ⚫ ⚫ ⚫ ⚫
Capital allocation and	M&A	⚫ ⚫ ⚫ ⚫ ⚫ ⚫
integration expertise

Director Oversight

TEGNA has a highly capable Board with a track record of operational excellence and

successful M&A execution that actively and regularly reviews and oversees

development and implementation of long-term strategic plan to drive shareholder value

Karen Grimes (Feb. 2020)

Deep financial and investment expertise, including in media and advertisers, and extensive leadership experience

Gina Bianchini (Feb. 2018)

Deep expertise in social media and community building technology platforms; significant digital and startup experience

Stuart J. Epstein (Feb. 2018)

Extensive experience in media, technology and deep transactional experience; CFO of NBC Universal and also oversaw NBC operating stations

Melinda C. Witmer (Dec. 2017)

Experience in capitalizing on market opportunities and emerging media platforms; extensive experience negotiating transactions with local and national broadcasters

Adds investor perspective within the Boardroom and enhances depth of financial expertise

Experience using technology to connect people mirrors our purpose of serving the greater good and helps TEGNA to evolve in the digital age

M&A Transaction, strategic, operational and industry experience helps us to analyze opportunities for organic and inorganic growth

Operational experience and industry knowledge of changing consumer trends enhances our ability to anticipate and capitalize on market opportunities

9

Board Oversight and Management Execution of Strategic Transformation

Successful execution of M&A and strategic initiatives

led by the Board and management resulted in…

…transformation of TEGNA into a pure-play broadcasting company

• Successful integration post Belo acquisition (Dec. 2013, $2.2B)
• Acquired six of
  London Broadcasting's
  TV stations
  (Jul. 2014, $215M)
• Announced spin off
  of publishing business to begin evolution into a pure play broadcasting company
  (Aug. 2014)

	▪ Changed name to				▪ Launched the
	TEGNA (Apr. 2015)				industry's first OTT
	and completed				local advertising
	spin-off of				network, Premion,
	publishing business				to help TEGNA
	Gannett (Jun. 2015)				expand its revenue
					base and provide
					access to
					new markets (Nov.
					2016)

• Enhanced focus on digital-first strategy, including integrating digital into newsrooms (May 2017)
• Completed spin-off
  of Cars.com (Jun. 2017), sale of CareerBuilder (Jul. 2017)

Acquired KFMB's San

Diego stations (announced Dec. 2017)

First acquisition as a pure-play

• 2018 - 2019, completed 5 acquisitions totaling ~$1.8B ($1.5B closed in 2019), strengthening our market positioning, portfolio of stations and shareholder value1

	▪ Creates TEGNA Marketing				▪ Acquired 15 TV & 2 radio
	Solutions (Nov. 2018)				stations in 2019
					▪	Toledo / Midland-Odessa (Jan.
						2019, $105M)
					▪	Justice / Quest (June 2019,
						$77M) 2
					▪	Dispatch (Aug. 2019, $535M)
					▪	Nexstar / Tribune Divestiture
						(Sept. 2019, $740M)

2014

2015

2016

2017

2018

2019

History of evaluating TEGNA's business portfolio and M&A opportunities with an

objective lens to best position TEGNA for shareholder value creation

Note: date of M&A deals represents transaction close unless otherwise noted

1. Includes acquisitions of KFMB's San Diego stations, Toledo/Midland-Odessa, Justice/Quest, Dispatch, and Nexstar/Tribune divestitures
2. Acquisition of 85% of multicast networks not owned from Cooper Media

2020+

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Strong Balance Sheet and Liquidity Profile

Ended the third quarter in strong liquidity position:

• $165 million in cash and $1.3 billion+ undrawn capacity on revolving credit facility

Recent refinancing actions further strengthen the balance sheet, reduce interest expense, extend maturities:

• On January 9, 2020, completed a $1.0 billion offering of 2028 senior notes at 4.625%
• • Proceeds were used to retire nearer-term maturity higher interest rate debt in February
  • Expected to result in net interest savings of $10 million in 2020
• On September 10, 2020, completed a $550 million offering of 2026 senior notes at 4.750%
• • Proceeds will be used to refinance $350 million of remaining 4.875% notes maturing in September 2021 and $188 million of 5.500% notes maturing in September 2024
• During October 2020, the Company drew down its revolving credit facility to repay all of its Senior Notes due in 2021 and a portion of Senior Notes due in 2024
• • As of October 31, 2020, the undrawn capacity under the facility was $950 million

Continued progress in reducing debt, our primary near-term focus:

• Reduced leverage from 4.8x to 4.5x as of the end of the third quarter 20201
• Cash flow continues to be used to reduce net debt
• • Expect net leverage ratio to be at 4.0x or less by year end 2020

Revolver extension increased capital flexibility; completed with favorable terms:

• $1.5 billion revolver extended through 2024
• On June 11, 2020 amended the only financial covenant (debt coverage) to extend the step-down of the maximum permitted total leverage ratio from 5.50 to 5.25 by 15 months, until March 31, 2022
• • Additional step downs will continue thereafter as scheduled
  • Revised terms provide additional financial flexibility given current market conditions

No upcoming

debt maturities

until 2024

High Percentage of Fixed-Rate Debt Ensures Low Cost of Debt

Floating

Rate

~4%

Fixed

Rate ~96%

As of 30-Sep-2020

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1 The leverage ratio used for our single financial covenant in our revolving credit agreement was 4.38x as of the end of the quarter. The primary difference between the two leverage ratios is the definition of Adjusted EBITDA in the revolving credit agreement version requires additional adjustments to add back non-cash compensation and contractual synergy benefits during periods in the trailing eight quarters that preceded the acquisition.

Executive Compensation is Designed to Drive Our Strategy and is Closely Aligned with Performance

(Fiscal 2019 Program Overview)
Component	Performance Considerations	Pay Objective	2019 CEO Compensation Mix1

Short-Term Cash Compensation

		▪ Nature / responsibility of position		▪	Attract and retain top talent
Base Salary		▪	Achievement of KPIs		▪	Adjustments reflect individual performance or changed
	▪	Internal pay equity among positions, market data			responsibilities

		▪	Contribution to Company-wide performance across		▪ Incent attainment of individual and Company
Annual			variety of financial metrics		performance goals
Bonus		▪	Achievement of KPIs

61%
of CEO's target compensation
is performance-based
Performance	RSUs
22%

Long-Term Equity Incentives

Performance

Shares (PSUs)

Restricted

Stock Units

(RSUs)

• Achievement of pre-definedlong-term financial goals based on Adjusted EBITDA and Free Cash Flow as a percentage of Revenue
• Creation of long-term shareholder value
• Awarded based on achievement of the Company's financial and strategic goals
• Creation of long-term shareholder value

• Drive shareholder returns, align with shareholders' interests, foster stock ownership
• 2-yearperformance period to reflect cyclical nature of business2, with 3-year vesting period promoting retention
• Align with shareholders' interests, foster stock ownership and promote retention

Shares
40%	Base
	Salary
Annual	18%
Bonus
21%

Compensation Committee's Key Performance Indicator (KPI) Selection Process

• KPIs are set annually for each executive, and consist of individually designed qualitative and quantitative goals designed to be challenging but attainable:
• • Profit and Revenue Goals: Financial goals for the Company and respective business unit over which the executive has responsibility (e.g., revenue, adjusted EBITDA, operating income, free cash flow, digital revenue)
  • People Goals: Measures of leadership, achievement of diversity initiatives, First Amendment activities, and other significant qualitative objectives
  • Product Goals: Innovation, collaboration, new products and programs in support of the Company's strategic plan

1	Compensation mix does not equal 100% due to rounding	12
2	Even- to odd-year results comparatively impacted by the cyclical drivers

Corporate Governance Profile Reflects Commitment to Long-Term Interests of our Shareholders

TEGNA's governance practices ensure the Company operates in ways

that support the long-term interests of our shareholders

Corporate Governance

• Independent Board chair
• 11/12 independent Board members
• Balanced tenure
• 42% gender diverse and 17% racially and ethnically diverse Board
• Proxy access bylaw provision
• Ongoing board refreshment to align with business evolution
• Long-standingshareholder engagement program, including participation by our Independent Chair
• Significant Board engagement on strategy, capital deployment and risk oversight
• Regular executive sessions of independent directors
• Annual Board performance evaluation

Compensation Governance

• Substantial portions of total compensation at risk and performance-based
• Review of compensation and financial performance against internal budgets, results from prior years and peer data to ensure alignment in pay outcomes
• Anti-hedgingand anti-pledging
• Clawback policy for NEOs
• Robust executive stock ownership guidelines for NEOs
• Double-triggerchange-in-control and no new excise tax gross-ups since April 2010

13

Commitment to Risk Management

TEGNA's Board and management are focused on staying ahead of key risks facing our business

Board's Role in Risk Oversight

• The Board oversees risk management through regular discussions with senior leadership, considering risks in the context of the Company's strategic plan and operations
• Enterprise risk management program enhances the Board and management's ability to identify and respond to strategic, market, operational and compliance risks facing the Company
• Each Board committee also considers risk within its area of responsibility, including the Public Policy and Regulation Committee which considers risks related to certain legal, regulatory, compliance and public policy matters including media, antitrust and data privacy laws and regulations

Focus on Data Privacy

• Implemented multifactor authentication for personnel who have access to confidential and sensitive data
• Migrated applications under centralized authentication and authorization tool (Okta), allowing regular monitoring of system access
• Conduct training on compliance with HIPAA for all HR employees to ensure affected personnel understand how to treat and manage "protected health information" that may be in their possession

Evaluating senior leadership's processes to identify, assess, manage and monitor risks confronting

the Company is one of the most important areas of the Board's oversight

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Our Purpose: Serving the Greater Good

TEGNA and its diverse portfolio of stations are driven by our strongly-held purpose to serve the

greater good - to make a difference in our company and our communities

Spotlight: TEGNA Stations Changing Lives and Laws

• KING 5's "Hanford's Dirty Secrets" exposed that workers at the Hanford nuclear waste site, the nation's largest nuclear waste dump, were being denied rights to compensation for work- related illnesses
• Series won an Emmy award
• As a direct result of the KING 5 investigation, new legislation was signed into law to help Hanford workers file for and receive their health benefits

• In "Deadly Housing Investigation," WLTX's continuing investigative coverage of Section 8 housing in Columbia revealed a stunning lack of oversight and accountability that had led to two deaths from Carbon Monoxide poisoning
• The coverage led to several
  Housing Board members' resignations and legislation has been drafted in South Carolina to create better oversight

• WLTV's "Cherish Perrywinkle: She Should Be Alive" exposed failures, both human and systemic, that allowed a known sexual predator to victimize three generations of children
• The case prompted changes to Florida law to create stricter oversight of sex offenders, and
  First Coast News' coverage was credited by the State Attorney for holding officials accountable

• Year-longinvestigation into medical billing morphed into a crusade to change Colorado law
• Documented how hundreds of patients had liens placed on their homes for controversial medical bills of which they were not aware in "Lien on Me"
• Subsequent outcry prompted lawmakers to stand up to lobbies, resulting in the Out-of- network Health Care Services bill, a victory for patients' rights

Through our innovative content and impactful investigations we are able to make a tangible positive impact on

our communities, which benefits all of TEGNA's stakeholders

15

Providing Trusted, Impactful and Innovative News

Audiences turning to local journalism during COVID-19

• Our local stations are reassuring our audiences with "Facts Not Fear," both a brand and philosophy for all TEGNA journalists
• Local news is the most trusted source of all, and our colleagues have risen to the challenge
• Employees have utilized creative approaches to production to ensure safety while reporting on important facts during this pandemic

Creating greater awareness of racial issues

Provided balanced, nuanced coverage following the death of George Floyd in Minneapolis

Aired a series of half-hour specials on racial inequality and social justice titled Facing Race

Produced a special series report, "The Talk: A Hard Conversation About Race in America"

Worked to build trust in the voting process

• Trainings on detecting misinformation campaigns, specifically those targeting Black and Hispanic communities
• Creation of Voter Access teams at stations to educate the public on the election process
• Holding election officials accountable for transparency in the reporting of results
• Expansion of stations' VERIFY news fact-checking reporting to identify and debunk false information spread on social media platforms

16

Key Focus Areas of Our Corporate Social Responsibility and Sustainability Efforts

Human Capital

TEGNA remains committed to

building a fully inclusive culture and

equity in talent hiring and management decisions

See next slide for more details

Social Capital

Creating societal impact is at the core of our purpose to serve the greater good of our communities

Corporate Governance		Environment

The Board has implemented strong		TEGNA remains committed to
corporate governance policies that		managing our environmental impact
align with best practices for public		responsibly and protecting the
companies and the evolving		environment through our
expectations of shareholders		investigative journalism and
		business practices

• TEGNA remains committed to embedding sustainability throughout our business. We are focused on social, human, environmental and corporate governance practices that strengthen communities, and protect and enhance TEGNA's long-term value
• Our Board's Public Policy and Regulation Committee also generally guides the Company's corporate social responsibility and sustainability efforts, and reviews and reports on these efforts on a periodic basis to our Board
• Since 2018, Social Responsibility Highlights are updated each year and a Social Responsibility portion of our corporate website has been created to better reflect and report on our corporate social responsibility practices

17

Recently Enhanced Oversight of Diversity and Inclusion Efforts; Ongoing Reporting of Board and Workforce Diversity Statistics

Human Capital

• Diversity and inclusion is and will be an area of heightened focus for our Board and management. We are working together to ensure our company reflects the diversity within the communities that we serve in order to better serve those same communities.
• To further embed that commitment and accountability into the governance of our company, in July 2020 our Board adopted specific areas of oversight for each Board committee regarding how TEGNA approaches diversity:

Leadership Development		Nominating &		Public Policy &		Audit Committee
& Comp. Committee		Governance Committee		Regulatory Committee
Racial diversity of		Racial diversity of the		Racial diversity of editorial		Investment and
corporate and station				purchasing with minority
	Board		and content
leadership				owned businesses

Newly Created Position in Sep. 2020

Chief Diversity Officer: Grady Tripp

Tripp oversees attracting, retaining and

growing diverse talent, developing

training programs to enhance awareness and accountability in diversity issues, facilitating the company's racial diversity and inclusion employee working group and providing thought leadership to TEGNA colleagues and the media industry

Diversity Statistics

• Commitment to building a fully inclusive culture and equity in talent hiring and management decisions, and supporting supplier diversity:

U.S. Employee Profile	Women	Ethnic	2019 Statistics:
Minorities
		▪ 52% of promotions were given to women; 24% to ethnic minorities
Total Management	41.4%	14.2%
▪ 68% of interns were women; 41% were ethnic minorities
Total Non-Management	48.0%	24.1%
▪ Diverse suppliers were awarded 13% of TEGNA's spending on outside products and services1
Total TEGNA	47.0%	22.6%

1 Based on analysis of the top 100 vendors

18

Ongoing Pledge to Investing in, and Supporting our Employees and Communities

Human Capital

• Listening to our Employees: In 2020, TEGNA completed its second comprehensive, companywide employee survey
• • Based on employee feedback, leaders and managers develop action plans to address opportunities to improve our culture, including diversity and inclusion initiatives and employee benefits enhancements.
• Investing in our Employees:
• • We invest annually in employee professional development opportunities including Leadership Development and Executive Leadership programs, and diversity- related recruitment and internship opportunities.
  • We have expanded our benefits programs including a recent enhancement of our parental leave policy, added coverage for fertility and Applied Behavioral Analysis (ABA) therapies and provided resources to help employees balance work and life.
  • We also adopted Juneteeth as an annual paid company holiday.
  • For the fourth consecutive year, we have been recognized as a Best Place to Work for LGBTQ Equality, receiving a perfect score on the 2020 Corporate Equality Index administered by the Human Rights Campaign Foundation
• Giving Back to our Communities: All stations participate in the TEGNA Foundation Community Grants program, which are distributed within the United Nations Sustainable Development Goal framework.
• • In 2020, TEGNA was named toThe Civic 50as one of the 50 most community-minded companies in the United States.
  • Stations have helped raise approximately $65 million for local COVID-19 relief efforts; collectively, stations help raise more than $100 million per year for their communities.
• TEGNA Foundation Media Grants promote diversity in journalism and professional development opportunities for media professionals and students.
• • 2020 recipients included:

National Association

National Association

Asian American

Native American

National Lesbian and

Investigative

Online News

of Black

of Hispanic

Journalists

Journalists

Gay Journalists

Reporters and

Association (ONA)

Journalists (NABJ)

Journalists (NAHJ)

Association (AAJA)

Association (NAJA)

Association (NLGJA)

Editors (IRE)

• TEGNA Foundation also announced it was making a special $75,000 grant to Reporters Committee for Freedom of the Press (RCFP) to support its mission to protect First Amendment freedoms and the newsgathering rights of local journalists.

19

Ongoing Pledge to Corporate Social Responsibility

Social Capital

• TEGNA stations regularly conduct investigations that make an impact in communities and change public policy
• TEGNA stations raised more than $100 million in 2019 in support of diverse local causes that address specific needs in our communities
• In 2020, the TEGNA Foundation Community Grants program made 225 grants totaling $1.5 million; grants are distributed within the United Nations Sustainable Development Goal framework
• In 2020, the TEGNA Foundation contributed $100,000 to the NAACP Legal Defense Fund to support and promote racial equality and $75,000 to the Reporters Committee for Freedom of the Press to support efforts and training to
  improve safety and legal protections for local journalists working to cover protests and demonstrations

Journalistic Integrity

• Conduct regular ethics trainings and adopted Principles of Ethics Journalism and Social Media policies
• Vigorous advocate for First Amendment principles and recognize the important role news organizations play in informing the public
• Conduct training to combat disinformation in Company's 49 newsrooms in 2020
• In 2020, expanded news fact-checking initiative VERIFY by adding additional regional fact-checkers to provide transparency in the reporting process

20

Ongoing Pledge to Corporate Social Responsibility

Environment

• TEGNA's Environmental Policy promotes the operation of our business in a manner that is environmentally responsible by reducing our carbon footprint and conserving energy
• TEGNA stations also regularly report on environmental and sustainability issues impacting our communities, that have, in many instances, made a difference in the lives of the communities
• Seek to take space in LEED-certified buildings that are designed for energy efficiency, including TEGNA's new headquarters in Tysons, VA which offers access to public transportation, electric vehicle charging ports and is designed to reduce energy consumption through daylight harvesting, occupancy sensors and zoned HVAC
• Implemented several energy efficiency strategies including upgrading stations' studio lighting to LED and HVAC upgrades
• Reduced unnecessary business travel by utilizing video conferencing technology across the business
• Installed on-demand office printers to reduce paper use and minimize waste
• Reviewing additional ways to move to renewable energy sources to reduce our environmental impact

21

Key Takeaways

❑ TEGNA acted swiftly in response to the COVID-19 pandemic - protecting employees, supporting customers and serving its communities

❑ In light of the recent racial injustice - assessing and holding ourselves accountable for our own recruitment, hiring, development and promotion practices

❑ Despite a challenging advertising backdrop primarily due to cancellations related to the pandemic, TEGNA has seen sequential positive progress since the onset of the downturn, and our OTT advertising platform Premion is benefiting from the secular tailwinds of additional viewing on streaming services

❑ Actions over the past few years, including strategic portfolio construction and careful balance sheet management, provide solid foundation to better weather the current environment and build shareholder value over the long-term

❑ Remain committed to operational and financial discipline, which - with strong execution - drives strong margins and free cash flow

❑ Operational growth drivers, such as content innovation, subscription revenue and digital growth initiatives, combined with strong even-year political revenue (including most recently, a record year), diversify our revenue and position TEGNA for long-term success as the country moves beyond the current crisis

❑ Subscription revenue growth continues to be driven by leading Big Four affiliate rates and successful retransmission negotiations with our subscribers

❑ Track record of innovation and execution, with proven ability to leverage core assets and capabilities to build new, adjacent businesses, such as Premion

❑ Strong free cash flow model, a disciplined capital allocation strategy with near-term focus on debt reduction, and deliberate financial decisions drive flexibility and strong dividend yield to further optimize shareholder value

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Appendix

Preliminary Non-GAAP Reconciliation

Trailing Twelve Months Ended December 31, 2020 1

($000s)

1 Preliminary Non-GAAP Reconciliation. See press release dated Jan 6, 2021 for additional information.

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