Gannett Company Overview February 2016

Forward-Looking Statements

Certain statements in this presentation may be forward looking in nature or constitute “forwardlooking statements” as defined in the Private Securities Litigation Reform Act of 1995. The words “believe,” “expect,” “estimate,” “could,” “should,” “intend,” “may,” “plan,” “seek,” “anticipate,” “project” and similar expressions, among others, generally identify “forward-looking statements,” which speak only as of the date the statements were made. The matters discussed in these forward-looking statements are subject to a number of risks, trends and uncertainties that could cause actual results to differ materially from those projected, anticipated or implied in the forwardlooking statements. A number of those risks, trends and uncertainties are discussed in the Company’s filings with the U.S. Securities and Exchange Commission, including the Company’s registration statement on Form 10-K. Any forward-looking statements should be evaluated in light of these important risk factors. The Company is not responsible for updating or revising any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. This presentation also contains a discussion of certain non-GAAP financial measures that the Company presents in order to allow investors and analysts to measure, analyze and compare its financial condition and results of operations in a meaningful and consistent manner. A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures can be found in the Company’s registration statement on Form 10-K, which is available through the investor relations portion of our website.

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Profile Company Name

Gannett Co., Inc. Incorporation

Delaware President and CEO

Robert J. Dickey Headquarters

McLean, VA Employees

18,700 2015 Revenues

$2.9 billion Ticker Symbol

GCI

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LEADING MEDIA AND MARKETING COMPANY

• Gannett is a leading media and marketing company with unparalleled local-to-national reach, successfully connecting consumers, communities and businesses. • Gannett owns USA TODAY, 92 strong local media organizations in 33 states and Guam, and more than 160 local news brands in the U.K. • Each month more than 100 million unique visitors access content from USA TODAY and Gannett’s local media organizations, making the company a Top 4 powerhouse in the U.S. news and information category. • U.S. newspapers have an audience of 9 million readers every weekday. 4

INVESTMENT HIGHLIGHTS Well-Positioned to Make Accretive Acquisitions

Strong Financial Profile •

$739 million Q4 revenues at 17.1% Adjusted EBITDA margin

•

Achieved $165 million total quarterly digital revenues, 100 million unique domestic digital visitors.

•

Cost reduction estimated at $67 million to be achieved by first half of 2016.

•

National digital advertising trends improving, increased 32% in Q4

•

Announced the acquisition of Journal Media Group for $280 million, roughly 3.3x post-synergy adjusted EBITDA multiple.

•

Completed the acquisitions of the remaining 59.4% in the Texas-New Mexico Newspaper Partnership and Romanes Media Group in the UK in the second quarter. Integrations ahead of schedule.

High Liquidity Available for Return of Capital to Shareholders •

High level of stable cash flow. Free Cash Flow of $56 million for fourth quarter of 2015

•

Undrawn $500 million revolver plus $197 million cash on hand

•

Dividend of $0.16 per share, $0.64 per share annualized

•

Share buyback program of $150 million

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Fourth Quarter Financial Highlights

In millions $

Revenues, as reported Operations exited in prior year Effects of FX Reclassification of certain customer credits Prospective accounting for third party digital revenue

Q4 2015

Q4 2014

$ 739.3

$ 818.9 (9.1)

4.4 8.8 16.8

Revenue before impact of acquired businesses

769.4

Businesses acquired in Q2 2015

(26.3)

B/(W) -9.7% -

-

809.8

-5.0% -

Revenues, as adjusted

$ 743.1

$ 809.8

-8.2%

Adjusted EBITDA Adjusted EBITDA %

$ 126.3 17.0%

$ 154.3 19.1%

-$28.0 - 2.1%

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ATTRACTIVE LOCAL CIRCULATION AND ADVERTISING REVENUE PROFILE Local Market Circulation*

Circulation Revenue

Full access including digital only subscription revenue provides Gannett a more stable revenue base

•

Nearly 2.5M Full Access including Digital Only Subscriptions

•

64% of Subscribers are either on EZ Pay or Annual Payments

•

Full Access including Digital Only Subscription Revenue up 1% YTD

Other 1.8%

Single Copy 16.5%

Full Access Including Digital Only 81.7%

Advertising & Marketing Services Revenue

Local accounts offer stronger protection from secular pressures

National Major National Major 26% Retail Accounts Retail Accounts 22%

Local 74%

Local Market Advertising* •

Local Digital Advertising makes up 29% of Local Account revenue, down 8% year over year

•

National major retail makes up 7% of total Local revenue, up 37% year over year

*Excludes Texas New Mexico Newspapers Partnership

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LARGE AND GROWING DIGITAL REVENUE BASE

$709 $704

• Implemented All Access Content Subscription Model in 2012

35% since 2012 • ~30 million unique domestic visitors

$676 Digital Revenues (millions)

$523

• Large user base accessing content via desktops, smartphones and tablets 2012

2013

Other 4% Digital Revenues by Category

Circulation 38%

2014

2015*

• ~2 million downloads of local newspaper apps

Advertising 58%

• Diversified digital revenues

* Excludes $32.0 million of cost subject to netting against revenues in Q3 2015

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USA TODAY: A POWERFUL AND UNIQUE NATIONAL BRAND • #1 publication with total daily circulation of nearly 4 million

Daily Average Circulation (MM) 2

4.0 4.1

2.9

1.7 Sept 12

Sept 13

Sept 14

Dec 15

26.7 Q4 2012

41.2

Q4 2013

Q4 2014

• Valuable brand leveraged across numerous businesses • 22+ million downloads of USA TODAY's award-winning app

USA TODAY Sports Media Group (MM)

40.3

136% since • Average cross-platform page 2012 views of more than 1.0 billion per month

53.3

Q4 2015

100% since • Quality content delivered on 2012 multiple platforms drive visitors and engagement • Sports continues to be a driver of growth for USA TODAY

Unique Visitors 1 Source: 2 Source:

comScore Media Metrix Alliance for Audited Media

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A LEADING COMMUNITY PUBLISHER IN THE U.K. Robust and Growing Digital Revenues and Audience Digital Revenue (£m) Accelerating

50% since 2012

•

Top regional community news provider in the U.K.

•

19 daily paid-for titles

•

150+ weekly print products, magazines and trade publications

•

Well-positioned in mid-size and smaller markets

•

Network of websites including s1, a leading employment website in Scotland, and other digital products

•

Total average print readership of 6 million every week

•

~28 million monthly unique visitors to Newsquest digital platforms

•

Digital display revenues up 32% year over year

•

Industry leading margins

£40.5

£36.3 £30.3 £27.0

2012

2013

2014

2015

Digital Audience (Average Monthly Browsers - Millions)

27.8

18.1

184% since 2012

12.9 9.8

1 Source:

Omniture Web Analytics (Newsquest data)

2012

2013

2014

Jan 2016

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LOCAL PUBLICATIONS IN STABLE MID-SIZED MARKETS THROUGHOUT THE U.S.

JMG Locations

• 92 daily local markets - Acquisition of JMG will add 14 new markets • Well positioned in mid-size and smaller markets • Geographical diversity a core strength • Rebalancing resources towards differentiated and relevant local reporting

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COMMITTED TO RETURNING CAPITAL TO SHAREHOLDERS

Disciplined Capital Policy • Allocating capital to create value

Illustrative Free Cash Flow Allocation In millions of dollars

• Direct returns to shareholders • Investment in the business

($ in millions)

Free Cash Flow (2015)*

$280

• Strategic and accretive acquisitions • Repayment of debt, if any

Gannett is paying an annual cash dividend of $0.64 / share and approved a $150MM share repurchase program, to be used over a 3-year period • Declared $0.16 quarterly dividend per share • Total annual expected dividends and share repurchases represents 32% of 2015A EBITDA

Less: Dividends

731

Less: Repurchases

501

Excess Annual Cash Flow Available for Accretive Investments / Further Return of Capital

$157

Significant available liquidity for accretive acquisitions and further returns of capital to shareholders

* Before impact of $100 million one-time pre-spin pension contribution

1 Assumption

for a full calendar year

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Gannett Merger with Journal Media Group

Financial Highlights  $450 million in annual revenues In millions of dollars  First full-year adjusted EBITDA of approximately $60 million  Post-synergy multiple of 3.3X  Immediately EPS accretive: approximately $0.10 - $0.15 per share in the first full year and $0.20 - $0.25 in the second year. Strategic Highlights  Adds 15 dailies and 18 weeklies in 14 local markets, in nine states; includes key markets such as Milwaukee, WI and Memphis and Knoxville, TN.  Adds daily and Sunday circulation of approximately 675,000 and 950,000, respectively.  Leverages Gannett’s existing industry-leading content and national USA TODAY brand, enables the integration of Journal Media Group properties onto Gannett’s Digital Platform, and delivers additional scale for National-to-local strategy.

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News and Information Media Industry Transformation Key Gannett Strategies and Initiatives Consolidation Strategy Current Industry State • • •

6-7 days of print distribution Print revenues > digital revenues Declining top line

• Revenue and earnings growth • Synergies • Free cash flow • Largest local-to-national news network • Return capital to shareholders

Future Industry State

• Fewer days of print distribution • Robust, enhanced digital products and user experience • Digital revenues > print revenues • Growing top line

Digital Investments • Mobile • Video • Data analytics and data mining • Advertising technology • Virtual Reality

Financial strength and industry leading position to make consolidating local market acquisitions

Growing news network, enhanced revenues, earnings and free cash flow through operational efficiencies and synergies

Necessary scale and resources for investment in digital platforms and technologies to transform $700 million existing digital revenues

Solidifies market leading position in the “next generation” of the news and information media industry

SUBSTANTIAL CONSOLIDATION OPPORTUNITY Fragmented market provides consolidation opportunities at attractive multiples

Daily Circulation by Company1

Gannett plans to acquire more local markets to add scale and increase its national footprint

Digital First Media 8% Gannett 12%

News Corp. 6%

Acquisitions bring significant top line and bottom line synergy opportunities

Tribune Publishing 5%

McClatchy 5%

Targeting markets between 0.5M and 3M population

Other includes ~200 companies with over 2,000 titles

New York Times 4%

Other 45%

Advance 3%

Additional targeted characteristics include university presence, state capital, diversified economy and ability to consolidate around market Source: BIA; PWC Global entertainment and media outlook 2014-2018 ¹ BIA data of newspaper companies with daily circulation in excess of 10,000

BH Media 3% Lee 3% Hearst 2% New Media 2% Total daily circulation: 41 million

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MULTIPLE MARKET CONSOLIDATION SYNERGIES

Consolidate back-office and infrastructure • GPS – Manage production and distribution more efficiently than most independents and smaller chains • Design Studios – Bring efficiencies to acquired sites by taking in design and copy editing • NSSC/CCC/Finance Hubs – Take financial operations into our consolidated shared service centers USA TODAY • Local Edition - Leverage improved subscriber value proposition through pricing

Leverage Company-Wide Content and Resources • Local Sales Expertise – Elevate the skill of local sales staffs by providing world-class training and research out of our regional sales organization • National Sales Team – Increase advertising through existing national relationships, and streamline advertising at acquired sites • Digital Platform – Apply our digital platform to new properties • Content – Tap into content from across our entire footprint • Consumer Marketing – Leverage the investments made in consumer sales capabilities to improve sales at acquired sites • G/O – Provide digital marketing services to acquired sites

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Appendix

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Adjusted EBITDA

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Adjusted EPS

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