<SEC-DOCUMENT>0001398344-25-005603.txt : 20250314
<SEC-HEADER>0001398344-25-005603.hdr.sgml : 20250314
<ACCEPTANCE-DATETIME>20250314163348
ACCESSION NUMBER:		0001398344-25-005603
CONFORMED SUBMISSION TYPE:	SCHEDULE 13D/A
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20250314
DATE AS OF CHANGE:		20250314

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SAGA COMMUNICATIONS INC
		CENTRAL INDEX KEY:			0000886136
		STANDARD INDUSTRIAL CLASSIFICATION:	RADIO BROADCASTING STATIONS [4832]
		ORGANIZATION NAME:           	06 Technology
		IRS NUMBER:				383042953
		STATE OF INCORPORATION:			FL
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13D/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-42921
		FILM NUMBER:		25740545

	BUSINESS ADDRESS:	
		STREET 1:		73 KERCHEVAL AVE
		CITY:			GROSSE POINTE FARMS
		STATE:			MI
		ZIP:			48236
		BUSINESS PHONE:		3138867070

	MAIL ADDRESS:	
		STREET 1:		73 KERCHEVAL AVE
		CITY:			GROSSE POINTE FARMS
		STATE:			MI
		ZIP:			48236

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GATE CITY CAPITAL MANAGEMENT, LLC
		CENTRAL INDEX KEY:			0001705447
		ORGANIZATION NAME:           	
		IRS NUMBER:				471729190
		STATE OF INCORPORATION:			IL
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13D/A

	BUSINESS ADDRESS:	
		STREET 1:		8725 W HIGGINS ROAD, STE 530
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60631
		BUSINESS PHONE:		312-825-1228

	MAIL ADDRESS:	
		STREET 1:		8725 W HIGGINS ROAD, STE 530
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60631
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13D/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
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    <previousAccessionNumber>0001398344-25-000406</previousAccessionNumber>
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      <amendmentNo>2</amendmentNo>
      <securitiesClassTitle>Common Stock</securitiesClassTitle>
      <dateOfEvent>03/13/2025</dateOfEvent>
      <previouslyFiledFlag>false</previouslyFiledFlag>
      <issuerInfo>
        <issuerCIK>0000886136</issuerCIK>
        <issuerCUSIP>786598300</issuerCUSIP>
        <issuerName>SAGA COMMUNICATIONS INC</issuerName>
        <address>
          <com:street1>73 Kercheval Ave</com:street1>
          <com:city>Grosse Pointe Farms</com:city>
          <com:stateOrCountry>MI</com:stateOrCountry>
          <com:zipCode>48236</com:zipCode>
        </address>
      </issuerInfo>
      <authorizedPersons>
        <notificationInfo>
          <personName>Michael Melby</personName>
          <personPhoneNum>(312) 825-1228</personPhoneNum>
          <personAddress>
            <com:street1>c/o Gate City Capital Management, LLC</com:street1>
            <com:street2>8725 W. Higgins Road, Suite 530</com:street2>
            <com:city>Chicago</com:city>
            <com:stateOrCountry>IL</com:stateOrCountry>
            <com:zipCode>60631</com:zipCode>
          </personAddress>
        </notificationInfo>
      </authorizedPersons>
    </coverPageHeader>
    <reportingPersons>
      <reportingPersonInfo>
        <reportingPersonCIK>0001705447</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>Gate City Capital Management, LLC</reportingPersonName>
        <fundType>WC</fundType>
        <fundType>OO</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>IL</citizenshipOrOrganization>
        <soleVotingPower>863845.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>863845.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
        <aggregateAmountOwned>863845.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>13.80</percentOfClass>
        <typeOfReportingPerson>IA</typeOfReportingPerson>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonNoCIK>Y</reportingPersonNoCIK>
        <reportingPersonName>Michael Melby</reportingPersonName>
        <fundType>WC</fundType>
        <fundType>OO</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>X1</citizenshipOrOrganization>
        <soleVotingPower>863845.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>863845.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
        <aggregateAmountOwned>863845.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>13.80</percentOfClass>
        <typeOfReportingPerson>IN</typeOfReportingPerson>
        <commentContent>This Schedule 13D (this "Schedule 13D") is being filed on behalf of Gate City Capital Management, LLC, an Illinois limited liability company (the "Management Company") and Michael Melby. Mr. Melby serves as the managing member of the Management Company. The Management Company serves as an adviser to certain private investment funds and managed accounts (the "Funds"). This Schedule 13D relates to Common Shares (the "Common Shares") of Saga Communications Inc (the "Issuer") held by the Funds.</commentContent>
      </reportingPersonInfo>
    </reportingPersons>
    <items1To7>
      <item1>
        <securityTitle>Common Stock</securityTitle>
        <issuerName>SAGA COMMUNICATIONS INC</issuerName>
        <issuerPrincipalAddress>
          <com:street1>73 Kercheval Ave</com:street1>
          <com:city>Grosse Pointe Farms</com:city>
          <com:stateOrCountry>MI</com:stateOrCountry>
          <com:zipCode>48236</com:zipCode>
        </issuerPrincipalAddress>
      </item1>
      <item2>
        <filingPersonName>The names of the persons jointly filing this statement on Schedule 13D (the "Reporting Persons") are Gate City Capital Management, LLC, an Illinois limited liability company and Michael Melby, Managing Member of Gate City Capital Management, LLC.  Mr. Melby is the controlling member of Gate City Capital Management, LLC.</filingPersonName>
        <principalBusinessAddress>The address of each of the Reporting Persons is 8725 W. Higgins Road, Suite 530, Chicago, IL 60631.</principalBusinessAddress>
        <principalJob>The principal business of Gate City Capital Management, LLC is to serve as an adviser to certain private investment funds and managed accounts. Mr. Melby's principal occupation is serving as the Portfolio Manager of Gate City Capital Management, LLC.</principalJob>
        <hasBeenConvicted>During the last five years, none of the Reporting Persons have been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).</hasBeenConvicted>
        <convictionDescription>During the last five years, none of the Reporting Persons have been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.</convictionDescription>
        <citizenship>Gate City Capital Management, LLC is an Illinois limited liability company.  Mr. Melby is a United States citizen.</citizenship>
      </item2>
      <item3>
        <fundsSource>The source and amount of funds used by the Reporting Persons in making their purchase of the shares of Common Stock owned by each of them in the aggregate was $13,770,806 using the working capital of each of the Funds.</fundsSource>
      </item3>
      <item4>
        <transactionPurpose>This Amendment No. 2 amends the Schedule 13D initially filed on January 8, 2025 and subsequently amended on March 5, 2025.

On March 13, 2025, Gate City Capital Management ("Gate City") sent the letter attached as Exhibit C (the "Notice Letter") to Saga Communications, Inc. ("Saga" or the "Company").  The Notice Letter sets forth Gate City's intention to nominate four directors for election at the Company's 2025 Annual Meeting of Stockholders (the ""Annual Meeting"") and serves as a notice of nomination in accordance with the Issuer's bylaws and Rule 14a-19(a)(1) under the Securities Exchange Ace of 1934, as amended.  Gate City requested in the letter that the Company name Michael T. Melby, Nicholas J. Bodnar, Ryan A. Hornaday, and Christopher T. Young in its proxy statement as nominees for election to the Company's board of dirctors at the Annual Meeting.

Gate City may also wish to exercise its right to inspect certain books and records of the Company pursuant to Section 607.1602 of the Florida Business Corporation Act or any other statutory or regulatory provisions proving for stockholder access to books and records in order to identify and communicate with other stockholders in connection with any solicitation of proxies in support of the nominees and to obtain additional information about the Company.</transactionPurpose>
      </item4>
      <item5>
        <percentageOfClassSecurities>No material change.</percentageOfClassSecurities>
        <numberOfShares>No material change.</numberOfShares>
        <transactionDesc>No material change.</transactionDesc>
        <listOfShareholders>Not applicable.</listOfShareholders>
        <date5PercentOwnership>Not applicable.</date5PercentOwnership>
      </item5>
      <item6>
        <contractDescription>Other than described herein, there are no contracts, arrangements, understandings or relationships among the Reporting Person and any other person with respect to the securities of the Issuer.</contractDescription>
      </item6>
    </items1To7>
    <signatureInfo>
      <signaturePerson>
        <signatureReportingPerson>Gate City Capital Management, LLC</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Michael Melby</signature>
          <title>Michael Melby, Managing Member</title>
          <date>03/14/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>Michael Melby</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Michael Melby</signature>
          <title>Michael Melby, Managing Member</title>
          <date>03/14/2025</date>
        </signatureDetails>
      </signaturePerson>
      <commentText>After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.  In accordance with the requirements of Rule 13d-1(k) under the Securities Exchange Act of 1934, as amended, and subject to the limitations set forth therein, the parties set forth below agree to jointly file the Schedule 13D to which this joint filing agreement is attached, and have duly executed this joint filing agreement as of the date set forth below.</commentText>
    </signatureInfo>
  </formData>

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<DOCUMENT>
<TYPE>EX-99.C
<SEQUENCE>2
<FILENAME>fp0092689-1_ex99c.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 11pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;<IMG SRC="image_001.jpg" ALT=""></P>

<P STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">Gate City Capital Management, LLC</P>

<P STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">8725 West Higgins Road, Suite 530</P>

<P STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">Chicago, IL 60631</P>

<P STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">(312) 825-1228</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">Notice of Intent to Solicit Proxies in Compliance with Rule 14a-19(b) of the Securities Exchange Act of 1934, As Amended</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">March 13, 2025</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">VIA EMAIL AND CERTIFIED MAIL</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Corporate Secretary</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Saga Communications, Inc.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">73 Kercheval Avenue</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Grosse Pointe Farms, Michigan 48236</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Re: Notice of Intent to Nominate Directors at the Company&rsquo;s 2025
Annual Meeting of Shareholders</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">To Whom It May Concern,</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Gate City Capital Management, LLC (&ldquo;<B>Gate
City</B>&rdquo;), has previously provided notice (the &ldquo;<B>Notice</B>&rdquo;) on February 10, 2025, to the registrant Saga Communications,
Inc. (&ldquo;<B>Saga</B>&rdquo; or the &ldquo;<B>Company</B>&rdquo;) that it intends to nominate the following four (4) individuals (the
&ldquo;<B>Nominees</B>&rdquo;) for election as directors to the Board of Directors (the &ldquo;<B>Board</B>&rdquo;) of Saga at the Company&rsquo;s
2025 Annual Meeting of Stockholders: Michael T. Melby, Nicholas J. Bodnar, Ryan A. Hornaday, and Christopher T. Young.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Notice is enclosed as Exhibit A to this filing
and is incorporated herein by reference and Gate City hereby confirms its intention to nominate those individuals for election as directors
to the Board at the Company&rsquo;s 2025 Annual Meeting of Stockholders.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Following Gate City&rsquo;s failure to reach a negotiated
settlement with the Company regarding the appointment of one of Gate City&rsquo;s Nominees to the Board and the Company&rsquo;s recent
press release and earnings call reiterating its commitment to a digital strategy, Gate City has determined that the best course of action
to improve shareholder value is to provide notice to the Company that it intends to solicit proxies in favor of its nominees at the Company&rsquo;s
2025 Annual Meeting of Stockholders. Gate City remains open to reaching a negotiated settlement with the Company, which would allow Saga&rsquo;s
Board and management to avoid the considerable distraction and time and expense of a proxy contest. Gate City reserves the right to change
its present plans or to formulate other purposes, plans or proposals regarding the Company or any of its securities, to the extent deemed
advisable in light of general investment and trading policies of Gate City, market conditions or other factors.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Pursuant to Rule 14a-19 under the Securities Exchange
Act (the &ldquo;<B>Exchange Act</B>&rdquo;), (a) the Notice had been postmarked or transmitted electronically to the Company at its principal
executive office no later than 60 calendar days prior to the anniversary of the date of the Company&rsquo;s 2024 Annual Meeting of Stockholders
(which was held on May 13, 2024), (b) the Notice includes the names of all four nominees for whom Gate City currently intends to solicit
proxies, and (c) Gate City hereby states that it intends to solicit the holders of shares representing at least 67% of the voting power
of shares entitled to vote on the election of directors in support of director nominees other than the Company&rsquo;s nominees. If any
change occurs with respect to Gate City&rsquo;s intent to solicit the holders of shares representing at least 67% of the voting power
of shares entitled to vote on the election of director nominees other than the Company&rsquo;s nominees or with respect to the names of
Gate City&rsquo;s nominees, Gate City will promptly notify the Company.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 9pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In connection with any solicitation by Gate City
of proxies in support of the Nominees, the Nominees may themselves solicit proxies. It is anticipated that certain regular employees
or members of Gate City will participate in any solicitation of proxies that Gate City may undertake in support of the Nominees.
Such employees will receive no additional consideration if they assist in the solicitation of proxies. It is anticipated that any
proxies would be solicited by mail, courier services, telephone, facsimile, press release, electronic mail, text message, website or
social media posting, electronic forum, recorded communication, other form of electronic communication or in person. In connection
with any solicitation of proxies in support of the Nominees, it is anticipated that Gate City may retain a proxy solicitor, who may
assist with the solicitation of proxies. It is anticipated that the costs related to any solicitation of proxies, including expected
expenditures for attorneys, accountants, public relations and financial advisors, proxy solicitors, advertising, printing,
transportation and related expenses, will be borne by Gate City. To the extent legally permissible, Gate City may seek reimbursement
from the Company for those expenses if one or more of the Nominees is elected.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Sincerely,</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><IMG SRC="image_002.jpg" ALT=""></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Michael Melby</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Founder and Portfolio Manager</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 11pt; width: 4%">Cc:</TD>
    <TD STYLE="font-size: 11pt; width: 96%">Saga Board of Directors</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt">Sam Bush &ndash; Chief Financial Officer - Saga</TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">2</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: left"></P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 9pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;<IMG SRC="image_001.jpg" ALT=""></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 157.55pt 0 156.7pt; text-align: center">Gate City Capital Management, LLC</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 157.55pt 0 156.7pt; text-align: center">8725 West Higgins Road, Suite 530</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 157.55pt 0 157.05pt; text-align: center">Chicago, IL 60631</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0">(312) 825-1228</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 393.4pt 0 5pt">February 10, 2025</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 393.4pt 0 5pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 393.4pt 0 5pt">Corporate Secretary</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 355.7pt 0 5pt">Saga Communications, Inc.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 355.7pt 0 5pt">73 Kercheval Avenue</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt">Grosse Pointe Farms, Michigan 48236</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 65.6pt 0 5pt">Re: Notice of Intent to Nominate Directors at the Company&rsquo;s
2025 Annual Meeting of Shareholders</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 65.6pt 0 5pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 65.6pt 0 5pt">To Whom It May Concern,</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 65.6pt 0 5pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 5.45pt 0 5pt; text-align: justify">In accordance with the Schedule 14A filed
for the registrant Saga Communications, Inc. (&ldquo;<B>Saga</B>&rdquo; or the &ldquo;<B>Company</B>&rdquo;) for its 2024 Annual Meeting
of Shareholders (the &ldquo;<B>2024 Proxy</B>&rdquo;) and the Company Bylaws (dated as of April 20, 2020) (the &ldquo;<B>Bylaws</B>&rdquo;),
Gate City Capital Management, LLC (&ldquo;<B>Gate City</B>&rdquo;) shall nominate the following individuals for election as directors
to the Board of Directors (the &ldquo;<B>Board</B>&rdquo;) of Saga at the Company&rsquo;s 2025 Annual Meeting of Stockholders (the &ldquo;<B>2025
Annual Meeting</B>&rdquo;): Michael T. Melby, Nicholas J. Bodnar, Ryan A. Hornaday, and Christopher T. Young.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 5.45pt 0 5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 5.45pt 0 5pt; text-align: justify">We understand from the 2024 Proxy that
the Board will be comprised of seven members. Holders of the Class A Common Stock will vote as a single class for all seven directors,
with each share of Class A Common Stock entitled to one vote. Holders of Class A Common Stock are not entitled to cumulative voting in
the election of directors. Each nominee has agreed to serve as a director if elected. We believe that all of these nominees, as required
by Saga&rsquo;s Corporate Governance Guidelines, possess the highest personal and professional ethics, integrity, and values, and are
committed to representing the long-term interests of the shareholders as a whole. Further, each nominee has demonstrated business acumen
and has committed to serve on the Board. We have determined that each nominee meets the standards for &ldquo;independent&rdquo; directors
within the meaning of NASDAQ&rsquo;s listing requirements and based on the Board&rsquo;s application of the standards of independence
set forth in our Corporate Governance Guidelines. Further we intend to file with the Securities and Exchange Commission a notice that
sets forth the information required by Rule 14a-19 under the Securities Exchange Act not later than March 14, 2025.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 5.6pt 0 5pt; text-align: justify">In accordance with the 2024 Proxy (applicable
section detailed below), we provide the following information concerning Mr. Michael T. Melby.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 5.65pt 0 5pt"><I>Shareholder proposals which are not to be included in our
proxy statement for the 2025 Annual Meeting of Shareholders and shareholder nominations of persons for election to the Board must be submitted
in accordance with our bylaws, which set forth the information that must be received no later than February 12, 2025 (with respect to
proposals) and February 11, 2025 (with respect to nominations).</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><I>Source: Saga 2024 Proxy</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23pt"></TD><TD STYLE="width: 18pt">1.</TD><TD>The nominee&rsquo;s name, age, principal occupation and employer.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.05pt"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.05pt"><I>Michael T. Melby (44), Founder and Portfolio Manager of
Gate City Capital Management, LLC</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.05pt"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23pt"></TD><TD STYLE="width: 18pt">2.</TD><TD>The nominee&rsquo;s business address and residential address and telephone number.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 119.15pt 0 41.05pt"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 119.15pt 0 41.05pt"><I>Business Address: 8725 West Higgins Road, Suite 530,
Chicago, IL 60631</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 119.15pt 0 41.05pt"><I>Home Address: (Provided to the Company)</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 238.65pt 0 41.05pt"><I>Business Phone: (Provided to the Company)</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 238.65pt 0 41.05pt"><I>Home Phone:
(Provided to the Company)</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 238.65pt 0 41.05pt"><I>&nbsp;</I></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 238.65pt 0 41.05pt"><I></I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23pt"></TD><TD STYLE="width: 18.05pt">3.</TD><TD STYLE="padding-right: 24.6pt">A biographical profile of the nominee, including educational background and business and professional
experience.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 10.25pt 0 41.05pt"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 10.25pt 0 41.05pt"><I>Michael Melby is the founder and portfolio manager
of Gate City Capital Management, a micro-cap value focused investment firm. Before starting Gate City, Michael worked as a research analyst
at Crystal Rock Capital Management where he covered the consumer, restaurant, retail, and gaming sectors. Michael previously worked at
Deutsche Bank Securities in their Debt Capital Markets group and at the University of Notre Dame Investment Office where he focused on
natural resources, fixed income, and risk management. Michael earned an MBA from the University of Chicago Booth School of Business where
he graduated with Honors and a BBA in Finance from the University of Notre Dame where he graduated Summa Cum Laude. Michael is a CFA Charterholder
and has earned the Financial Risk Manager designation.</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 5.1pt 0 41.05pt"><I>Gate City believes that Mr. Melby&rsquo;s qualifications
to serve on the Board of Directors include his vast investing experience and executive experience. Gate City believes Mr. Melby brings
executive, investment, and capital allocation experience and Gate City strongly supports the nomination of Mr. Melby for election to the
Board of Directors of the Company at its 2025 Annual Meeting of Stockholders.</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.05pt"><I>A copy of Mr. Melby&rsquo;s biographical sketch is enclosed.</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23pt"></TD><TD STYLE="width: 18pt">4.</TD><TD>Any relationship between the nominee and the Company (either directly or as a partner, shareholder or officer of an organization that has a relationship with the Company) and all other information necessary for the Board to determine whether
the nominee meets the Board&rsquo;s independence standards and qualifies as independent.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 5.65pt 0 41.05pt"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 10.9pt 0 41.05pt"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 10.9pt 0 41.05pt"><I>Mr. Melby is the Founder and Portfolio Manager of Gate
City Capital Management, LLC. Gate City serves as an adviser to and manages certain funds and accounts that are shareholders of Saga.</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23pt"></TD><TD STYLE="width: 18.05pt">5.</TD><TD STYLE="padding-right: 40.9pt">The classes and number of shares of stock of the Company beneficially and of record owned by the nominee.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 5.65pt 0 41.05pt"><I>Through his affiliation with Gate City, Mr. Melby has
beneficial ownership of 863,845 shares of Class A stock of the Company. Gate City is not the record holder of any shares.</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23pt"></TD><TD STYLE="width: 17.95pt">6.</TD><TD STYLE="text-align: justify">Any other information relating to the nominee (including a written consent of the nominee to serve as
a Director if elected) that would be
required to be disclosed in a proxy statement or other filing required to be made in connection with the solicitation of proxies for the
election of Directors pursuant to the SEC&rsquo;s proxy rules; and</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 5.8pt 0 41.05pt; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23pt"></TD><TD STYLE="width: 18.05pt">7.</TD><TD STYLE="padding-right: 44.3pt">Any other information regarding the nominee that the Shareholder wishes the Board to consider in evaluating
the recommended nominee.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.05pt"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.05pt"><I>Mr. Melby&rsquo;s written consent letter is enclosed.</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt">In accordance with the Company&rsquo;s 2024 Proxy, we provide the
following information concerning Mr. Nicholas J. Bodnar</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23pt"></TD><TD STYLE="width: 17.95pt">1.</TD><TD STYLE="text-align: justify">The nominee&rsquo;s name, age, principal occupation and employer.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.05pt"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.05pt"><I>Nicholas J. Bodnar (34), Partner, Gate City Capital Management,
LLC</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><I>&nbsp;</I></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><I></I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23pt"></TD><TD STYLE="width: 17.95pt">2.</TD><TD STYLE="text-align: justify">The nominee&rsquo;s business address and residential address and telephone number.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 119.15pt 0 41.05pt"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 119.15pt 0 41.05pt"><I>Business Address: 8725 West Higgins Road, Suite 530,
Chicago, IL 60631</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 119.15pt 0 41.05pt"><I>Home Address: (Provided to the Company)</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 238.65pt 0 41.05pt"><I>Business Phone: (Provided to the Company)</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 238.65pt 0 41.05pt"><I>Home Phone:
(Provided to the Company)</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23pt"></TD><TD STYLE="width: 18.05pt">3.</TD><TD STYLE="padding-right: 24.6pt">A biographical profile of the nominee, including educational background and business and professional
experience.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 5.1pt 0 41.05pt"><I>Mr. Bodnar has been a Partner at Gate City Capital Management
since 2016. Prior to that, he earned a Bachelor&rsquo;s degree in Economics from The University of Michigan-Flint.</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 5.65pt 0 41.05pt"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 5.65pt 0 41.05pt"><I>Gate City believes that Mr. Bodnar&rsquo;s qualifications
to serve on the Board of Directors include his vast investing, executive, and industry experience. Gate City believes Mr. Bodnar brings
executive, investment, industry, and capital allocation experience and Gate City strongly supports the nomination of Mr. Bodnar for election
to the Board of Directors of the Company at its 2025 Annual Meeting of Stockholders.</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.05pt"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.05pt"><I>A copy of Mr. Bodnar&rsquo;s biographical sketch is enclosed.</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23pt"></TD><TD STYLE="width: 18pt">4.</TD><TD>Any relationship between the nominee and the Company (either directly or as a partner, shareholder or officer of an organization that has a relationship with the Company) and all other information necessary for the Board to determine whether
the nominee meets the Board&rsquo;s independence standards and qualifies as independent.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 5.65pt 0 41.05pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.05pt"><I>Mr. Bodnar is a Partner at Gate City Capital Management,
LLC. Gate City serves as an adviser manages certain funds and accounts that are shareholders of Saga.</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.05pt"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23pt"></TD><TD STYLE="width: 18.05pt">5.</TD><TD STYLE="padding-right: 40.9pt">The classes and number of shares of stock of the Company beneficially and of record owned by the nominee.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.05pt"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.05pt"><I>At present, Mr. Bodnar does not hold any shares of stock
of the Company</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23pt"></TD><TD STYLE="width: 17.95pt">6.</TD><TD STYLE="text-align: justify">Any other information relating to the nominee (including a written consent of the nominee to serve as
a Director if elected) that would be
required to be disclosed in a proxy statement or other filing required to be made in connection with the solicitation of proxies for the
election of Directors pursuant to the SEC&rsquo;s proxy rules; and</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 5.8pt 0 41.05pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23pt"></TD><TD STYLE="width: 18.05pt">7.</TD><TD STYLE="padding-right: 44.3pt">Any other information regarding the nominee that the Shareholder wishes the Board to consider in evaluating
the recommended nominee.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.05pt"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.05pt"><I>Mr. Bodnar&rsquo;s written consent letter is enclosed.</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt">In accordance with the Company&rsquo;s 2024 Proxy, we provide the
following information concerning Mr. Ryan A. Hornady</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23pt"></TD><TD STYLE="width: 17.95pt">1.</TD><TD STYLE="text-align: justify">The nominee&rsquo;s name, age, principal occupation and employer.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.05pt"><I>Ryan A. Hornaday (51),</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 155.05pt 0 41.05pt"><I>Executive Vice President, Chief Financial Officer
and Treasurer</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 155.05pt 0 41.05pt"><I>Emmis Corporation</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23pt"></TD><TD STYLE="width: 17.95pt">2.</TD><TD STYLE="text-align: justify">The nominee&rsquo;s business address and residential address and telephone number.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.05pt"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.05pt"><I>Business address:</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.05pt"><I>40 Monument Circle, Suite 700</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.05pt"><I>Indianapolis, IN 46204</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.05pt"><I>&nbsp;</I></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.05pt"><I></I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.05pt"><I>Residential address:</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.05pt"><I>(Provided to the Company)</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.05pt"><I>Phone number: (Provided to the Company)</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.05pt"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23pt"></TD><TD STYLE="width: 18.05pt">3.</TD><TD STYLE="padding-right: 24.6pt">A biographical profile of the nominee, including educational background and business and professional
experience.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 5.65pt 0 41.05pt"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 5.65pt 0 41.05pt"><I>Mr. Hornaday has over 25 years of public company experience
in the radio industry and has served as Chief Financial Officer of Emmis Corporation since 2015. From 2019 to 2021, Mr. Hornaday also
served as Chief Financial Officer of MediaCo Holding, Inc., which owns and operates two radio stations in New York City. From 1999 to
2015, Mr. Hornaday served in various finance, treasury, and investor</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 5.1pt 0 41.05pt"><I>relations roles at Emmis. From 1996 to 1999, Mr. Hornaday
worked for Arthur Andersen in its audit practice. Mr. Hornaday graduated Summa Cum Laude from Ball State University in 1996.</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 10.25pt 0 41.05pt"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 10.25pt 0 41.05pt"><I>Gate City believes that Mr. Hornaday&rsquo;s qualifications
to serve on the Board of Directors include his vast executive, industry, and board experience. Gate City believes Mr. Hornaday brings
executive, industry, and capital allocation experience and Gate City strongly supports the nomination of Mr. Hornaday for election to
the Board of Directors of the Company at its 2025 Annual Meeting of Stockholders.</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.05pt"><I>A copy of Mr. Hornaday&rsquo;s biographical sketch is enclosed.</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23pt"></TD><TD STYLE="width: 18pt">4.</TD><TD>Any relationship between the nominee and the Company (either directly or as a partner, shareholder or officer of an organization that has a relationship with the
Company) and all other information necessary for the Board to determine whether the nominee meets the Board&rsquo;s independence standards
and qualifies as independent.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.05pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 5.1pt 0 41.05pt"><I>No business relationship exists between Mr. Hornaday
and the Company, directly or indirectly, and that Mr. Hornaday would qualify as an independent director</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23pt"></TD><TD STYLE="width: 18.05pt">5.</TD><TD STYLE="padding-right: 40.9pt">The classes and number of shares of stock of the Company beneficially and of record owned by the nominee.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.05pt"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.05pt"><I>At present, Mr. Hornaday does not hold any shares of stock
of the Company</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23pt"></TD><TD STYLE="width: 17.95pt">6.</TD><TD STYLE="text-align: justify">Any other information relating to the nominee (including a written consent of the nominee to serve as
a Director if elected) that would be
required to be disclosed in a proxy statement or other filing required to be made in connection with the solicitation of proxies for the
election of Directors pursuant to the SEC&rsquo;s proxy rules; and</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 5.8pt 0 41.05pt; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23pt"></TD><TD STYLE="width: 18.05pt">7.</TD><TD STYLE="padding-right: 44.3pt">Any other information regarding the nominee that the Shareholder wishes the Board to consider in evaluating
the recommended nominee.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.05pt"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.05pt"><I>Mr. Hornaday&rsquo;s written consent letter is enclosed.</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt">In accordance with the Company&rsquo;s 2024 Proxy, we provide the
following information concerning Mr. Christopher Young.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23pt"></TD><TD STYLE="width: 17.95pt">1.</TD><TD STYLE="text-align: justify">The nominee&rsquo;s name, age, principal occupation and employer.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.05pt"><I>Christopher T. Young, 56</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.05pt"><I>Chief Financial Officer &ndash; The Weather Channel</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.05pt"><I>EVP - Allen Media Group</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><I>&nbsp;</I></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><I></I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23pt"></TD><TD STYLE="width: 18pt">2.</TD><TD>The nominee&rsquo;s business address and residential address and telephone number.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 65.6pt 0 41.05pt"><I>Business: The Weather Channel, 300 Interstate North
Parkway SE, Atlanta, GA, 30339</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 65.6pt 0 41.05pt"><I>Residential: (Provided to the Company)</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23pt"></TD><TD STYLE="width: 18.05pt">3.</TD><TD STYLE="padding-right: 24.6pt">A biographical profile of the nominee, including educational background and business and professional
experience.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 10.25pt 0 41.05pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 10.25pt 0 41.05pt"><I>Christopher T. Young has been the Weather Channel's
Chief Financial Officer and Executive Vice President, Allen Media Group since July 2024. Previously, he was the Chief Financial Officer
of Entravision Communications, one of the largest Spanish language media companies traded on the New York Stock Exchange. Prior to that,
Christopher served as president of Vista Media, a Los Angeles based outdoor advertising company from 2004 until 2008. From 2000 to 2004,
Mr. Young served as Vista Media's Chief Financial Officer. Prior to Vista Media, Christopher worked with the Bank of Montreal, where he
was responsible for corporate finance activity for the broadcasting and outdoor advertising industries. Mr. Young&rsquo;s prior experience
includes tenures at both the Bank of Tokyo in its corporate finance group and the Chase Manhattan Bank. Mr. Young holds a Bachelor of
Arts degree in Economics from Columbia University.</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 5.1pt 0 41.05pt"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 5.1pt 0 41.05pt"><I>Gate City believes that Mr. Young&rsquo;s qualifications
to serve on the Board of Directors include his vast executive, industry, and board experience. Gate City believes Mr. Young brings executive,
industry, and capital allocation experience and Gate City strongly supports the nomination of Mr. Young for election to the Board of Directors
of the Company at its 2025 Annual Meeting of Stockholders.</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.05pt"><I>A copy of Mr. Young&rsquo;s biographical sketch is enclosed.</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.05pt"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23pt"></TD><TD STYLE="width: 18pt">4.</TD><TD>Any relationship between the nominee and the Company (either directly or as a partner, shareholder or officer of an organization that has a relationship with the
Company) and all other information necessary for the Board to determine whether the nominee meets the Board&rsquo;s independence standards
and qualifies as independent.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.05pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 5.1pt 0 41.05pt"><I>No business relationship exists between Mr. Hornaday
and the Company, directly or indirectly, and that Mr. Hornaday would qualify as an independent director</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23pt"></TD><TD STYLE="width: 18.05pt">5.</TD><TD STYLE="padding-right: 40.9pt">The classes and number of shares of stock of the Company beneficially and of record owned by the nominee.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.05pt"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.05pt"><I>At present, Mr. Young does not hold any shares of stock
of the Company</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23pt"></TD><TD STYLE="width: 17.95pt">6.</TD><TD STYLE="text-align: justify">Any other information relating to the nominee (including a written consent of the nominee to serve as
a</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 5.8pt 0 41.05pt; text-align: justify">Director if elected) that would be
required to be disclosed in a proxy statement or other filing required to be made in connection with the solicitation of proxies for the
election of Directors pursuant to the SEC&rsquo;s proxy rules; and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23pt"></TD><TD STYLE="width: 18.05pt">7.</TD><TD STYLE="padding-right: 44.3pt">Any other information regarding the nominee that the Shareholder wishes the Board to consider in evaluating
the recommended nominee.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.05pt"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.05pt"><I>Mr. Young&rsquo;s written consent letter is enclosed.</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><I>&nbsp;</I></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><I></I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt">In addition, Gate City provides the following information.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23pt"></TD><TD STYLE="width: 18pt">1.</TD><TD>Gate City&rsquo;s full name, principal occupation, and employer.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.05pt"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.05pt"><I>Gate City is a registered investment advisor to institutional
and high net worth investors. Gate City is not acting in concert with any affiliate or other person in connection with this nomination.</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23pt"></TD><TD STYLE="width: 18pt">2.</TD><TD>Gate City&rsquo;s address and telephone number.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.05pt"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.05pt"><I>Gate City&rsquo;s principal offices are located at 8725
West Higgins Road, Suite 530, Chicago, IL 60631</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.05pt"><I>(312) 825-1228.</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23pt"></TD><TD STYLE="width: 18.05pt">3.</TD><TD STYLE="padding-right: 12.55pt">The classes and number of shares of stock of the Company owned beneficially and of record by Gate City,
including, if Gate City is not a Shareholder of record, proof of ownership of the type referred to in the SEC&rsquo;s proxy rules.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.05pt"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.05pt"><I>As of February 10, 2025, Gate City was the beneficial owner
of 863,845 shares of the Company&rsquo;s Class A common stock, representing 13.8% of the outstanding shares of the Class A common stock.
A copy of the most recent Schedule 13D filed on behalf of Gate City and its affiliates, dated January 8, 2025 is enclosed.</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.05pt"><I>As of January 8, 2025, Gate City was not the record owner
of any of the Company&rsquo;s Class A common stock.</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.05pt"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23pt"></TD><TD STYLE="width: 18pt">4.</TD><TD>A description of all arrangements and understandings between Gate City and each nominee being nominated by Gate City and any other person or persons (including
their names) pursuant to which the nominee is being recommended by the Shareholders; and</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.05pt"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23pt"></TD><TD STYLE="width: 17.95pt">5.</TD><TD STYLE="text-align: justify; padding-right: 14pt">Any other information relating to Gate City that would be required to be disclosed
in a proxy statement or other filing required to be made in connection with the solicitation of proxies for the election of Directors
pursuant to the SEC&rsquo;s proxy rules.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.05pt"><I>There are no arrangements or understanding between Gate
City and Mr. Melby, Mr. Bodnar, Mr. Hornaday, and Mr. Young or others pursuant to which Mr. Melby, Mr. Bodnar, Mr. Hornady and Mr. Young
are being nominated by Gate City.</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.05pt"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23pt"></TD><TD STYLE="width: 18pt">6.</TD><TD>Whether Gate City intends to deliver a proxy statement and form of proxy to holders.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.05pt"><I>Gate City may determine to deliver a proxy statement and
form of proxy.</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.05pt"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 10.25pt 0 5pt">Gate City and the nominees agree to make available to the
Board of Directors all information reasonably requested in furtherance of the valuation of this nomination</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 10.25pt 0 5pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 5.65pt 0 5pt">This letter and all attachments hereto are submitted in a
good faith effort to satisfy Saga requirements. Should this letter and/or any attachment hereto be deemed deficient in any way, please
contact me at the above address and phone number above so that any deficiency may be cured. Gate City reserves all rights available to
it under applicable law.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 5.65pt 0 5pt">This letter and all attachments hereto are submitted in
a good faith effort to satisfy Saga requirements under the 2024 proxy and its Articles and Bylaws. Should this letter and/or any
attachment hereto be deemed deficient in any way, please contact me at the above address and phone number above so that any
deficiency may be cured in a timely matter. In the absence of such prompt notice, Gate City will assume that the Company agrees that
this letter complies in all respects with the requirements. Gate City reserves all rights to substitute a director nominee in the
event that any nominee is unable to, or for good cause will not, serve as a nominee or director. The provision of this letter is not
an admission that the procedures set forth in the proxy or Bylaws are legal, valid or binding. In addition, the Gate City reserves
all rights to challenge the validity of the proxy and Bylaws and reserves all rights to assert a claim for any damages or costs that
Gate City or its affiliates may sustain or incur, including attorneys&rsquo; fees, in connection with disputes over the validity of
this letter or the Bylaws. Gate City reserves the right to withdraw or modify this letter at any time. Gate City reserves all rights
available to it under applicable law, rule and regulation.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 14.25pt 0 5pt; text-align: justify">Gate City intends to be present at the
2025 Annual Meeting of Stockholders in person or by proxy to nominate Mr. Melby, Mr. Bodnar, Mr. Hornaday, and Mr. Young to serve as directors
of the Company, and Gate City intends to continue to own the shares of the Company through the date of the Annual Meeting.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt">Sincerely,</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><IMG SRC="image_002.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt">Michael Melby</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt">Founder and Portfolio Manager</P>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">Cc:</TD><TD STYLE="text-align: justify">Saga Board of Directors</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">Sam Bush &ndash; Chief Financial Officer - Saga</TD>
</TR></TABLE>

<P STYLE="margin: 0">&nbsp;</P>

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    <!-- Field: /Page -->

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>



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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
