<SEC-DOCUMENT>0001437749-20-012247.txt : 20200602
<SEC-HEADER>0001437749-20-012247.hdr.sgml : 20200602
<ACCEPTANCE-DATETIME>20200602064005
ACCESSION NUMBER:		0001437749-20-012247
CONFORMED SUBMISSION TYPE:	8-K/A
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20200313
ITEM INFORMATION:		Completion of Acquisition or Disposition of Assets
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20200602
DATE AS OF CHANGE:		20200602

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LEE ENTERPRISES, Inc
		CENTRAL INDEX KEY:			0000058361
		STANDARD INDUSTRIAL CLASSIFICATION:	NEWSPAPERS:  PUBLISHING OR PUBLISHING & PRINTING [2711]
		IRS NUMBER:				420823980
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0927

	FILING VALUES:
		FORM TYPE:		8-K/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-06227
		FILM NUMBER:		20935561

	BUSINESS ADDRESS:	
		STREET 1:		4600 E. 53RD STREET
		CITY:			DAVENPORT
		STATE:			IA
		ZIP:			52807
		BUSINESS PHONE:		5633832100

	MAIL ADDRESS:	
		STREET 1:		4600 E. 53RD STREET
		CITY:			DAVENPORT
		STATE:			IA
		ZIP:			52807

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LEE ENTERPRISES, INC
		DATE OF NAME CHANGE:	20050610

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LEE ENTERPRISES INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K/A
<SEQUENCE>1
<FILENAME>lee20200531_8ka.htm
<DESCRIPTION>FORM 8-K/A
<TEXT>
<html><head>
	<title>lee20190919_8k.htm</title>
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<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: center;"><font style="color:#000000;">UNITED STATES</font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: center;"><font style="color:#000000;">SECURITIES AND EXCHANGE COMMISSION</font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: center;"><font style="color:#000000;">Washington, D.C. 20549</font></p>

<p style="font-family:Arial, Times, serif;font-size:10pt;margin:0pt;text-align:center;">&nbsp;</p>

<p style="font-family: Arial; font-size: 18pt; margin: 0pt; text-align: center;"><font style="color:#000000;"><b>FORM 8-K/A</b></font></p>

<p style="font-family:Arial, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: center;"><font style="color:#000000;">CURRENT REPORT</font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: center;"><font style="color:#000000;">PURSUANT TO SECTION 13 OR 15(d) OF THE</font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: center;"><font style="color:#000000;">SECURITIES EXCHANGE ACT OF 1934</font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: center;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: center;"><font style="color:#000000;">Date of Report (Date of earliest event reported):&nbsp; March 16, 2020</font></p>

<p style="font-family:Arial, Times, serif;font-size:10pt;margin:0pt;text-align:center;">&nbsp;</p>

<hr style="text-align: center;height: 1px; color: #000000; background-color: #000000; width: 50%; border: none; margin: 6pt auto 6pt auto;">
<p style="font-family: Arial; font-size: 20pt; margin: 0pt; text-align: center;"><font style="color:#000000;"><b>LEE ENTERPRISES, INCORPORATED</b></font></p>

<p style="font-family:Arial, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><font style="color:#000000;">(Exact name of Registrant as specified in its charter)</font></p>

<p style="font-family:Arial, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

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<p style="font-family:Arial, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: center;">&nbsp;</p>

<table cellpadding="0pt" cellspacing="0pt" style="width: 100%; text-indent: 0px; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt;">

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			<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt; text-align: center;"><font style="color: rgb(0, 0, 0); font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">Delaware</font></p>

			<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt; text-align: center;"><font style="color: rgb(0, 0, 0); font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">(State of Incorporation)</font></p>
			</td>
			<td style="vertical-align: bottom; width: 33%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: center;">1-6227<br>
			(Commission File Number)</td>
			<td style="vertical-align: bottom; width: 33%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt; text-align: center;"><font style="color: rgb(0, 0, 0); font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">42-0823980</font></p>

			<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt; text-align: center;"><font style="color: rgb(0, 0, 0); font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">(I.R.S. Employer Identification No.)</font></p>
			</td>
		</tr>

</table>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: center;"><font style="color:#000000;">4600 E. 53rd Street, Davenport, Iowa 52807</font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: center;"><font style="color:#000000;">(Address of Principal Executive Offices)</font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: center;"><font style="color:#000000;">(563) 383-2100</font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: center;"><font style="color:#000000;">Registrant&#8217;s telephone number, including area code</font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: center;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: left;"><font style="color:#000000;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 18pt;">
			<p style="margin: 0pt; text-align: left; font-family: Arial; font-size: 10pt;"><font style="color:#000000;">&#9744;</font></p>
			</td>
			<td>
			<p style="margin: 0pt; text-align: left; font-family: Arial; font-size: 10pt;"><font style="color:#000000;">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></p>
			</td>
		</tr>

</table>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

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			<td style="width: 18pt;">
			<p style="margin: 0pt; text-align: left; font-family: Arial; font-size: 10pt;"><font style="color:#000000;">&#9744;</font></p>
			</td>
			<td>
			<p style="margin: 0pt; text-align: left; font-family: Arial; font-size: 10pt;"><font style="color:#000000;">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></p>
			</td>
		</tr>

</table>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 18pt;">
			<p style="margin: 0pt; text-align: left; font-family: Arial; font-size: 10pt;"><font style="color:#000000;">&#9744;</font></p>
			</td>
			<td>
			<p style="margin: 0pt; text-align: left; font-family: Arial; font-size: 10pt;"><font style="color:#000000;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></p>
			</td>
		</tr>

</table>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 18pt;">
			<p style="margin: 0pt; text-align: left; font-family: Arial; font-size: 10pt;"><font style="color:#000000;">&#9744;</font></p>
			</td>
			<td>
			<p style="margin: 0pt; text-align: left; font-family: Arial; font-size: 10pt;"><font style="color:#000000;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></p>
			</td>
		</tr>

</table>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: left;"><font style="color:#000000;"><b>Securities registered pursuant to Section 12(b) of the Act:</b></font></p>

<p style="font-family:Arial, Times, serif;font-size:10pt;margin:0pt 14.4pt;text-align:left;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-family: Arial; font-size: 10pt;">

		<tr style="font-family: Arial; font-size: 10pt;">
			<td style="vertical-align: top; width: 35%; border-bottom: thin solid rgb(0, 0, 0); font-family: Arial; font-size: 10pt;">
			<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: center;"><font style="color:#000000;"><b>Title of each class</b></font></p>
			</td>
			<td style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); width: 30%; font-family: Arial; font-size: 10pt;">
			<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: center;"><font style="color:#000000;"><b>Trading Symbol(s)</b></font></p>
			</td>
			<td style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); width: 35%; font-family: Arial; font-size: 10pt;">
			<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: center;"><font style="color:#000000;"><b>Name of each exchange on which registered</b></font></p>
			</td>
		</tr>
		<tr style="font-family: Arial; font-size: 10pt;">
			<td style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); width: 35%; font-family: Arial; font-size: 10pt;">
			<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: left;"><font style="color:#000000;">Common Stock, par value $.01 per share</font></p>
			</td>
			<td style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); width: 30%; font-family: Arial; font-size: 10pt;">
			<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: center;"><font style="color:#000000;">LEE</font></p>
			</td>
			<td style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); width: 35%; font-family: Arial; font-size: 10pt;">
			<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: center;"><font style="color:#000000;">New&nbsp;York&nbsp;Stock&nbsp;Exchange</font></p>
			</td>
		</tr>

</table>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;"><font style="color:#000000;">Indicate by check mark whether the Registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: right;"><font style="color:#000000;">Emerging growth company &#9744;</font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;"><font style="color:#000000;">If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. &#9744;</font></p>

<p style="font-family:Arial, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGNUM" style="text-align: center; width: 100%">&nbsp;</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">&nbsp;</div>
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<p style="font-family:Arial, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-family: Arial, Times, serif; font-size: 10pt;">

		<tr>
			<td style="vertical-align:top;width:22.4%;">
			<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: left;"><font style="color:#000000;"><b>Item 2.01.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </b><u><b>Completion of Acquisition or Disposition of Assets.</b></u>&nbsp;</font></p>
			</td>
		</tr>

</table>

<p style="font-family:Arial, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;"><font style="color:#000000;">On March 16, 2020, Lee Enterprises, Incorporated, a Delaware corporation (&#8220;Lee&#8221;) filed a Current Report on Form 8-K (the &#8220;Initial Form 8-K&#8221;) to disclose that it completed its previously announced purchase of certain assets and the assumption of certain liabilities of the newspaper and related community publications business of BH Media (&#8220;BH Media Newspaper Business&#8221;) and the purchase of all of the issued and outstanding capital stock of The Buffalo News, Inc., a Delaware corporation (&#8220;Buffalo News&#8221;) (collectively, the &#8220;Purchase Transaction&#8221;).</font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;"><font style="color:#000000;">This Current Report on Form 8-K/A amends Item 9.01(a) of the Initial Form 8-K to include the audited financial statements of the BH Media Newspaper Business and Buffalo News and Item 9.01(b) to include the unaudited pro forma financial information of BH Media Newspaper Business and Buffalo News. There were no other changes made to the Initial Form 8-K.&nbsp;</font></p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 0pt;"><font style="color:#000000;"><b>Item 9.01.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </b><u><b>Financial Statements and Exhibits</b></u><b>.</b></font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 0pt;">&nbsp;</p>

<table cellpadding="0pt" cellspacing="0pt" style="width: 100%; text-indent: 0px; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt;">

		<tr>
			<td style="vertical-align: bottom; width: 1.9%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 4.8%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: right;"><font style="color:#000000;">(a)</font></td>
			<td colspan="2" rowspan="1" style="vertical-align: bottom; width: 11.5%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"><font style="color:#000000;"><i>&nbsp;&nbsp; Financial Statements of Business Acquired</i></font></td>
		</tr>
		<tr>
			<td style="vertical-align: bottom; width: 1.9%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 4.8%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 11.5%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 81.8%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: bottom; width: 1.9%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 4.8%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">&nbsp;</td>
			<td colspan="2" rowspan="1" style="vertical-align: bottom; width: 11.5%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: justify;"><font style="color:#000000;">Exhibit 99.1 - The audited financial statements of the BH Media Newspaper Business and the Buffalo News for the fiscal years ended December 29, 2019, December 30, 2018 and December 31, 2017.</font></td>
		</tr>
		<tr>
			<td style="vertical-align: bottom; width: 1.9%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 4.8%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 11.5%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 81.8%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: bottom; width: 1.9%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 4.8%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: right;"><font style="color:#000000;">(b)</font></td>
			<td colspan="2" rowspan="1" style="vertical-align: bottom; width: 11.5%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<p style="margin: 0pt; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"><font style="color:#000000;"><i>&nbsp;&nbsp; Pro Forma Financial Information</i></font></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: bottom; width: 1.9%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 4.8%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 11.5%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 81.8%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: bottom; width: 1.9%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 4.8%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">&nbsp;</td>
			<td colspan="2" rowspan="1" style="vertical-align: bottom; width: 11.5%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: justify;"><font style="color:#000000;">Exhibit 99.2 &#8211; The unaudited pro forma condensed combined financial statements.</font></td>
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			<td style="vertical-align: bottom; width: 1.9%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 4.8%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 11.5%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 81.8%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<td style="vertical-align: bottom; width: 1.9%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</p>
			</td>
			<td style="vertical-align: bottom; width: 4.8%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt; text-align: right;"><font style="color:#000000;">(d)</font></p>
			</td>
			<td style="vertical-align: bottom; width: 11.5%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt; text-align: left;"><font style="color:#000000;"><i>&nbsp;&nbsp; Exhibits</i></font></p>
			</td>
			<td style="vertical-align: bottom; width: 81.8%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: bottom; width: 1.9%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 4.8%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 11.5%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 81.8%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: bottom; width: 1.9%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 4.8%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">&nbsp;</td>
			<td colspan="2" rowspan="1" style="vertical-align: bottom; width: 11.5%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"><font style="color:#000000;">The following exhibits are filed herewith:</font></td>
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			<td style="vertical-align: bottom; width: 1.9%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 4.8%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 11.5%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 81.8%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: bottom; width: 1.9%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 4.8%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 11.5%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"><font style="color:#000000;"><u>Exhibit Number</u></font></td>
			<td style="vertical-align: bottom; width: 81.8%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"><font style="color:#000000;"><u>Description</u></font></td>
		</tr>
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			<td style="vertical-align: bottom; width: 1.9%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 4.8%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">&nbsp;</td>
			<td style="vertical-align: top; width: 11.5%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">23.1</td>
			<td style="vertical-align: bottom; width: 81.8%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: justify;"><a href="ex_188731.htm" style="-sec-extract:exhibit;"><font style="color:#2980b9">Consent of KPMG LLP, Independent Registered Public Accounting Firm.</font></a></td>
		</tr>
		<tr>
			<td style="vertical-align: bottom; width: 1.9%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 4.8%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">&nbsp;</td>
			<td style="vertical-align: top; width: 11.5%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 81.8%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: justify;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<td style="vertical-align: bottom; width: 1.9%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</p>
			</td>
			<td style="vertical-align: bottom; width: 4.8%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</p>
			</td>
			<td style="vertical-align: top; width: 11.5%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt; text-align: left;"><font style="color:#000000;">99.1</font></p>
			</td>
			<td style="vertical-align: bottom; width: 81.8%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: justify;"><a href="ex_188646.htm" style="-sec-extract:exhibit;"><font style="color:#2980b9;">The audited financial statements of the BH Media Newspaper Business and the Buffalo News for the fiscal years ended December 29, 2019, December 30, 2018 and December 31, 2017.</font></a></td>
		</tr>
		<tr>
			<td style="vertical-align: bottom; width: 1.9%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 4.8%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 11.5%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<p style="margin: 0pt; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="vertical-align: bottom; width: 81.8%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">&nbsp;</td>
		</tr>
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			<td style="vertical-align: bottom; width: 1.9%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 4.8%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">&nbsp;</td>
			<td style="vertical-align: top; width: 11.5%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"><font style="color:#000000;">99.2</font></td>
			<td style="vertical-align: bottom; width: 81.8%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: justify;"><a href="ex_188647.htm" style="-sec-extract:exhibit;"><font style="color:#2980b9;">The unaudited pro forma condensed combined financial statements.</font></a></td>
		</tr>

</table>

<p style="font-family:Arial, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:Arial, Times, serif;font-size:10pt;margin:0pt;text-align:center;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: center;"><font style="color:#000000;"><b>SIGNATURES</b></font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: left;"><font style="color:#000000;">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.</font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</p>

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			<td style="vertical-align:bottom;width:5.6%;">
			<p style="font-family:Arial, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td style="vertical-align:bottom;width:29.4%;">
			<p style="font-family:Arial, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td style="vertical-align:bottom;width:4.8%;">
			<p style="font-family:Arial, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td style="vertical-align:bottom;width:40.2%;">
			<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: left;"><font style="color:#000000;"><b>LEE ENTERPRISES, INCORPORATED</b></font></p>
			</td>
			<td style="vertical-align:bottom;width:20%;">
			<p style="font-family:Arial, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
		</tr>
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			<td style="vertical-align:bottom;width:5.6%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:29.4%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:4.8%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:40.2%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:20%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align:bottom;width:5.6%;">
			<p style="font-family:Arial, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td style="vertical-align:bottom;width:29.4%;">
			<p style="font-family:Arial, Times, serif;font-size:10pt;margin:0pt;text-align:center;">&nbsp;</p>
			</td>
			<td style="vertical-align:bottom;width:4.8%;">
			<p style="font-family:Arial, Times, serif;font-size:10pt;margin:0pt;text-align:center;">&nbsp;</p>
			</td>
			<td style="vertical-align:middle;width:40.2%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:20%;">
			<p style="font-family:Arial, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:bottom;width:5.6%;">
			<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: left;"><font style="color:#000000;">Date:</font></p>
			</td>
			<td style="vertical-align:bottom;width:29.4%;">
			<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: left;"><font style="color:#000000;">June 2, 2020</font></p>
			</td>
			<td style="vertical-align:bottom;width:4.8%;">
			<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: center;"><font style="color:#000000;">By:</font></p>
			</td>
			<td style="vertical-align: middle; width: 40.2%; font-family: Arial; font-size: 10pt; border-bottom: thin solid rgb(0, 0, 0);"><font style="color:#000000;">/s/ Timothy R. Millage</font></td>
			<td style="vertical-align:bottom;width:20%;">
			<p style="font-family:Arial, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
		</tr>
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			<td style="vertical-align:bottom;width:5.6%;">
			<p style="font-family:Arial, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td style="vertical-align:bottom;width:29.4%;">
			<p style="font-family:Arial, Times, serif;font-size:10pt;margin:0pt;text-align:center;">&nbsp;</p>
			</td>
			<td style="vertical-align:bottom;width:4.8%;">
			<p style="font-family:Arial, Times, serif;font-size:10pt;margin:0pt;text-align:center;">&nbsp;</p>
			</td>
			<td style="vertical-align:bottom;border-bottom: 1px #000000;;width:40.2%;">
			<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: left;"><font style="color:#000000;">Timothy R. Millage</font></p>
			</td>
			<td style="vertical-align:bottom;width:20%;">
			<p style="font-family:Arial, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:bottom;width:5.6%;">
			<p style="font-family:Arial, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td style="vertical-align:bottom;width:29.4%;">
			<p style="font-family:Arial, Times, serif;font-size:10pt;margin:0pt;text-align:center;">&nbsp;</p>
			</td>
			<td style="vertical-align:bottom;width:4.8%;">
			<p style="font-family:Arial, Times, serif;font-size:10pt;margin:0pt;text-align:center;">&nbsp;</p>
			</td>
			<td style="vertical-align:bottom;width:40.2%;">
			<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: left;"><font style="color:#000000;">Vice President, Chief Financial Officer and</font></p>
			</td>
			<td style="vertical-align:bottom;width:20%;">
			<p style="font-family:Arial, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:bottom;width:5.6%;">
			<p style="font-family:Arial, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td style="vertical-align:bottom;width:29.4%;">
			<p style="font-family:Arial, Times, serif;font-size:10pt;margin:0pt;text-align:center;">&nbsp;</p>
			</td>
			<td style="vertical-align:bottom;width:4.8%;">
			<p style="font-family:Arial, Times, serif;font-size:10pt;margin:0pt;text-align:center;">&nbsp;</p>
			</td>
			<td style="vertical-align:bottom;width:40.2%;">
			<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: left;"><font style="color:#000000;">Treasurer</font></p>
			</td>
			<td style="vertical-align:bottom;width:20%;">
			<p style="font-family:Arial, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
		</tr>

</table>

<p style="font-family:Arial, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

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<DOCUMENT>
<TYPE>EX-23
<SEQUENCE>2
<FILENAME>ex_188731.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
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<p style="text-align: right; font-family: Arial; font-size: 10pt;">Exhibit 23.1</p>

<p style="text-align: right;">&nbsp;</p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0); text-align: center;"><b>Consent of Independent Auditors</b></p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0);">&nbsp;</p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0);">The Board of Directors and Stockholders</p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0);">Lee Enterprises, Incorporated:</p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0);">&nbsp;</p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0); text-align: justify;">We consent to the incorporation by reference in the registration statement &nbsp;Form S-8 (No.&nbsp;333-06435, No. 333-132768, No. 333-218355 and No. 333-204985) and Form S-3 (No. 333-215651, Amendment No. 1 to No. 333-21561, No. 333-197450, No. 333-236356 and Amendment No. 1 to No. 333-197450) of Lee Enterprises, Incorporated and subsidiaries of our report dated June 2, 2020, with respect to the combined abbreviated financial statements of the BH Newspaper Business and The Buffalo News, Inc., which comprise the combined statements of assets acquired and liabilities assumed as of December 29, 2019 and December 30, 2018 and the related combined statements of revenues and direct expenses for the 52-week period ended December 29, 2019, 52-week period ended December 30, 2018, and 53-week period ended December 31, 2017, and the related notes to the combined abbreviated financials statements, which report appears in the Form 8-K/A of Lee Enterprises, Incorporated dated June 2, 2020.</p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0);">&nbsp;</p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0);">&nbsp;</p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0);">/s/ KPMG LLP</p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0);">Chicago, Illinois</p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0);">June 2, 2020</p>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>ex_188646.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html><head>
	<title>ex_186503.htm</title>
	<!-- Generated by ThunderDome Portal - 6/2/2020 2:08:45 AM --><meta charset="utf-8"><meta name="format-detection" content="telephone=no">
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<body style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding: 0in 0.1in; cursor: auto;">
<p style="margin-bottom: 0px; text-align: right; margin-top: 0px; font-family: Arial; font-size: 10pt;"><font style="color:#000000;"><b>Exhibit 99.1</b></font></p>

<p style="margin-bottom: 0px; text-align: left; margin-top: 0px; font-family: Arial; font-size: 10pt;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: center; text-transform: uppercase;"><font style="color:#000000;"><b>BH Newspaper Business and The Buffalo News</b></font></p>

<p style="font-family: Arial; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: center;"><font style="color:#000000;">Combined Abbreviated Financial Statements</font></p>

<p style="font-family: Arial; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: center;"><font style="color:#000000;">Fiscal Years Ended December 29, 2019, December 30, 2018, and December 31, 2017</font></p>

<p style="font-family: Arial; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: center;"><font style="color:#000000;">(With Independent Auditors&#8217; Report Thereon)</font></p>

<p style="font-family: Arial; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

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<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: center; text-transform: uppercase;"><font style="color:#000000;"><b>BH NEWSPAPER BUSINESS AND THE BUFFALO NEWS<a id="Table_of_Contents" name="Table of Contents" title="Table of Contents"></a></b></font></p>

<p style="font-family: Arial; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: center;"><font style="color:#000000;"><b>Index to Combined Abbreviated Financial Statements</b></font></p>

<p style="font-family: Arial; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

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			<td style="width: 95%; vertical-align: top; font-family: Arial; font-size: 10pt;">&nbsp;</td>
			<td style="vertical-align: top; width: 5%; font-family: Arial; font-size: 10pt; text-align: right;"><font style="color:#000000;"><b>Page</b></font></td>
		</tr>
		<tr style="font-family: Arial; font-size: 10pt;">
			<td style="width: 95%; vertical-align: top; font-family: Arial; font-size: 10pt;">&nbsp;</td>
			<td style="vertical-align: top; width: 5%; font-family: Arial; font-size: 10pt;">&nbsp;</td>
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			<td style="width: 95%; vertical-align: top; font-family: Arial; font-size: 10pt;">
			<p style="font-family: Arial; margin-right: 72pt; margin-top: 0pt; text-align: left; margin-bottom: 0pt; font-size: 10pt;"><font style="color:#000000;">Report of Independent Auditors'</font></p>
			</td>
			<td style="vertical-align: top; width: 5%; font-family: Arial; font-size: 10pt;">
			<p style="font-family: Arial; margin: 0pt; font-size: 10pt; text-align: right;"><a href="#Report_of_Independent_Auditors'" style="-sec-extract:exhibit;"><font style="color:#2980b9;">1</font></a></p>
			</td>
		</tr>
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			<td style="width: 95%; vertical-align: top; font-family: Arial; font-size: 10pt;">&nbsp;</td>
			<td style="vertical-align: top; width: 5%; font-family: Arial; font-size: 10pt;">&nbsp;</td>
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		<tr style="background-color: rgb(204, 238, 255); font-family: Arial; font-size: 10pt;">
			<td style="width: 95%; vertical-align: top; font-family: Arial; font-size: 10pt;"><font style="color:#000000;">Combined Statements of Assets Acquired and Liabilities Assumed</font></td>
			<td style="vertical-align: top; width: 5%; text-align: right; font-family: Arial; font-size: 10pt;"><a href="#Statements_of_Assets_Acquired_and_Liabilities_Assumed" style="-sec-extract:exhibit;"><font style="color:#2980b9;">2</font></a></td>
		</tr>
		<tr style="background-color: rgb(255, 255, 255); font-family: Arial; font-size: 10pt;">
			<td style="width: 95%; vertical-align: top; font-family: Arial; font-size: 10pt;">&nbsp;</td>
			<td style="vertical-align: top; width: 5%; font-family: Arial; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="background-color: rgb(204, 238, 255); font-family: Arial; font-size: 10pt;">
			<td style="width: 95%; vertical-align: top; font-family: Arial; font-size: 10pt;"><font style="color:#000000;">Combined Statements of Revenues and Direct Expenses</font></td>
			<td style="vertical-align: top; width: 5%; text-align: right; font-family: Arial; font-size: 10pt;"><a href="#Statements_of_Revenues_and_Direct_Expenses" style="-sec-extract:exhibit;"><font style="color:#2980b9;">3</font></a></td>
		</tr>
		<tr style="background-color: rgb(255, 255, 255); font-family: Arial; font-size: 10pt;">
			<td style="width: 95%; vertical-align: top; font-family: Arial; font-size: 10pt;">&nbsp;</td>
			<td style="vertical-align: top; width: 5%; font-family: Arial; font-size: 10pt;">&nbsp;</td>
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		<tr style="background-color: rgb(204, 238, 255); font-family: Arial; font-size: 10pt;">
			<td style="width: 95%; vertical-align: top; font-family: Arial; font-size: 10pt;"><font style="color:#000000;">Notes to Combined Abbreviated Financial Statements</font></td>
			<td style="vertical-align: top; width: 5%; text-align: right; font-family: Arial; font-size: 10pt;"><a href="#Notes_to_Combined_Abbreviated_Financial_Statements" style="-sec-extract:exhibit;"><font style="color:#2980b9;">4</font></a></td>
		</tr>

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<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: center;"><font style="color:#000000;"><b>Independent Auditors' Report<a id="Report_of_Independent_Auditors'" name="Report of Independent Auditors'" title="Report of Independent Auditors'"></a></b></font></p>

<p style="font-family: Arial; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0);">The Board of Directors and Stockholders</p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0);">Lee Enterprises, Incorporated:</p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0);">&nbsp;</p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0);">We have audited the accompanying combined abbreviated financial statements of the BH Newspaper Business and The Buffalo News, Inc., which comprise the combined statements of assets acquired and liabilities assumed as of December 29, 2019 and December 30, 2018 and the related combined statements of revenues and direct expenses for the 52-week period ended December 29, 2019, the 52-week period ended December 30, 2018, and the 53-week period ended December 31, 2017, and the related notes to the combined abbreviated financials statements.</p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0);">&nbsp;</p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0);"><i>Management&#8217;s Responsibility for the Financial Statements</i></p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0);">&nbsp;</p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0);">Management is responsible for the preparation and fair presentation of these combined abbreviated financial statements in accordance with U.S.&nbsp;generally accepted accounting principles; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of combined abbreviated financial statements that are free from material misstatement, whether due to fraud or error.</p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0);">&nbsp;</p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0);"><i>Auditors&#8217; Responsibility</i></p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0);">&nbsp;</p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0);">Our responsibility is to express an opinion on these combined abbreviated financial statements based on our audits.<sup style="vertical-align:top;line-height:120%;font-size:pt"> </sup>We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the combined abbreviated financial statements are free from material misstatement.</p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0);">&nbsp;</p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0);">An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the combined abbreviated financial statements. The procedures selected depend on the auditors&#8217; judgment, including the assessment of the risks of material misstatement of the combined abbreviated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity&#8217;s preparation and fair presentation of the combined abbreviated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity&#8217;s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the combined abbreviated financial statements.</p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0);">&nbsp;</p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0);">We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.</p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0);">&nbsp;</p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0);"><i>Opinion</i></p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0);">&nbsp;</p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0);">In our opinion, the combined abbreviated financial statements referred to above present fairly, in all material respects, the financial position of BH Newspaper Business and The Buffalo News, as of December 29, 2019 and December 30, 2018 and their revenues and direct expenses for the 52-week period ended December 29, 2019, the 52-week period ended December 30, 2018, and the 53-week period ended December 31, 2017, in accordance with U.S.&nbsp;generally accepted accounting principles.</p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0);">&nbsp;</p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0);"><i>Change in Accounting Principle</i></p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0);">&nbsp;</p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0);">As discussed in Note 2 to the combined abbreviated financial statements, BH Newspaper Business and The Buffalo News, Inc. has changed their method of accounting for leases as of December 31, 2018 due to the adoption of Accounting Standards Codification Topic 842, <i>Leases</i>.</p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0);">&nbsp;</p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0);"><i>Emphasis of Matter </i></p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0);">&nbsp;</p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0);">We draw attention to note 1 of the combined abbreviated financial statements, which describes the basis of presentation used in preparing these combined abbreviated financial statements. Our opinion is not modified with respect to this matter.</p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0);">&nbsp;</p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0);">/s/ KPMG LLP</p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0);">Chicago, Illinois</p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0);">June 2, 2020</p>

<p style="font-family: Arial; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

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<div class="hf-cell PGNUM" style="text-align: center; font-size: 10pt; font-family: Times New Roman;">1</div>
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<div class="PGHDR" style="text-align: left; width: 100%">
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<p style="font-family: Arial, Helvetica, sans-serif; font-size: 8pt; margin: 0pt; text-align: left; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0);"><a href="#Table_of_Contents" style="-sec-extract:exhibit;"><u>Table of Contents</u></a><font style="color:#000000"><b><a id="Statements_of_Assets_Acquired_and_Liabilities_Assumed" name="Statements of Assets Acquired and Liabilities Assumed" title="Statements of Assets Acquired and Liabilities Assumed"></a></b></font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-transform: uppercase; text-align: center;"><font style="color:#000000;"><b>BH Newspaper Business and The Buffalo News</b></font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: center;"><font style="color:#000000;">Combined Statements of Assets Acquired and Liabilities Assumed</font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: center;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: center;"><font style="color:#000000;"><i>(in thousands)</i></font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: center;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: center;">&nbsp;</p>

<table cellpadding="0pt" cellspacing="0pt" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 100%; margin-left: 0pt; margin-right: 0pt;">

		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<td style="width: 71%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-top: 1px solid black;">&nbsp;</td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-top: 1px solid black;">&nbsp;</td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-top: 1px solid black;">&nbsp;</td>
			<td style="width: 12%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: center; border-top: 1px solid black;"><font style="color:#000000;"><b>December 29,</b></font></td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: center; border-top: 1px solid black;">&nbsp;</td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: center; border-top: 1px solid black;">&nbsp;</td>
			<td style="width: 12%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: center; border-top: 1px solid black;"><font style="color:#000000;"><b>December 30,</b></font></td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-top: 1px solid black;">&nbsp;</td>
		</tr>
		<tr>
			<td class="xl65" height="18" style="height: 13.5pt; width: 71%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-bottom: 1px solid black;" width="64">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: center; border-bottom: 1px solid black;"><font style="color:#000000;"><b>2019</b></font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: center; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: center; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: center; border-bottom: 1px solid black;"><font style="color:#000000;"><b>2018</b></font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<td class="xl65" height="18" style="height: 13.5pt; width: 71%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;" width="64"><font style="color:#000000;"><b>Assets acquired</b></font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
			<td class="xl66" height="17" style="height: 12.75pt; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 71%;"><font style="color:#000000;">Current assets:</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
			<td class="xl67" height="17" style="height: 12.75pt; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 71%; text-indent: 9pt;"><font style="color:#000000;">Cash and cash equivalents</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;"><font style="color:#000000;">$</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">10,148</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">5,508</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
			<td class="xl66" height="17" style="height: 12.75pt; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 71%; text-indent: 9pt;"><font style="color:#000000;">Accounts receivable, less allowance for doubtful accounts of $4,275 and $4,200, respectively</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">39,929</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">47,994</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
			<td class="xl67" height="17" style="height: 12.75pt; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 71%; text-indent: 9pt;"><font style="color:#000000;">Inventories</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">6,730</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">8,134</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
			<td class="xl66" height="17" style="height: 12.75pt; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 71%; text-indent: 9pt; border-bottom: 1px solid black;"><font style="color:#000000;">Prepaids and other</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">7,999</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">8,447</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
			<td class="xl67" height="18" style="height: 13.5pt; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 71%; border-bottom: 1px solid black;"><font style="color:#000000;">Total current assets</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">64,806</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">70,083</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
			<td class="xl66" height="18" style="height: 13.5pt; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 71%;"><font style="color:#000000;">Property and equipment:</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
			<td class="xl67" height="18" style="height: 13.5pt; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 71%; text-indent: 9pt;"><font style="color:#000000;">Land</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">715</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">715</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
			<td class="xl66" height="18" style="height: 13.5pt; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 71%; text-indent: 9pt;"><font style="color:#000000;">Buildings and improvements</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">24,860</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">24,906</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
			<td class="xl67" height="17" style="height: 12.75pt; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 71%; text-indent: 9pt; border-bottom: 1px solid black;"><font style="color:#000000;">Equipment</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">142,564</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">149,177</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
			<td class="xl66" height="17" style="height: 12.75pt; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 71%;"><font style="color:#000000;">Total property and equipment</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">168,139</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">174,798</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
			<td class="xl67" height="17" style="height: 12.75pt; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 71%; text-indent: 9pt; border-bottom: 1px solid black;"><font style="color:#000000;">Less accumulated depreciation</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">(144,107</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;"><font style="color:#000000;">)</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">(145,813</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;"><font style="color:#000000;">)</font></td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
			<td class="xl66" height="17" style="height: 12.75pt; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 71%; border-bottom: 1px solid black;"><font style="color:#000000;">Property and equipment, net</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">24,032</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">28,985</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
			<td class="xl67" height="17" style="height: 12.75pt; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 71%;"><font style="color:#000000;">Intangible assets, net</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">86,573</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">95,147</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
			<td class="xl66" height="17" style="height: 12.75pt; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 71%;"><font style="color:#000000;">Operating lease right-of-use asset</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">6,790</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;"><font style="font-family:Arial, Helvetica, sans-serif; font-size:10pt">&#8212;</font></font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
			<td class="xl67" height="17" style="height: 12.75pt; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 71%;"><font style="color:#000000;">Pension assets</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">25,379</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">19,216</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
			<td class="xl66" height="17" style="height: 12.75pt; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 71%; border-bottom: 1px solid black;"><font style="color:#000000;">Other assets</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">3,276</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">2,147</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
			<td class="xl67" height="17" style="height: 12.75pt; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 71%; border-bottom: 1px solid black;"><font style="color:#000000;">Total assets acquired</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">$</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">210,856</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">215,578</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
			<td class="xl63" height="17" style="height: 12.75pt; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 71%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
			<td class="xl68" height="17" style="height: 12.75pt; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 71%;"><font style="color:#000000;"><b>Liabilities assumed</b></font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
			<td class="xl66" height="17" style="height: 12.75pt; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 71%;"><font style="color:#000000;">Current liabilities:</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
			<td class="xl67" height="17" style="height: 12.75pt; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 71%; text-indent: 9pt;"><font style="color:#000000;">Accounts payable</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;"><font style="color:#000000;">$</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">8,077</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">10,822</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
			<td class="xl66" height="17" style="height: 12.75pt; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 71%; text-indent: 9pt;"><font style="color:#000000;">Current portion of lease liabilities</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">2,902</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;"><font style="font-family:Arial, Helvetica, sans-serif; font-size:10pt">&#8212;</font></font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
			<td class="xl67" height="17" style="height: 12.75pt; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 71%; text-indent: 9pt;"><font style="color:#000000;">Compensation and other accrued liabilities</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">30,657</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">34,563</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
			<td class="xl66" height="17" style="height: 12.75pt; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 71%; text-indent: 9pt; border-bottom: 1px solid black;"><font style="color:#000000;">Unearned revenue</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">35,434</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">35,142</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
			<td class="xl67" height="17" style="height: 12.75pt; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 71%; border-bottom: 1px solid black;"><font style="color:#000000;">Total current liabilities</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">77,070</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">80,527</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
			<td class="xl66" height="17" style="height: 12.75pt; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 71%;"><font style="color:#000000;">Operating lease liabilities</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">5,021</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;"><font style="font-family:Arial, Helvetica, sans-serif; font-size:10pt">&#8212;</font></font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
			<td class="xl67" height="17" style="height: 12.75pt; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 71%;"><font style="color:#000000;">Pension obligations</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">10,015</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">10,821</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
			<td class="xl66" height="17" style="height: 12.75pt; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 71%;"><font style="color:#000000;">Postretirement and postemployment benefit obligations</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">37,000</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">35,000</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
			<td class="xl67" height="17" style="height: 12.75pt; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 71%; border-bottom: 1px solid black;"><font style="color:#000000;">Other liabilities</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">1,871</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">5,278</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
			<td class="xl66" height="17" style="height: 12.75pt; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 71%; border-bottom: 1px solid black;"><font style="color:#000000;">Total liabilities</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">130,977</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">131,626</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
			<td class="xl64" height="17" style="height: 12.75pt; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 71%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
			<td class="xl66" height="17" style="height: 12.75pt; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 71%; border-top: 1px solid black; border-bottom: 1px solid black;"><font style="color:#000000;">Total assets acquired net of liabilities assumed</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-top: 1px solid black; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-top: 1px solid black; border-bottom: 1px solid black;"><font style="color:#000000;">$</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right; border-top: 1px solid black; border-bottom: 1px solid black;"><font style="color:#000000;">79,879</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-top: 1px solid black; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-top: 1px solid black; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right; border-top: 1px solid black; border-bottom: 1px solid black;"><font style="color:#000000;">83,952</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-top: 1px solid black; border-bottom: 1px solid black;">&nbsp;</td>
		</tr>

</table>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: center;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;"><font style="color:#000000;"><i>See accompanying notes to the combined abbreviated financial statements.</i></font></p>

<p style="font-family: Arial; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" style="text-align: center; font-size: 10pt; font-family: Times New Roman;">2</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 8pt; margin: 0pt; text-align: left; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0);"><a href="#Table_of_Contents" style="-sec-extract:exhibit;"><u>Table of Contents</u></a><font style="color:#000000"><b><a id="Statements_of_Revenues_and_Direct_Expenses" name="Statements of Revenues and Direct Expenses" title="Statements of Revenues and Direct Expenses"></a></b></font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-transform: uppercase; text-align: center;"><font style="color:#000000;"><b>BH Newspaper Business and The Buffalo News</b></font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: center;"><font style="color:#000000;">Combined Statements of Revenues and Direct Expenses</font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: center;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: center;"><font style="color:#000000;"><i>(in thousands)</i></font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: center;">&nbsp;</p>

<table cellpadding="0pt" cellspacing="0pt" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 100%; margin-left: 0pt; margin-right: 0pt;">

		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<td style="width: 60%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-top: 1px solid black; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-top: 1px solid black; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-top: 1px solid black; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="width: 12%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: center; border-top: 1px solid black; border-bottom: 1px solid black;"><font style="color:#000000;"><b>2019</b></font></td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: center; border-top: 1px solid black; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="width: 12%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: center; border-top: 1px solid black; border-bottom: 1px solid black;"><font style="color:#000000;"><b>2018</b></font></td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: center; border-top: 1px solid black; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="width: 12%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: center; border-top: 1px solid black; border-bottom: 1px solid black;"><font style="color:#000000;"><b>2017</b></font></td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 60%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 60%;"><font style="color:#000000;">Revenues:</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 60%; padding-left: 9pt;"><font style="color:#000000;">Advertising and marketing services</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;"><font style="color:#000000;">$</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">235,272</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">274,565</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">312,312</font></td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 60%; padding-left: 9pt;"><font style="color:#000000;">Subscription</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">175,934</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">164,515</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">163,449</font></td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 60%; padding-left: 9pt; border-bottom: 1px solid black;"><font style="color:#000000;">Other</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; border-bottom: 1px solid black; text-align: right;"><font style="color:#000000;">43,801</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; border-bottom: 1px solid black; text-align: right;"><font style="color:#000000;">51,304</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; border-bottom: 1px solid black; text-align: right;"><font style="color:#000000;">55,749</font></td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 60%; border-bottom: 1px solid black;"><font style="color:#000000;">Total revenues</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">455,007</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">490,384</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">531,510</font></td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 60%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 60%;"><font style="color:#000000;">Direct expenses:</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 60%; padding-left: 9pt;"><font style="color:#000000;">Compensation</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">205,886</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">227,238</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">267,244</font></td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 60%; padding-left: 9pt;"><font style="color:#000000;">Newsprint and ink</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">43,387</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">53,288</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">55,590</font></td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 60%; padding-left: 9pt;"><font style="color:#000000;">Depreciation and amortization</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">17,778</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">20,937</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">21,994</font></td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 60%; padding-left: 9pt;"><font style="color:#000000;">Other operating expenses</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">157,964</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">150,321</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">158,641</font></td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 60%; border-bottom: 1px solid black; border-top: 1px solid black;"><font style="color:#000000;">Total direct expenses</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black; border-top: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-bottom: 1px solid black; border-top: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right; border-bottom: 1px solid black; border-top: 1px solid black;"><font style="color:#000000;">425,015</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-bottom: 1px solid black; border-top: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right; border-bottom: 1px solid black; border-top: 1px solid black;"><font style="color:#000000;">451,784</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-bottom: 1px solid black; border-top: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right; border-bottom: 1px solid black; border-top: 1px solid black;"><font style="color:#000000;">503,469</font></td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 60%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;">&nbsp;</td>
		</tr>
		<tr style="background-color: rgb(255, 255, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 60%; border-bottom: 1px solid black; border-top: 1px solid black;"><font style="color:#000000;">Revenue less direct expenses</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black; border-top: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-bottom: 1px solid black; border-top: 1px solid black;"><font style="color:#000000;">$</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right; border-bottom: 1px solid black; border-top: 1px solid black;"><font style="color:#000000;">29,992</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-bottom: 1px solid black; border-top: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right; border-bottom: 1px solid black; border-top: 1px solid black;"><font style="color:#000000;">38,600</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-bottom: 1px solid black; border-top: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right; border-bottom: 1px solid black; border-top: 1px solid black;"><font style="color:#000000;">28,041</font></td>
		</tr>

</table>

<p style="font-family: Arial; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><font style="color:#000000;"><i>See accompanying notes to the combined abbreviated financial statements.</i></font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" style="text-align: center; font-size: 10pt; font-family: Times New Roman;">3</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 8pt; margin: 0pt; text-align: left; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0);"><a href="#Table_of_Contents" style="-sec-extract:exhibit;"><u>Table of Contents</u></a><font style="color:#000000"><b><a id="Notes_to_Combined_Abbreviated_Financial_Statements" name="Notes to Combined Abbreviated Financial Statements" title="Notes to Combined Abbreviated Financial Statements"></a></b></font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-transform: uppercase; text-align: center;"><font style="color:#000000;"><b>BH Newspaper Business and The Buffalo News</b></font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: center;"><font style="color:#000000;">Notes to Combined Abbreviated Financial Statements</font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: center;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: center;"><font style="color:#000000;"><i>(in thousands)</i></font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; font-family: Arial; font-size: 10pt;">

		<tr style="font-family: Arial; font-size: 10pt;">
			<td style="width: 27pt; vertical-align: top; font-family: Arial; font-size: 10pt;">
			<p style="font-family: Arial; margin-right: 0pt; margin-top: 0pt; text-align: left; margin-bottom: 0pt; font-size: 10pt;"><font style="color:#000000;"><b>1.</b></font></p>
			</td>
			<td style="vertical-align: top; font-family: Arial; font-size: 10pt;">
			<p style="font-family: Arial; margin-right: 0pt; margin-top: 0pt; text-align: left; margin-bottom: 0pt; font-size: 10pt;"><font style="color:#000000;"><b>Nature of Business and Basis of Presentation</b></font></p>
			</td>
		</tr>

</table>

<p style="font-family: Arial; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;"><font style="color:#000000;">On January 29, 2020, Berkshire Hathaway Inc. (&#8220;Berkshire&#8221;) and its wholly owned subsidiary BH Media Group, Inc. (&#8220;BHMG&#8221;) entered into an Asset and Stock Purchase Agreement (the &#8220;ASPA&#8221;) with Lee Enterprises, Incorporated (&#8220;Lee&#8221;). Pursuant to the ASPA, Lee agreed to acquire (1) certain assets and assume certain liabilities of BHMG&#8217;s newspapers and related community publications business (the &#8220;BH Newspaper Business&#8221;); and, (2) all of the issued and outstanding capital stock of The Buffalo News, Inc. (together, the operations of the BH Newspaper Business and The Buffalo News, Inc. are referred to herein as the &#8220;Business&#8221;). Since July 2, 2018, Lee has managed the BH Newspaper Business pursuant to a Management Agreement between BHMG and Lee dated June 26, 2018 (&#8220;Management Agreement&#8221;).</font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;"><font style="color:#000000;">The BH Newspaper Business consists of print and digital operations of 30 daily newspapers serving communities in 10 states, as well as 49 paid weekly publications with digital sites and 32 other print products. The Buffalo News is a print and digital news operation serving communities in western New York.</font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;"><font style="color:#000000;">On March 16, 2020, Berkshire and Lee completed the transaction described above. The aggregate purchase price for the sale of the Business was $140 million, excluding an additional $12 million in cash held at BHMG, acquired at closing. Concurrently, BHMG also entered into a lease agreement with Lee providing for the leasing of 68 properties and related fixtures (including production equipment) retained by BHMG and used in the BH Newspaper Business acquired by Lee.&nbsp; In connection with the transaction described above, Lee entered into a Credit Agreement with BH Finance, LLC, a Nebraska limited liability company (&#8220;BH Finance&#8221;) to provide a secured 25-year term loan. Lee borrowed $576 million from BH Finance under the Credit Agreement in order to finance the Purchase Transaction and refinance its outstanding indebtedness at a 9% annual rate.</font></p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;"><font style="color:#000000;"><i><b>Basis of Presentation</b></i></font></p>

<p style="font-family: Arial; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;"><font style="color:#000000;">The accompanying Combined Statements of Assets Acquired and Liabilities Assumed as of December 29, 2019 and December 30, 2018 and the related Combined Statements of Revenues and Direct Expenses for each of the fiscal years ended December 29, 2019, December 30, 2018, and December 31, 2017 (collectively, the &#8220;Combined Abbreviated Financial Statements&#8221;) of the Business have been prepared in accordance with accounting principles generally accepted in the United States (&#8220;GAAP&#8221;) and have been prepared for purposes of providing financial &nbsp;information of an acquired business that is considered significant pursuant to the Securities and Exchange Commission (&#8220;SEC&#8221;) Rule 3-05 of Regulation S-X. As the Business has not been managed by Berkshire as a stand-alone business, nor has it been accounted for as a separate entity or subsidiary of Berkshire, it is impracticable to prepare a full set of financial statements of the Business, including corporate overhead, interest and income tax allocations. In lieu of a full set of financial statements, the SEC has permitted the substitution of the accompanying Combined Statements of Assets Acquired and Liabilities Assumed and Revenues and Direct Expenses (the &#8220;Combined Abbreviated Financial Statements&#8221;) for the purpose of complying with Rule 3-05. To the extent available, selected information pertaining to operating cash flows of the Business have been included within the footnotes to the Combined Abbreviated Financial Statements.&nbsp; There were no significant cash flows related to investing activities. The primary financing activities related to equity transactions with Berkshire, which are not included in the Combined Abbreviated Financial Statements. The accompanying Combined Abbreviated Financial Statements are not intended to be a complete presentation of financial position, results of operations, or cash flows of the Business in conformity with GAAP.&nbsp; In addition, the Combined Abbreviated Statements of Revenue and Direct expenses may not be indicative of operating results given the omission of certain corporate overhead, interest and income tax allocations.</font></p>

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<p style="font-family: Arial; font-size: 8pt; margin: 0pt; text-align: left;"><a href="#Table_of_Contents" style="-sec-extract:exhibit;"><u>Table of Contents</u></a></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-transform: uppercase; text-align: center;"><font style="color:#000000;"><b>BH Newspaper Business and The Buffalo News</b></font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: center;"><font style="color:#000000;">Notes to Combined Abbreviated Financial Statements</font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: center;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: center;"><font style="color:#000000;"><i>(in thousands)</i></font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;"><font style="color:#000000;">The Combined Abbreviated Financial Statements have been derived from the accounting records of BHMG and The Buffalo News using historical results of operations and financial position and only present the combined assets acquired, liabilities assumed, and the revenues and direct expenses of the Business. The assets acquired and liabilities assumed include items specifically identified in the ASPA. The direct expenses of the Business include employee related costs, third-party vendor costs, related party costs incurred under the Management Agreement, selling costs, and general and administrative expenses relating to the Business.</font></p>

<p style="font-family: Arial; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;"><font style="color:#000000;">The real estate and operating fixtures such as production equipment retained by BHMG pursuant to the ASPA have been excluded from the accompanying Combined Abbreviated Financial Statements.</font></p>

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<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;"><font style="color:#000000;"><i><b>Fiscal Year</b></i></font></p>

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<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;"><font style="color:#000000;">The BH Newspaper Business uses period accounting with the fiscal year ending on the last Sunday in December, while the Buffalo News uses a calendar year end. As it relates to the BH Newspaper Business, references to "2019", "2018", and "2017" refer to the fiscal years ended on the last Sunday in December and fiscal years 2019 and 2018 included 52 weeks and the fiscal year 2017 included 53 weeks of revenue and direct expenses on the accompanying Combined Statements of Revenues and Direct Expenses.</font></p>

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			<p style="font-family: Arial; margin-right: 0pt; margin-top: 0pt; text-align: left; margin-bottom: 0pt; font-size: 10pt;"><font style="color:#000000;"><b>2.</b></font></p>
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			<p style="font-family: Arial; margin-right: 0pt; margin-top: 0pt; text-align: left; margin-bottom: 0pt; font-size: 10pt;"><font style="color:#000000;"><b>Significant Accounting Policies</b></font></p>
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<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: left;"><font style="color:#000000;"><i><b>Accounting Estimates</b></i></font></p>

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<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;"><font style="color:#000000;">The preparation of the Combined Abbreviated Financial Statements in conformity with GAAP requires management to make estimates and judgments that affect the reported amounts of assets, liabilities, revenue and expenses, and related disclosure of contingent assets and liabilities. Management evaluates estimates on an on-going basis. Management bases estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.</font></p>

<p style="font-family: Arial; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: left;"><font style="color:#000000;"><i><b>Cash and Cash Equivalents</b></i></font></p>

<p style="font-family: Arial; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;"><font style="color:#000000;">The Business considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents.</font></p>

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<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: left;"><font style="color:#000000;"><i><b>Accounts Receivable</b></i></font></p>

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<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;"><font style="color:#000000;">Management of the Business evaluates the allowance for doubtful accounts receivable based on historical credit experience, payment trends and other economic factors. Delinquency is determined based on the timing of payments in relation to billing dates. Accounts considered to be uncollectible are written off.</font></p>

<p style="font-family: Arial; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: left;"><font style="color:#000000;"><i><b>Inventories</b></i></font></p>

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<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;"><font style="color:#000000;">Newsprint and other inventories are carried at the lower of cost or net realizable value. At December 29, 2019, the cost of inventories was determined using the Specific Identification (&#8220;Specific ID&#8221;) method for approximately 61% of total inventories, the First-In First-Out (&#8220;FIFO&#8221;) method for approximately 29% of total inventories, or by using the Last-In First-Out (&#8220;LIFO&#8221;) method for the remaining 10% of total inventories. At December 30, 2018, the cost of inventories was determined using the Specific ID method for approximately 70% of total inventories, FIFO method for approximately 24% of total inventories, or by LIFO method for the remaining 6% of total inventories.</font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;"><font style="color:#000000;">At December 29, 2019 and at December 30, 2018, the Business recorded a LIFO reserve of $214 and $277, respectively.</font></p>

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<p style="font-family: Arial; font-size: 8pt; margin: 0pt; text-align: left;"><a href="#Table_of_Contents" style="-sec-extract:exhibit;"><u>Table of Contents</u></a></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-transform: uppercase; text-align: center;"><font style="color:#000000;"><b>BH Newspaper Business and The Buffalo News</b></font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: center;"><font style="color:#000000;">Notes to Combined Abbreviated Financial Statements</font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: center;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: center;"><font style="color:#000000;"><i>(in thousands)</i></font></p>

<p style="font-family: Arial; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;"><font style="color:#000000;">The components of inventory by cost method were as follows:</font></p>

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			<td style="width: 36%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-top: 1px solid black;">&nbsp;</td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-top: 1px solid black;">&nbsp;</td>
			<td style="width: 36%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: center; border-top: 1px solid black;">&nbsp;</td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: center; border-top: 1px solid black;">&nbsp;</td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: center; border-top: 1px solid black;">&nbsp;</td>
			<td style="width: 12%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: center; border-top: 1px solid black;"><font style="color:#000000;"><b>December 29,</b></font></td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: center; border-top: 1px solid black;">&nbsp;</td>
			<td style="width: 12%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: center; border-top: 1px solid black;"><font style="color:#000000;"><b>December 30,</b></font></td>
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			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 36%; border-bottom: 1px solid black;"><font style="color:#000000;"><b>Inventories</b></font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 36%; border-bottom: 1px solid black;"><font style="color:#000000;"><b>Cost Method</b></font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; border-bottom: 1px solid black; text-align: center;"><font style="color:#000000;"><b>2019</b></font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; border-bottom: 1px solid black; text-align: center;"><font style="color:#000000;"><b>2018</b></font></td>
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			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 36%;"><font style="color:#000000;">Newsprint</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 36%;"><font style="color:#000000;">Specific ID</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;"><font style="color:#000000;">$</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">3,971</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">5,637</font></td>
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		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 36%;"><font style="color:#000000;">Newsprint</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 36%;"><font style="color:#000000;">LIFO</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">661</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">437</font></td>
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			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 36%;"><font style="color:#000000;">Other inventory</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 36%;"><font style="color:#000000;">FIFO</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">1,976</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">1,972</font></td>
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		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 36%;"><font style="color:#000000;">Other inventory</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 36%;"><font style="color:#000000;">Specific ID</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">122</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">88</font></td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 36%; border-bottom: 1px solid black; border-top: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black; border-top: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 36%; border-bottom: 1px solid black; border-top: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black; border-top: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-bottom: 1px solid black; border-top: 1px solid black;"><font style="color:#000000;">$</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right; border-bottom: 1px solid black; border-top: 1px solid black;"><font style="color:#000000;">6,730</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-bottom: 1px solid black; border-top: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right; border-bottom: 1px solid black; border-top: 1px solid black;"><font style="color:#000000;">8,134</font></td>
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<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><font style="color:#000000;"><i><b>Property and Equipment</b></i></font></p>

<p style="font-family: Arial; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;"><font style="color:#000000;">Property and equipment are carried at cost. Buildings and improvements are depreciated using the straight-line method over estimated useful lives ranging from 20 to 40 years. Equipment is depreciated using the straight-line method over estimated useful lives ranging from 3 to 20 years. Leasehold improvements are depreciated using the straight-line method over the shorter of the remaining lease term or the estimated useful life of the asset, ranging from 2 to 14 years. The Business is required to review for impairment of long-lived assets if events or changes in circumstances indicate that their carrying amounts may not be recoverable.&nbsp; The Business did not review long-lived assets for impairment as there were no events or changes in circumstances to indicate that their carrying amounts would not be recoverable.</font></p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: left;"><font style="color:#000000;"><i><b>Intangible Assets</b></i></font></p>

<p style="font-family: Arial; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;"><font style="color:#000000;">Intangible assets include customer lists, newspaper subscriber lists, and mastheads. Customer lists, newspaper subscriber lists, and mastheads are amortized using the straight-line method over the following estimated useful lives:</font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;">&nbsp;</p>

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		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
			<td style="width: 87%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-top: 1px solid black;">&nbsp;</td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-top: 1px solid black;">&nbsp;</td>
			<td style="width: 12%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: center; border-top: 1px solid black;"><font style="color:#000000;"><b>Years</b></font></td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 87%;"><font style="color:#000000;">Customer lists</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: center;"><font style="color:#000000;">3 to 21</font></td>
		</tr>
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			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 87%;"><font style="color:#000000;">Newspaper subscriber lists</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: center;"><font style="color:#000000;">3 to 21</font></td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 87%; border-bottom: 1px solid black;"><font style="color:#000000;">Mastheads</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: center; border-bottom: 1px solid black;"><font style="color:#000000;">40</font></td>
		</tr>

</table>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: center;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; text-align: justify;"><font style="color:#000000;">A portion of the amortizable intangible assets balance relates to an acquisition effected by Berkshire in 2012 that were pushed down to the Business. Amortizable intangible assets are reviewed for impairment whenever impairment indicators are present. Recoverability of intangible assets is assessed by comparing the estimated undiscounted cash flows associated with the asset group to their respective carrying amount. The impairment amount, if any, is calculated based on the excess of the carrying amount over the fair value of those asset groups.</font></p>

<p style="font-family: Arial; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: left;"><font style="color:#000000;"><i><b>Revenue Recognition</b></i></font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;"><font style="color:#000000;">On January 1, 2018, management adopted ASC Topic 606, Revenue from Contracts with Customers ("ASC 606"). Results for reporting periods beginning after January 1, 2018 are presented under the new guidance while prior period amounts are not adjusted and continue to be reported in accordance with legacy accounting under the old guidance. Additional information as a result of this adoption is contained in Note 2 - Recently Issued Accounting Standards.</font></p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; text-align: justify;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;"><font style="color:#000000;">Revenue is recognized when a performance obligation is satisfied by the transfer of control of the contracted goods or services to customers, in an amount that reflects the consideration the Business expects to receive in exchange for those goods or services.</font></p>

<p style="font-family: Arial; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;"><font style="color:#000000;">Advertising and marketing services revenue includes amounts charged to customers for retail, national, or classified advertising space purchased in newspapers, advertisements placed on digital platforms, and other print advertising products such as preprint inserts and direct mail. Print advertising revenue is recognized at the point in time the associated publication has been delivered. Digital advertising revenue is recognized at the point in time that impressions are delivered.</font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;">&nbsp;</p>

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<p style="font-family: Arial; font-size: 8pt; margin: 0pt; text-align: left;"><a href="#Table_of_Contents" style="-sec-extract:exhibit;"><u>Table of Contents</u></a></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-transform: uppercase; text-align: center;"><font style="color:#000000;"><b>BH Newspaper Business and The Buffalo News</b></font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: center;"><font style="color:#000000;">Notes to Combined Abbreviated Financial Statements</font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: center;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: center;"><font style="color:#000000;"><i>(in thousands)</i></font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: center;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;"><font style="color:#000000;">Subscription revenue includes revenue for content delivered to consumers via print and digital products purchased by readers or distributors. Single copy revenue is also included in subscription revenue. Subscription revenue from single-copy and home delivery subscriptions is recognized at the point in time when the publications are delivered. Digital subscription revenue is recognized over time as performance obligations are met via on-demand availability of online content made available to customers throughout the contract term. Payments for subscription revenue are typically collected in advance, are for contract periods of one year or less, and result in an unearned revenue liability that is reduced when revenue is recognized.</font></p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><font style="color:#000000;">Other revenue primarily consists of commercial printing and delivery of third-party products, which are recognized when the commercial printing and third-party products are delivered to the customer.</font></p>

<p style="font-family: Arial; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: left;"><font style="color:#000000;"><i><b>Other Expenses</b></i></font></p>

<p style="font-family: Arial; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;"><font style="color:#000000;">Other expenses include all expenses relating to newspaper operations not considered to be compensation, newsprint, or depreciation and amortization. The largest components are costs associated with printing and distribution of printed products, outside contracted service, digital cost of sales and severance costs. </font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;"><font style="color:#000000;"><i><b>Pensions and Postemployment Benefits </b></i></font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;"><font style="color:#000000;">The Business evaluates assets and liabilities for pension and postemployment benefit plans based upon computations made by consulting actuaries, incorporating estimates and actuarial assumptions of future plan service costs, future interest costs on projected benefit obligations, rates of compensation increases, when applicable, employee turnover rates, anticipated mortality rates, expected investment returns on plan assets, asset allocation assumptions of plan assets and other factors.</font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;"><font style="color:#000000;">The Business uses a fiscal year end measurement date for all pension and postemployment obligations in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 715, Retirement Plans. The Business uses the frozen entry age actuarial cost method, under which the excess of the actuarial present value of projected benefits of the group included in an actuarial valuation, over the sum of the actuarial value of assets plus the unfunded frozen actuarial accrued liability, is allocated on a level basis over the earnings or service of the group between the valuation date and assumed exit. This allocation is performed for the group as a whole, not as a sum of individual allocations.</font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;"><font style="color:#000000;"><i><b>Fair Value of Financial Instruments</b></i></font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;"><font style="color:#000000;">The Business utilizes FASB ASC Topic 820, Fair Value Measurements and Disclosures (&#8220;ASC 820&#8221;), to measure and report fair value. ASC 820 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. ASC 820 establishes a three-level hierarchy of fair value measurements based on whether the inputs to those measurements are observable or unobservable, which consists of the following levels:</font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt 0pt 0pt 18pt; text-align: justify; text-indent: -9pt;"><font style="color:#000000;">Level 1 - Quoted prices for identical instruments in active markets.</font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt 0pt 0pt 9pt; text-align: justify; text-indent: 0pt;"><font style="color:#000000;">Level 2 - Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are observable in active markets.</font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt 0pt 0pt 9pt; text-align: justify; text-indent: 0pt;"><font style="color:#000000;">Level 3 - Valuations derived from valuation techniques in which one or more significant inputs are unobservable.</font></p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

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<p style="font-family: Arial; font-size: 8pt; margin: 0pt; text-align: left;"><a href="#Table_of_Contents" style="-sec-extract:exhibit;"><u>Table of Contents</u></a></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-transform: uppercase; text-align: center;"><font style="color:#000000;"><b>BH Newspaper Business and The Buffalo News</b></font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: center;"><font style="color:#000000;">Notes to Combined Abbreviated Financial Statements</font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: center;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: center;"><font style="color:#000000;"><i>(in thousands)</i></font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt;">&nbsp;</p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0);"><font style="color:#000000;">Valuation methodologies used for pension assets measured at fair value are as follows:</font></p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0);">&nbsp;</p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt 0pt 0pt 9pt; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0); text-align: justify;"><font style="color:#000000;"><i>Money Market Funds:</i> Valued at the daily closing price as reported by the fund. Money market funds held are open-end mutual funds that are registered with the Securities and Exchange Commission that generally transact at a stable $1.00 NAV representing its estimated fair value. On a daily basis, the fund&#8217;s NAV is determined by the fund based on the amortized cost of the fund&#8217;s underlying investments. </font></p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt 0pt 0pt 9pt; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0); text-align: justify;">&nbsp;</p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt 0pt 0pt 9pt; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0); text-align: justify;"><font style="color:#000000;"><i>U.S. Treasury Bills: </i>Valued using pricing models maximizing the use of observable inputs for similar securities.</font></p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt 0pt 0pt 9pt; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0); text-align: justify;">&nbsp;</p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt 0pt 0pt 9pt; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0); text-align: justify;"><font style="color:#000000;"><i>Common Stock: </i>Valued at the closing price reported on the active market on which the individual securities are traded. </font></p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt 0pt 0pt 9pt; text-align: justify; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0);">&nbsp;</p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt 0pt 0pt 9pt; text-align: justify; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0);"><font style="color:#000000;"><i>Corporate Bonds and Notes:</i> Valued using pricing models maximizing the use of observable inputs for similar securities. This includes basing value on yields currently available on comparable securities of issuers with similar credit ratings. When quoted prices are not available for identical or similar bonds, the bond is valued under a discounted cash flows approach that maximizes observable inputs, such as current yields of similar instruments, but includes adjustments for certain risks that may not be observable, such as credit and liquidity risks or a broker quote if available. </font></p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt 0pt 0pt 9pt; text-align: justify; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0);">&nbsp;</p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt 0pt 0pt 9pt; text-align: justify; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0);"><font style="color:#000000;"><i>Deposits with Insurance Company (Pooled Separate Account):</i> Valued at the NAV of units of the pooled separate account. The NAV is determined by dividing the net assets, at fair value, of the fund by the number of units outstanding on the day of valuation. Pooled separate accounts are comprised primarily of shares of registered investment companies held through sub-accounts of a separate account of an insurance company. The Business has concluded that the NAV, as adjusted (for mutual fund dividends, mutual fund splits and administrative maintenance charges and other items) and reported by the insurance company, is used as a practical expedient to estimate fair value. The investments are redeemable daily at the adjusted NAV under agreements with the insurance company. However, it is possible that the redemption rights may be restricted or eliminated in the future. Were the Plan to initiate a full redemption of the underlying investments, the investment adviser has reserved the right to temporarily delay withdrawal from the pooled separate accounts to ensure that securities liquidations will be carried out in an orderly business manner. </font></p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt 0pt 0pt 9pt; text-align: justify; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0);">&nbsp;</p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt 0pt 0pt 9pt; text-align: justify; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0);"><font style="color:#000000;"><i>Deposits with Insurance Company (General Investment Fund):</i> Fair value is the amount that the Business would receive if it withdrew funds from these accounts. Fair value is calculated using a cash-out factor based on an associated pool of generated account assets. When a fund transfer occurs, the contract provides it must be based on current investment value (or market value), an approximation of fair value. The cash-out factor is a ratio of asset investment value to asset book value. The cash-out factor is used to adjust fair value of supported liabilities impacting amounts the Business receives at measurement date.</font></p>

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<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: left;"><font style="color:#000000;"><i><b>Commitments and Contingencies</b></i></font></p>

<p style="font-family: Arial; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;"><font style="color:#000000;">Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties, and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred. The Business is not currently a party to any claims or legal actions that would, in the opinion of management, have a material adverse effect on the Business&#8217;s financial position, results of operations, or liquidity.</font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;">&nbsp;</p>

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<p style="font-family: Arial; font-size: 8pt; margin: 0pt; text-align: left;"><a href="#Table_of_Contents" style="-sec-extract:exhibit;"><u>Table of Contents</u></a></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-transform: uppercase; text-align: center;"><font style="color:#000000;"><b>BH Newspaper Business and The Buffalo News</b></font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: center;"><font style="color:#000000;">Notes to Combined Abbreviated Financial Statements</font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: center;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: center;"><font style="color:#000000;"><i>(in thousands)</i></font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;"><font style="color:#000000;"><i><b>Recently Issued Accounting Standards</b></i></font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;">&nbsp;</p>

<div style="font-size:10pt">
<div style="font-family: Arial; text-align: justify;"><font style="color:#000000;">In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers and in 2015, 2016, and 2017 the FASB issued several clarifying updates to this new standard (ASU No. 2015-14, 2016-08, 2016-10, 2016-11, 2016-12, 2016-20 and 2017-05), which collectively comprises ASC 606. ASC 606 provides a five-step model in determining when and how revenue is recognized and requires revenue recognition to depict the transfer of promised goods or services to customers in an amount that reflects the consideration a company expects to receive in exchange for those goods or services. This new standard was adopted in 2018 using the modified retrospective method and did not result in any adjustments included in the accompanying Combined Abbreviated Financial Statements. Additional information and disclosures as a result of this adoption are contained in Note 4. </font></div>

<div style="font-family: Arial; text-align: justify;">&nbsp;</div>

<div style="font-family: Arial; text-align: justify;"><font style="color:#000000;">In February 2016, the FASB issued ASU No. 2016-02, Leases (&#8220;ASC 842&#8221;), a new standard for the accounting treatment of leases. The new standard is based on the principle that entities should recognize assets and liabilities arising from leases. The new standard's primary change is the requirement for entities to recognize a lease liability for payments and a right-of-use (&#8220;ROU&#8221;) asset representing the right to use the leased asset during the term on most operating lease arrangements. Lessees are permitted to make an accounting policy election to not recognize the asset and liability for leases with a term of twelve months or less. In addition, the new standard expands the disclosure requirements of lease arrangements. Lessees have the option to use a modified retrospective transition approach, which includes a number of practical expedients. This new standard was adopted on December 31, 2018, the first day in fiscal year 2019, using the modified retrospective method and resulted in recording ROU assets and operating lease liabilities. Additional information and disclosures as a result of this adoption are contained in Note 6. </font></div>

<div style="font-family: Arial; text-align: justify;">&nbsp;</div>
</div>

<div style="font-size:10pt">
<div style="font-family: Arial; text-align: justify;"><font style="color:#000000;">In March 2017, the FASB issued No. ASU 2017-07, Compensation &#8211; Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Post Retirement Benefit Cost (&#8220;ASC 715&#8221;) to improve the presentation of pension and postemployment benefit expense. The new standard requires that the service cost component of pension and postemployment benefits expense is recognized as compensation expense, while the remaining components of the expense are presented outside of operating income, if a subtotal of income from operations is presented in an income statement. This new standard was adopted on December 31, 2018, the first day in fiscal year 2019 using the retrospective method. For purposes of these Combined Abbreviated Financial Statements, the service cost component of pension and postemployment benefits expense is recognized as compensation expense, while the remaining components of pension and postemployment benefits expense are included in other expenses on the accompanying combined statements of revenues and direct expenses for all periods presented. Additional information and disclosures relating to pension and postemployment benefits expense are contained in Note 7.&nbsp;</font></div>
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<p style="font-family: Arial; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

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			<p style="font-family: Arial; margin-right: 0pt; margin-top: 0pt; text-align: left; margin-bottom: 0pt; font-size: 10pt;"><font style="color:#000000;"><b>Related Party Transactions</b></font></p>
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</table>

<p style="font-family: Arial; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;"><font style="color:#000000;">In accordance with the terms of the Management Agreement, and during the initial 5-year term, commencing on July 2, 2018, Lee earns a fixed fee of $5,000 payable quarterly, in arrears, and a variable fee based on a percentage of annual earnings before income taxes, depreciation and amortization of BHMG over $34,000. The variable fee percentage is 33% for the first two years of the contract and 50% for the last three years. In connection with the Management Agreement, Lee provided management services to BHMG in exchange for the fixed and variable fees. For the fiscal years ended December 29, 2019 and December 30, 2018, the Business recognized expenses of $11,547 and $2,826, respectively, pursuant to the Management Agreement in other operating expenses on the accompanying combined statements of revenues and direct expenses. At December 29, 2019, accrued but unpaid expenses were $2,864. There were no accrued but unpaid expenses at December 30, 2018.</font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;"><font style="color:#000000;">As of March 16, 2020, in connection with the acquisition described in Note 1, the Management Agreement was terminated.</font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;">&nbsp;</p>

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<div class="hf-cell PGNUM" style="text-align: center; font-size: 10pt; font-family: Times New Roman;">9</div>
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<div class="hf-cell TOCLink">&nbsp;</div>
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<p style="font-family: Arial; font-size: 8pt; margin: 0pt; text-align: left;"><a href="#Table_of_Contents" style="-sec-extract:exhibit;"><u>Table of Contents</u></a></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-transform: uppercase; text-align: center;"><font style="color:#000000;"><b>BH Newspaper Business and The Buffalo News</b></font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: center;"><font style="color:#000000;">Notes to Combined Abbreviated Financial Statements</font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: center;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: center;"><font style="color:#000000;"><i>(in thousands)</i></font></p>

<p style="font-family: Arial; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; font-family: Arial; font-size: 10pt;">

		<tr style="font-family: Arial; font-size: 10pt;">
			<td style="width: 27pt; vertical-align: top; font-family: Arial; font-size: 10pt;">
			<p style="font-family: Arial; margin-right: 0pt; margin-top: 0pt; text-align: left; margin-bottom: 0pt; font-size: 10pt;"><font style="color:#000000;"><b>4.</b></font></p>
			</td>
			<td style="vertical-align: top; font-family: Arial; font-size: 10pt;">
			<p style="font-family: Arial; margin-right: 0pt; margin-top: 0pt; text-align: left; margin-bottom: 0pt; font-size: 10pt;"><font style="color:#000000;"><b>Revenue</b></font></p>
			</td>
		</tr>

</table>

<p style="font-family: Arial; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;"><font style="color:#000000;">On January 1, 2018, the Business adopted ASC 606 using the modified retrospective method applied to those contracts which were not completed as of that date. Results for reporting periods beginning after January 1, 2018 are presented under the new guidance, while prior period amounts are not adjusted and continue to be reported in accordance with legacy accounting under the old guidance. The Business did not record any adjustments as a result of adopting the new guidance.</font></p>

<p style="font-family: Arial; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;"><font style="color:#000000;">The following table presents revenue disaggregated by source:</font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: center;">&nbsp;</p>

<table cellpadding="0pt" cellspacing="0pt" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 100%; margin-left: 0pt; margin-right: 0pt;">

		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<td style="width: 49%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-top: 1px solid black;">&nbsp;</td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-top: 1px solid black;">&nbsp;</td>
			<td style="width: 12%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: center; border-top: 1px solid black;"><font style="color:#000000;"><b>2019</b></font></td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: center; border-top: 1px solid black;">&nbsp;</td>
			<td style="width: 12%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: center; border-top: 1px solid black;"><font style="color:#000000;"><b>2018</b></font></td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: center; border-top: 1px solid black;">&nbsp;</td>
			<td style="width: 12%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: center; border-top: 1px solid black;"><font style="color:#000000;"><b>2017</b></font></td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 49%;"><font style="color:#000000;">Advertising and marketing services revenue</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;"><font style="color:#000000;">$</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">235,272</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">274,565</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">312,312</font></td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 49%;"><font style="color:#000000;">Subscription revenue</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">175,934</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">164,515</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">163,449</font></td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 49%;"><font style="color:#000000;">Other revenue</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">43,801</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">51,304</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">55,749</font></td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 49%; border-bottom: 1px solid black; border-top: 1px solid black;"><font style="color:#000000;">Total operating revenue</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black; border-top: 1px solid black;"><font style="color:#000000;">$</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; border-bottom: 1px solid black; border-top: 1px solid black; text-align: right;"><font style="color:#000000;">455,007</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black; border-top: 1px solid black; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; border-bottom: 1px solid black; border-top: 1px solid black; text-align: right;"><font style="color:#000000;">490,384</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black; border-top: 1px solid black; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; border-bottom: 1px solid black; border-top: 1px solid black; text-align: right;"><font style="color:#000000;">531,510</font></td>
		</tr>

</table>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: center;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; text-align: justify;"><font style="color:#000000;"><i>Recognition principles:</i> Revenue is recognized when a performance obligation is satisfied by the transfer of control of the contracted goods or services to customers in an amount that reflects the consideration expected to be received in exchange for those goods or services. Additional information related to revenue recognition principles are contained in Note 2.</font></p>

<p style="font-family: Arial; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;"><font style="color:#000000;"><i>Arrangements with multiple performance obligations:</i> The Business has various advertising and subscription agreements which include both print and digital performance obligations. Revenue from sales agreements that contain multiple performance obligations are allocated to each obligation based on the relative standalone selling price. The Business determines standalone selling prices based on observable prices charged to customers.</font></p>

<p style="font-family: Arial; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;"><font style="color:#000000;"><i>Contract Assets and Liabilities:</i> The primary source of contract liabilities for the Business is from unearned revenue for subscriptions paid in advance of the goods or service provided. The Business expects to recognize the revenue related to unsatisfied performance obligations over the next twelve months in accordance with the terms of the subscriptions and other contracts with customers. The unearned revenue balances described herein are the only contract liability of the Business. At December 29, 2019 and December 30, 2018, unearned revenue was $35,434 and $35,142, respectively. Revenue recognized during the fiscal year ended December 29, 2019 that was included in the contract liability as of December 30, 2018 was $35,142. The Business had no contract assets at December 29, 2019 or December 30, 2018.</font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;"><font style="color:#000000;">Accounts receivable, excluding allowance for doubtful accounts, was $44,204 and $52,194 as of December 29, 2019 and December 30, 2018, respectively. Allowance for doubtful accounts was $4,275 and $4,200 as of December 29, 2019 and December 30, 2018, respectively.</font></p>

<p style="font-family: Arial; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;"><font style="color:#000000;"><i>Practical expedients:</i> Sales commissions are expensed as incurred as the associated contractual periods are one year or less. These costs are recorded within compensation. The majority of contracts have original expected lengths of one year or less and revenue is earned at a rate and amount that corresponds directly with the value to the customer.</font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;">&nbsp;</p>

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<div class="hf-cell PGNUM" style="text-align: center; font-size: 10pt; font-family: Times New Roman;">10</div>
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<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
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<p style="font-family: Arial; font-size: 8pt; margin: 0pt; text-align: left;"><a href="#Table_of_Contents" style="-sec-extract:exhibit;"><u>Table of Contents</u></a></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-transform: uppercase; text-align: center;"><font style="color:#000000;"><b>BH Newspaper Business and The Buffalo News</b></font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: center;"><font style="color:#000000;">Notes to Combined Abbreviated Financial Statements</font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: center;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: center;"><font style="color:#000000;"><i>(in thousands)</i></font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; font-family: Arial; font-size: 10pt;">

		<tr style="font-family: Arial; font-size: 10pt;">
			<td style="width: 27pt; vertical-align: top; font-family: Arial; font-size: 10pt;">
			<p style="font-family: Arial; margin-right: 0pt; margin-top: 0pt; text-align: left; margin-bottom: 0pt; font-size: 10pt;"><font style="color:#000000;"><b>5.</b></font></p>
			</td>
			<td style="vertical-align: top; font-family: Arial; font-size: 10pt;">
			<p style="font-family: Arial; margin-right: 0pt; margin-top: 0pt; text-align: left; margin-bottom: 0pt; font-size: 10pt;"><font style="color:#000000;"><b>Intangibles</b></font></p>
			</td>
		</tr>

</table>

<p style="font-family: Arial; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: left;"><font style="color:#000000;">As of December 29, 2019, identified intangible assets consisted of the following:</font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</p>

<table cellpadding="0pt" cellspacing="0pt" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 100%; margin-left: 0pt; margin-right: 0pt;">

		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<td style="width: 60%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-top: 1px solid black;">&nbsp;</td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-top: 1px solid black;">&nbsp;</td>
			<td style="width: 12%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: center; border-top: 1px solid black;">&nbsp;</td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: center; border-top: 1px solid black;">&nbsp;</td>
			<td style="width: 12%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: center; border-top: 1px solid black;"><font style="color: rgb(0, 0, 0); font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"><b>Accumulated</b></font></td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: center; border-top: 1px solid black;">&nbsp;</td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: center; border-top: 1px solid black;">&nbsp;</td>
			<td style="width: 12%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: center; border-top: 1px solid black;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 60%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: center;"><font style="color: rgb(0, 0, 0); font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"><b>Cost</b></font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: center;"><font style="color: rgb(0, 0, 0); font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"><b>Amortization</b></font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: center;"><font style="color: rgb(0, 0, 0); font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"><b>Net</b></font></td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 60%;"><font style="color: rgb(0, 0, 0); font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">Mastheads</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;"><font style="color: rgb(0, 0, 0); font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">$</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color: rgb(0, 0, 0); font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">56,784</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color: rgb(0, 0, 0); font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">(10,489</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;"><font style="color: rgb(0, 0, 0); font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">)</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color: rgb(0, 0, 0); font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">46,295</font></td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 60%;"><font style="color: rgb(0, 0, 0); font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">Customer and newspaper subscriber lists</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color: rgb(0, 0, 0); font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">104,635</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color: rgb(0, 0, 0); font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">(64,357</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;"><font style="color: rgb(0, 0, 0); font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">)</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color: rgb(0, 0, 0); font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">40,278</font></td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 60%; border-bottom: 1px solid black; border-top: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black; border-top: 1px solid black;"><font style="color: rgb(0, 0, 0); font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">$</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right; border-bottom: 1px solid black; border-top: 1px solid black;"><font style="color: rgb(0, 0, 0); font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">161,419</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-bottom: 1px solid black; border-top: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right; border-bottom: 1px solid black; border-top: 1px solid black;"><font style="color: rgb(0, 0, 0); font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">(74,846</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black; border-top: 1px solid black;"><font style="color: rgb(0, 0, 0); font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">)</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-bottom: 1px solid black; border-top: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right; border-bottom: 1px solid black; border-top: 1px solid black;"><font style="color: rgb(0, 0, 0); font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">86,753</font></td>
		</tr>

</table>

<p style="font-family: Arial; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: left;"><font style="color:#000000;">As of December 30, 2018, identified intangible assets consisted of the following:</font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</p>

<table cellpadding="0pt" cellspacing="0pt" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 100%; margin-left: 0pt; margin-right: 0pt;">

		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<td style="width: 60%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-top: 1px solid black;">&nbsp;</td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-top: 1px solid black;">&nbsp;</td>
			<td style="width: 12%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: center; border-top: 1px solid black;">&nbsp;</td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: center; border-top: 1px solid black;">&nbsp;</td>
			<td style="width: 12%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: center; border-top: 1px solid black;"><font style="color:#000000;"><b>Accumulated</b></font></td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: center; border-top: 1px solid black;">&nbsp;</td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: center; border-top: 1px solid black;">&nbsp;</td>
			<td style="width: 12%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: center; border-top: 1px solid black;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 60%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: center;"><font style="color:#000000;"><b>Cost</b></font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: center;"><font style="color:#000000;"><b>Amortization</b></font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: center;"><font style="color:#000000;"><b>Net</b></font></td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 60%;"><font style="color:#000000;">Mastheads</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;"><font style="color:#000000;">$</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">56,784</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">(9,070</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;"><font style="color:#000000;">)</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">47,714</font></td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 60%;"><font style="color:#000000;">Customer and newspaper subscriber lists</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">104,635</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">(57,202</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;"><font style="color:#000000;">)</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">47,433</font></td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 60%; border-top: 1px solid black; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-top: 1px solid black; border-bottom: 1px solid black;"><font style="color:#000000;">$</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right; border-top: 1px solid black; border-bottom: 1px solid black;"><font style="color:#000000;">161,419</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-top: 1px solid black; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right; border-top: 1px solid black; border-bottom: 1px solid black;"><font style="color:#000000;">(66,272</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-top: 1px solid black; border-bottom: 1px solid black;"><font style="color:#000000;">)</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-top: 1px solid black; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right; border-top: 1px solid black; border-bottom: 1px solid black;"><font style="color:#000000;">95,147</font></td>
		</tr>

</table>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;"><font style="color:#000000;">The Business did not record any impairment charges in 2019, 2018 or 2017.</font></p>

<p style="font-family: Arial; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;"><font style="color:#000000;">Annual amortization of intangible assets for the fiscal years 2020 to 2024 is estimated to be:</font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;">&nbsp;</p>

<table cellpadding="0pt" cellspacing="0pt" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 100%; margin-left: 0pt; margin-right: 0pt;">

		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
			<td style="width: 86%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-top: 1px solid black;"><font style="color: rgb(0, 0, 0); font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">2020</font></td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-top: 1px solid black;">&nbsp;</td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: right; border-top: 1px solid black;"><font style="color: rgb(0, 0, 0); font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">$</font></td>
			<td style="width: 12%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: right; border-top: 1px solid black;"><font style="color: rgb(0, 0, 0); font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">8,458</font></td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 86%;"><font style="color: rgb(0, 0, 0); font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">2021</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color: rgb(0, 0, 0); font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">7,817</font></td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 86%;"><font style="color: rgb(0, 0, 0); font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">2022</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color: rgb(0, 0, 0); font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">6,797</font></td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 86%;"><font style="color: rgb(0, 0, 0); font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">2023</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color: rgb(0, 0, 0); font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">6,115</font></td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 86%; border-bottom: 1px solid black;"><font style="color: rgb(0, 0, 0); font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">2024</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right; border-bottom: 1px solid black;"><font style="color: rgb(0, 0, 0); font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">6,019</font></td>
		</tr>

</table>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" style="text-align: center; font-size: 10pt; font-family: Times New Roman;">11</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: Arial; font-size: 8pt; margin: 0pt; text-align: left;"><a href="#Table_of_Contents" style="-sec-extract:exhibit;"><u>Table of Contents</u></a></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-transform: uppercase; text-align: center;"><font style="color:#000000;"><b>BH Newspaper Business and The Buffalo News</b></font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: center;"><font style="color:#000000;">Notes to Combined Abbreviated Financial Statements</font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: center;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: center;"><font style="color:#000000;"><i>(in thousands)</i></font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: center;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; font-family: Arial; font-size: 10pt;">

		<tr style="font-family: Arial; font-size: 10pt;">
			<td style="width: 27pt; vertical-align: top; font-family: Arial; font-size: 10pt;">
			<p style="font-family: Arial; margin-right: 0pt; margin-top: 0pt; text-align: left; margin-bottom: 0pt; font-size: 10pt;"><font style="color:#000000;"><b>6.</b></font></p>
			</td>
			<td style="vertical-align: top; font-family: Arial; font-size: 10pt;">
			<p style="font-family: Arial; margin-right: 0pt; margin-top: 0pt; text-align: left; margin-bottom: 0pt; font-size: 10pt;"><font style="color:#000000;"><b>Leases</b></font></p>
			</td>
		</tr>

</table>

<p style="font-family: Arial; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;"><font style="color:#000000;">Effective December 31, 2018, the first day of fiscal year 2019, the Business adopted ASC 842 using the modified retrospective method as of the adoption date. The Business also adopted certain practical expedients, which permitted the Business to not reassess prior conclusions about lease identification, lease classification, or initial direct costs. The Business also elected to combine non-lease and lease components when accounting for leases. The Business has also made an election to exclude short-term leases, or those with an original term of less than twelve months, from recognition and measurement under ASC 842. As a result of the adoption, the Business recorded operating lease ROU assets of $10,143, current lease liabilities of $3,217, and long-term lease liabilities of $8,180 as of December 31, 2018.</font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;"><font style="color:#000000;">The operating lease portfolio primarily includes office and warehouse space, trucks, and vehicles. The Business has agreements to lease space for various locations through 2027. Total rental expense under operating leases amounted to $4,482, $5,442, and $5,393 for the years ended December 29, 2019, December 30, 2018, and December 31, 2017, respectively.</font></p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;"><font style="color:#000000;">As of December 29, 2019, maturities of lease liabilities were as follows:</font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;">&nbsp;</p>

<table cellpadding="0pt" cellspacing="0pt" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 100%; margin-left: 0pt; margin-right: 0pt;">

		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
			<td style="width: 85%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-top: 1px solid black;"><font style="color:#000000;">2020</font></td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-top: 1px solid black;">&nbsp;</td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-top: 1px solid black;"><font style="color:#000000;">$</font></td>
			<td style="width: 12%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: right; border-top: 1px solid black;"><font style="color:#000000;">74</font></td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-top: 1px solid black;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 85%;"><font style="color:#000000;">2021</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">2,122</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 85%;"><font style="color:#000000;">2022</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">1,666</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 85%;"><font style="color:#000000;">2023</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">505</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 85%;"><font style="color:#000000;">2024</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;"><font style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">&#8212;</font></font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 85%; border-bottom: 1px solid black;"><font style="color:#000000;">Thereafter</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">3,664</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 85%;"><font style="color:#000000;">Total lease payments</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">8,031</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 85%;"><font style="color:#000000;">Less interest</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">(108</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;"><font style="color:#000000;">)</font></td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 85%; border-bottom: 1px solid black; border-top: 1px solid black;"><font style="color:#000000;">Present value of lease payments</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black; border-top: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black; border-top: 1px solid black;"><font style="color:#000000;">$</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right; border-bottom: 1px solid black; border-top: 1px solid black;"><font style="color:#000000;">7,923</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black; border-top: 1px solid black;">&nbsp;</td>
		</tr>

</table>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><font style="color:#000000;">At December 29, 2019, minimum lease payments during each year in the five-year period ending December 2024 and thereafter were $2,962, $1,732, $909, $609, $488, and $1,331, respectively.</font></p>

<p style="font-family: Arial; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;"><font style="color:#000000;">Lease liabilities are generally discounted using the incremental borrowing rate for the Business. The incremental borrowing rate is based on a senior secured collateral adjusted yield curve. This yield curve reflects the estimated rate that would have been paid by the Business to borrow on a collateralized basis over a similar term in a similar economic environment. The Business will assess this rate annually to determine whether it needs to be updated. The weighted average revolving lease terms and discount rates for all operating leases at December 29, 2019 were as follows:</font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;">&nbsp;</p>

<table cellpadding="0pt" cellspacing="0pt" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 100%; margin-left: 0pt; margin-right: 0pt;">

		<tr style="background-color: rgb(204, 238, 255); font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<td style="width: 86%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-top: 1px solid black;"><font style="color:#000000;">Weighted average remaining lease term (years)</font></td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-top: 1px solid black;">&nbsp;</td>
			<td style="width: 12%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-top: 1px solid black;"><font style="color:#000000;">4.65</font></td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-top: 1px solid black;">&nbsp;</td>
		</tr>
		<tr style="background-color: rgb(255, 255, 255); font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 86%; border-bottom: 1px solid black;"><font style="color:#000000;">Weighted average discount rate</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; border-bottom: 1px solid black;"><font style="color:#000000;">0.72</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;"><font style="color:#000000;">%</font></td>
		</tr>

</table>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" style="text-align: center; font-size: 10pt; font-family: Times New Roman;">12</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: Arial; font-size: 8pt; margin: 0pt; text-align: left;"><a href="#Table_of_Contents" style="-sec-extract:exhibit;"><u>Table of Contents</u></a></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-transform: uppercase; text-align: center;"><font style="color:#000000;"><b>BH Newspaper Business and The Buffalo News</b></font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: center;"><font style="color:#000000;">Notes to Combined Abbreviated Financial Statements</font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: center;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: center;"><font style="color:#000000;"><i>(in thousands)</i></font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: center;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; font-family: Arial; font-size: 10pt;">

		<tr style="font-family: Arial; font-size: 10pt;">
			<td style="width: 27pt; vertical-align: top; font-family: Arial; font-size: 10pt;">
			<p style="font-family: Arial; margin-right: 0pt; margin-top: 0pt; text-align: left; margin-bottom: 0pt; font-size: 10pt;"><font style="color:#000000;"><b>7.</b></font></p>
			</td>
			<td style="vertical-align: top; font-family: Arial; font-size: 10pt;">
			<p style="font-family: Arial; margin-right: 0pt; margin-top: 0pt; text-align: left; margin-bottom: 0pt; font-size: 10pt;"><font style="color:#000000;"><b>Pensions</b></font></p>
			</td>
		</tr>

</table>

<p style="font-family: Arial; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;"><font style="color:#000000;">The Business has several non-contributory defined benefit pension plans that together cover selected employees. Benefits under the plans are generally based on salary and years of service. The liability and related expense for benefits under the plans are recorded over the service period of employees based upon annual actuarial calculations. Plan funding strategies are influenced by government regulations. Plan assets consist primarily of domestic corporate equity securities, government and corporate bonds, money markets and deposits with insurance companies.</font></p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;"><font style="color:#000000;">The net periodic cost (benefit) components of pension plans are as follows:</font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;">&nbsp;</p>

<table cellpadding="0pt" cellspacing="0pt" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 100%; margin-left: 0pt; margin-right: 0pt;">

		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<td style="width: 57%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-top: 1px solid black;">&nbsp;</td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: right; border-top: 1px solid black;">&nbsp;</td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: right; border-top: 1px solid black;">&nbsp;</td>
			<td style="width: 12%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: center; border-top: 1px solid black;"><font style="color:#000000;"><b>2019</b></font></td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: center; border-top: 1px solid black;">&nbsp;</td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: center; border-top: 1px solid black;">&nbsp;</td>
			<td style="width: 12%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: center; border-top: 1px solid black;"><font style="color:#000000;"><b>2018</b></font></td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: center; border-top: 1px solid black;">&nbsp;</td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: center; border-top: 1px solid black;">&nbsp;</td>
			<td style="width: 12%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: center; border-top: 1px solid black;"><font style="color:#000000;"><b>2017</b></font></td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: center; border-top: 1px solid black;">&nbsp;</td>
		</tr>
		<tr style="background-color: rgb(204, 238, 255); font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 57%;"><font style="color:#000000;">Service cost for benefits earned during the year</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;"><font style="color:#000000;">$</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">2,074</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">2,392</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">2,479</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
		</tr>
		<tr style="background-color: rgb(255, 255, 255); font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 57%;"><font style="color:#000000;">Interest cost on projected benefit obligation</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">6,461</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">5,771</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">5,849</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
		</tr>
		<tr style="background-color: rgb(204, 238, 255); font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 57%;"><font style="color:#000000;">Expected return on plan assets</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">(11,346</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;"><font style="color:#000000;">)</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">(13,812</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;"><font style="color:#000000;">)</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">(12,643</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;"><font style="color:#000000;">)</font></td>
		</tr>
		<tr style="background-color: rgb(255, 255, 255); font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 57%;"><font style="color:#000000;">Amortization of net loss</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">1,498</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">150</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">254</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
		</tr>
		<tr style="background-color: rgb(204, 238, 255); font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 57%;"><font style="color:#000000;">Amortization of prior service benefit</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">5</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">22</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">36</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
		</tr>
		<tr style="background-color: rgb(255, 255, 255); font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 57%; border-top: 1px solid black; border-bottom: 1px solid black;"><font style="color:#000000;">Net periodic pension cost (benefit)</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-top: 1px solid black; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-top: 1px solid black; border-bottom: 1px solid black;"><font style="color:#000000;">$</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right; border-top: 1px solid black; border-bottom: 1px solid black;"><font style="color:#000000;">(1,308</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-top: 1px solid black; border-bottom: 1px solid black;"><font style="color:#000000;">)</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-top: 1px solid black; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right; border-top: 1px solid black; border-bottom: 1px solid black;"><font style="color:#000000;">(5,477</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-top: 1px solid black; border-bottom: 1px solid black;"><font style="color:#000000;">)</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-top: 1px solid black; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right; border-top: 1px solid black; border-bottom: 1px solid black;"><font style="color:#000000;">(4,025</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-top: 1px solid black; border-bottom: 1px solid black;"><font style="color:#000000;">)</font></td>
		</tr>

</table>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><font style="color:#000000;">Changes in benefit obligations and plan assets are as follows:</font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;">&nbsp;</p>

<table cellpadding="0pt" cellspacing="0pt" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 100%; margin-left: 0pt; margin-right: 0pt;">

		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<td style="width: 71%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-top: 1px solid black;">&nbsp;</td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-top: 1px solid black;">&nbsp;</td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-top: 1px solid black;">&nbsp;</td>
			<td style="width: 12%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: center; border-top: 1px solid black;"><font style="color:#000000;"><b>2019</b></font></td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: center; border-top: 1px solid black;">&nbsp;</td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: center; border-top: 1px solid black;">&nbsp;</td>
			<td style="width: 12%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: center; border-top: 1px solid black;"><font style="color:#000000;"><b>2018</b></font></td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-top: 1px solid black;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 71%;"><font style="color:#000000;">Benefit obligation, beginning of year</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;"><font style="color:#000000;">$</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">171,347</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">184,176</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 71%;"><font style="color:#000000;">Service cost</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">2,074</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">2,392</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 71%;"><font style="color:#000000;">Interest cost</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">6,661</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">5,771</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 71%;"><font style="color:#000000;">Actuarial loss (gain)</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">27,045</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">971</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 71%;"><font style="color:#000000;">Change in discount rate</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">(4,108</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;"><font style="color:#000000;">)</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">(12,017</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;"><font style="color:#000000;">)</font></td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 71%;"><font style="color:#000000;">Change in mortality assumptions</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">&#8212;</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">(270</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;"><font style="color:#000000;">)</font></td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 71%;"><font style="color:#000000;">Benefits paid</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">(9,569</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;"><font style="color:#000000;">)</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">(9,275</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;"><font style="color:#000000;">)</font></td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 71%; border-bottom: 1px solid black;"><font style="color:#000000;">Administrative expenses paid</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; border-bottom: 1px solid black; text-align: right;"><font style="color:#000000;">(534</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;"><font style="color:#000000;">)</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; border-bottom: 1px solid black; text-align: right;"><font style="color:#000000;">(401</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;"><font style="color:#000000;">)</font></td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 71%; border-bottom: 1px solid black;"><font style="color:#000000;">Benefit obligation, end of year</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; border-bottom: 1px solid black; text-align: right;"><font style="color:#000000;">192,916</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; border-bottom: 1px solid black; text-align: right;"><font style="color:#000000;">171,347</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 71%;"><font style="color:#000000;">Fair value of plan assets, beginning of year</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">179,742</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">226,764</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 71%;"><font style="color:#000000;">Actuarial return on plan assets</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">36,892</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">(37,793</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;"><font style="color:#000000;">)</font></td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 71%;"><font style="color:#000000;">Benefits paid</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">(9,569</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;"><font style="color:#000000;">)</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">(9,275</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;"><font style="color:#000000;">)</font></td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 71%;"><font style="color:#000000;">Administrative expenses paid</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">(534</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;"><font style="color:#000000;">)</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">(401</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;"><font style="color:#000000;">)</font></td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 71%; border-bottom: 1px solid black;"><font style="color:#000000;">Employer contributions</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; border-bottom: 1px solid black; text-align: right;"><font style="color:#000000;">1,750</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; border-bottom: 1px solid black; text-align: right;"><font style="color:#000000;">447</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 71%; border-bottom: 1px solid black;"><font style="color:#000000;">Fair value of plan assets, end of year</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; border-bottom: 1px solid black; text-align: right;"><font style="color:#000000;">208,281</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; border-bottom: 1px solid black; text-align: right;"><font style="color:#000000;">179,742</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 71%; border-bottom: 1px solid black;"><font style="color:#000000;">Funded status</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black; text-align: right;"><font style="color:#000000;">$</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; border-bottom: 1px solid black; text-align: right;"><font style="color:#000000;">15,365</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; border-bottom: 1px solid black; text-align: right;"><font style="color:#000000;">8,395</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
		</tr>

</table>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;"><font style="color:#000000;">The Business expects to recognize approximately $1,600 of unrecognized net actuarial loss in net periodic pension cost in 2020.</font></p>

<p style="font-family: Arial; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;"><font style="color:#000000;">The accumulated benefit obligation for the plans were $191,444 and $165,892&nbsp;at December 29, 2019 and December 30, 2018, respectively. The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for the pension plans with accumulated benefit obligations in excess of plan assets were $106,120, $105,272 and $96,104, respectively, at December 29, 2019.</font></p>

<p style="font-family: Arial; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

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<div class="hf-cell PGNUM" style="text-align: center; font-size: 10pt; font-family: Times New Roman;">13</div>
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<div class="hf-cell TOCLink">&nbsp;</div>
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<p style="font-family: Arial; font-size: 8pt; margin: 0pt; text-align: left;"><a href="#Table_of_Contents" style="-sec-extract:exhibit;"><u>Table of Contents</u></a></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-transform: uppercase; text-align: center;"><font style="color:#000000;"><b>BH Newspaper Business and The Buffalo News</b></font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: center;"><font style="color:#000000;">Notes to Combined Abbreviated Financial Statements</font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: center;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: center;"><font style="color:#000000;"><i>(in thousands)</i></font></p>

<p style="font-family: Arial; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;"><font style="color:#000000;"><i><b>Assumptions</b></i></font></p>

<p style="font-family: Arial; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;"><font style="color:#000000;">Weighted-average assumptions used to determine benefit obligations are as follows:</font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;">&nbsp;</p>

<table cellpadding="0pt" cellspacing="0pt" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 100%; margin-left: 0pt; margin-right: 0pt;">

		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<td style="width: 59%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-top: 1px solid black;">&nbsp;</td>
			<td style="width: 12%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: center; border-top: 1px solid black;"><font style="color:#000000;"><b>2019</b></font></td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: center; border-top: 1px solid black;">&nbsp;</td>
			<td style="width: 12%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: center; border-top: 1px solid black;"><font style="color:#000000;"><b>2018</b></font></td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: center; border-top: 1px solid black;">&nbsp;</td>
			<td style="width: 12%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: center; border-top: 1px solid black;"><font style="color:#000000;"><b>2017</b></font></td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 59%; border-bottom: 1px solid black;"><font style="color:#000000;">Discount Rates</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: center; border-bottom: 1px solid black;"><font style="color:#000000;">3.1 - 3.2%</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: center; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: center; border-bottom: 1px solid black;"><font style="color:#000000;">4.1 - 4.2%</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: center; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: center; border-bottom: 1px solid black;"><font style="color:#000000;">3.6 - 3.7%</font></td>
		</tr>

</table>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: center;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;"><font style="color:#000000;">Weighted-average assumptions used to determine net periodic benefit cost are as follows:</font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;">&nbsp;</p>

<table cellpadding="0pt" cellspacing="0pt" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 100%; margin-left: 0pt; margin-right: 0pt;">

		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<td style="width: 59%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-top: 1px solid black;">&nbsp;</td>
			<td style="width: 12%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: center; border-top: 1px solid black;"><font style="color:#000000;"><b>2019</b></font></td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: center; border-top: 1px solid black;">&nbsp;</td>
			<td style="width: 12%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: center; border-top: 1px solid black;"><font style="color:#000000;"><b>2018</b></font></td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: center; border-top: 1px solid black;">&nbsp;</td>
			<td style="width: 12%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: center; border-top: 1px solid black;"><font style="color:#000000;"><b>2017</b></font></td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 59%; border-bottom: 1px solid black;"><font style="color:#000000;">Discount Rates</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: center; border-bottom: 1px solid black;"><font style="color:#000000;">4.4 - 4.5%</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: center; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: center; border-bottom: 1px solid black;"><font style="color:#000000;">3.6 - 3.7%</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: center; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: center; border-bottom: 1px solid black;"><font style="color:#000000;">3.3 - 3.4%</font></td>
		</tr>

</table>

<p style="font-family: Arial; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;"><font style="color:#000000;">For 2020, the expected long-term return on plan assets is 6.5%. The assumptions related to the expected long-term return on plan assets are developed through an analysis of historical market returns, current market conditions and composition of plan assets. Additionally, the plans generally utilized a compensation rate increase of 1.00% for fiscal year 2019 and 0.50% for fiscal year 2020 and thereafter.&nbsp;</font></p>

<p style="font-family: Arial; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;"><font style="color:#000000;"><i><b>Plan Assets</b></i></font></p>

<p style="font-family: Arial; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;"><font style="color:#000000;">The primary objective of the investment strategy is to satisfy pension obligations at a reasonable cost. Assets are actively invested to balance real growth of capital through appreciation and reinvestment of dividend and interest income and safety of invested funds.</font></p>

<p style="font-family: Arial; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;"><font style="color:#000000;">The investment policy outlines the governance structure for decision making, sets investment objectives and restrictions and establishes criteria for selecting and evaluating investment managers. The use of derivatives is prohibited, except on a case-by-case basis where the manager has a proven capability, and only to hedge quantifiable risks such as exposure to foreign currencies. An investment committee, consisting of certain executives and supported by independent consultants, is responsible for monitoring compliance with the investment policy. Assets are periodically redistributed to maintain the appropriate policy allocation. Plan assets include no securities of the Business.</font></p>

<p style="font-family: Arial; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;"><font style="color:#000000;"><i><b>Fair Value Measurements</b></i></font></p>

<p style="font-family: Arial; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;"><font style="color:#000000;">The fair value hierarchy of pension assets at December 29, 2019 is as follows:</font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;">&nbsp;</p>

<table cellpadding="0pt" cellspacing="0pt" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 100%; margin-left: 0pt; margin-right: 0pt;">

		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<td style="width: 47%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-top: 1px solid black;">&nbsp;</td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-top: 1px solid black;">&nbsp;</td>
			<td style="width: 12%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: center; border-top: 1px solid black;"><font style="color:#000000;"><b>NAV</b></font></td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: center; border-top: 1px solid black;">&nbsp;</td>
			<td style="width: 12%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: center; border-top: 1px solid black;"><font style="color:#000000;"><b>Level 1</b></font></td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: center; border-top: 1px solid black;">&nbsp;</td>
			<td style="width: 12%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: center; border-top: 1px solid black;"><font style="color:#000000;"><b>Level 2</b></font></td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: center; border-top: 1px solid black;">&nbsp;</td>
			<td style="width: 12%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: center; border-top: 1px solid black;"><font style="color:#000000;"><b>Level 3</b></font></td>
		</tr>
		<tr style="background-color: rgb(204, 238, 255); font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 47%;"><font style="color:#000000;">Cash and cash equivalents</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;"><font style="color:#000000;">$</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">2,935</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">&#8212;</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">&#8212;</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">82</font></td>
		</tr>
		<tr style="background-color: rgb(255, 255, 255); font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 47%;"><font style="color:#000000;">Money market fund</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">&#8212;</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">9,828</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">&#8212;</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">&#8212;</font></td>
		</tr>
		<tr style="background-color: rgb(204, 238, 255); font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 47%;"><font style="color:#000000;">U.S. Government debt</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">&#8212;</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">3,983</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">&#8212;</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">&#8212;</font></td>
		</tr>
		<tr style="background-color: rgb(255, 255, 255); font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 47%;"><font style="color:#000000;">Corporate debt</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">&#8212;</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">&#8212;</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">3,004</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">&#8212;</font></td>
		</tr>
		<tr style="background-color: rgb(204, 238, 255); font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 47%; border-bottom: 1px solid black;"><font style="color:#000000;">Domestic equities</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">&#8212;</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">163,153</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">25,296</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">&#8212;</font></td>
		</tr>
		<tr>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 47%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">$</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">2,935</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">176,964</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">28,300</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">82</font></td>
		</tr>

</table>

<p style="font-family: Arial; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: center;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" style="text-align: center; font-size: 10pt; font-family: Times New Roman;">14</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: Arial; font-size: 8pt; margin: 0pt; text-align: left;"><a href="#Table_of_Contents" style="-sec-extract:exhibit;"><u>Table of Contents</u></a></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-transform: uppercase; text-align: center;"><font style="color:#000000;"><b>BH Newspaper Business and The Buffalo News</b></font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: center;"><font style="color:#000000;">Notes to Combined Abbreviated Financial Statements</font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: center;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: center;"><font style="color:#000000;"><i>(in thousands)</i></font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;"><font style="color:#000000;">The fair value hierarchy of pension assets at December 30, 2018 is as follows:</font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;">&nbsp;</p>

<table cellpadding="0pt" cellspacing="0pt" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 100%; margin-left: 0pt; margin-right: 0pt;">

		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<td style="width: 47%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-top: 1px solid black;">&nbsp;</td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-top: 1px solid black;">&nbsp;</td>
			<td style="width: 12%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: center; border-top: 1px solid black;"><font style="color:#000000;"><b>NAV</b></font></td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: center; border-top: 1px solid black;">&nbsp;</td>
			<td style="width: 12%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: center; border-top: 1px solid black;"><font style="color:#000000;"><b>Level 1</b></font></td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: center; border-top: 1px solid black;">&nbsp;</td>
			<td style="width: 12%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: center; border-top: 1px solid black;"><font style="color:#000000;"><b>Level 2</b></font></td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: center; border-top: 1px solid black;">&nbsp;</td>
			<td style="width: 12%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: center; border-top: 1px solid black;"><font style="color:#000000;"><b>Level 3</b></font></td>
		</tr>
		<tr style="background-color: rgb(204, 238, 255); font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 47%;"><font style="color:#000000;">Deposits with insurance company</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;"><font style="color:#000000;">$</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">2,916</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">&#8212;</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">&#8212;</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">79</font></td>
		</tr>
		<tr style="background-color: rgb(255, 255, 255); font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 47%;"><font style="color:#000000;">Money market fund</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">&#8212;</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">11,930</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">&#8212;</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">&#8212;</font></td>
		</tr>
		<tr style="background-color: rgb(204, 238, 255); font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 47%;"><font style="color:#000000;">U.S. Government debt</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">&#8212;</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">12,729</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">&#8212;</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">&#8212;</font></td>
		</tr>
		<tr style="background-color: rgb(255, 255, 255); font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 47%;"><font style="color:#000000;">Corporate debt</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">&#8212;</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">&#8212;</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">2,857</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">&#8212;</font></td>
		</tr>
		<tr style="background-color: rgb(204, 238, 255); font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 47%; border-bottom: 1px solid black;"><font style="color:#000000;">Domestic equities</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">&#8212;</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">124,143</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">25,088</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">&#8212;</font></td>
		</tr>
		<tr>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 47%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-bottom: 1px solid black;">$</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">2,916</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">148,802</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">27,945</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">79</font></td>
		</tr>

</table>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><font style="color:#000000;">There were purchases of investment funds classified as Level 3 of $82 and $79 in 2019 and 2018, respectively, and sales of an investment fund classified as Level 3 of $79 in 2019.&nbsp; There were no transfers of assets classified as Level 3 in 2019 or 2018.&nbsp;</font></p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;"><font style="color:#000000;"><i><b>Cash Flows</b></i></font></p>

<p style="font-family: Arial; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;"><font style="color:#000000;">At December 29, 2019, the Business expected to make contributions of $388 to the pension trust during 2020. However, as a result of The Coronavirus Aid, Relief, and Economic Security ("CARES") Act, enacted into law on March 27, 2020, the Business may defer such fiscal year 2020 contributions until January 1, 2021.</font></p>

<p style="font-family: Arial; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;"><font style="color:#000000;">Anticipated future benefit payments to be paid from the pension trust are as follows:</font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;">&nbsp;</p>

<table cellpadding="0pt" cellspacing="0pt" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 100%; margin-left: 0pt; margin-right: 0pt;">

		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
			<td style="width: 87%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-top: 1px solid black;"><font style="color:#000000;">2020</font></td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: right; border-top: 1px solid black;"><font style="color:#000000;">$</font></td>
			<td style="width: 12%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: right; border-top: 1px solid black;"><font style="color:#000000;">10,392</font></td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 87%;"><font style="color:#000000;">2021</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">10,544</font></td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 87%;"><font style="color:#000000;">2022</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">10,665</font></td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 87%;"><font style="color:#000000;">2023</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">10,797</font></td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 87%;"><font style="color:#000000;">2024</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">10,880</font></td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 87%; border-bottom: 1px solid black;"><font style="color:#000000;">2025-2029</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">54,414</font></td>
		</tr>

</table>

<p>&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" style="text-align: center; font-size: 10pt; font-family: Times New Roman;">15</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: Arial; font-size: 8pt; margin: 0pt; text-align: left;"><a href="#Table_of_Contents" style="-sec-extract:exhibit;">Table of Contents</a></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: center;"><font style="text-transform:uppercase;"><font style="color:#000000; font-family:Arial; font-size:10pt"><b>BH Newspaper Business and The Buffalo News</b></font></font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: center;"><font style="color:#000000;"><font style="font-family: Arial; font-size: 10pt;">Notes to Combined Abbreviated Financial Statements</font></font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: center;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: center;"><font style="color:#000000;"><font style="font-family: Arial; font-size: 10pt;"><i>(in thousands)</i></font></font></p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; font-family: Arial; font-size: 10pt;">

		<tr style="font-family: Arial; font-size: 10pt;">
			<td style="width: 27pt; vertical-align: top; font-family: Arial; font-size: 10pt;">
			<p style="font-family: Arial; margin-right: 0pt; margin-top: 0pt; text-align: left; margin-bottom: 0pt; font-size: 10pt;"><font style="color:#000000;"><b>8.</b></font></p>
			</td>
			<td style="vertical-align: top; font-family: Arial; font-size: 10pt;">
			<p style="font-family: Arial; margin-right: 0pt; margin-top: 0pt; text-align: left; margin-bottom: 0pt; font-size: 10pt;"><font style="color:#000000;"><b>Postemployment Benefits</b></font></p>
			</td>
		</tr>

</table>

<p style="font-family: Arial; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;"><font style="color:#000000;">The Business provides certain postemployment benefits to retirees covering portions of premiums associated with medical, dental, life, and vision insurance benefits in eight collective bargaining units. The amount of premiums paid in five bargaining units are capped at specific dollar amounts per month. The amount of premiums paid in three bargaining units are uncapped. The plan groups consist of capped retirees, uncapped retirees, capped active employees, and uncapped active employees. New participants in the uncapped plans are eligible for Medicare supplemental medical insurance. Management evaluates the benefits accrued and related assumptions periodically. The unpaid postemployment benefits were $37,000 and $35,000 as of December 29, 2019 and December 30, 2018, respectively.</font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;"><font style="color:#000000;">The disclosures relating to the roll-forward of postemployment obligations and net periodic cost are excluded due to immateriality.</font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;"><font style="color:#000000;"><i><b>Assumptions</b></i></font></p>

<div style="font-size:10pt">
<div style="font-family:Arial">&nbsp;</div>
</div>

<div style="font-size:10pt">
<div style="font-family: Arial; text-align: justify;"><font style="color:#000000;">Weighted-average assumptions used to determine benefit obligations are as follows: </font></div>

<div style="font-family:Arial">&nbsp;</div>
</div>

<table cellpadding="0pt" cellspacing="0pt" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 100%; margin-left: 0pt; margin-right: 0pt;">

		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<td style="width: 60%; border-top: 1px solid black; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"><font style="color:#000000;"><i>(Percent)</i></font></td>
			<td style="width: 2%; border-top: 1px solid black; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">&nbsp;</td>
			<td style="width: 12%; text-align: center; border-top: 1px solid black; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"><font style="color:#000000;"><b>2019</b></font></td>
			<td style="width: 1%; text-align: center; border-top: 1px solid black; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">&nbsp;</td>
			<td style="width: 12%; text-align: center; border-top: 1px solid black; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"><font style="color:#000000;"><b>2018</b></font></td>
			<td style="width: 1%; text-align: center; border-top: 1px solid black; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">&nbsp;</td>
			<td style="width: 12%; text-align: center; border-top: 1px solid black; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"><font style="color:#000000;"><b>2017</b></font></td>
		</tr>
		<tr style="background-color: rgb(204, 238, 255); font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<td style="border-bottom: 1px solid black; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 60%;"><font style="color:#000000;">Discount rate</font></td>
			<td style="border-bottom: 1px solid black; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%;">&nbsp;</td>
			<td style="border-bottom: 1px solid black; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: center;"><font style="color:#000000;">4.4%</font></td>
			<td style="border-bottom: 1px solid black; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="border-bottom: 1px solid black; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: center;"><font style="color:#000000;">3.7%</font></td>
			<td style="border-bottom: 1px solid black; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="border-bottom: 1px solid black; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: center;"><font style="color:#000000;">4.4%</font></td>
		</tr>

</table>

<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt;"><font style="color:#000000;"><font style="font-family: Arial; font-size: 10pt;">Assumed health care cost trend rates are as follows:</font></font></p>

<table cellpadding="0pt" cellspacing="0pt" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 100%; margin-left: 0pt; margin-right: 0pt;">

		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<td style="border-bottom: 1px solid black; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 74%; border-top: 1px solid black;"><font style="color:#000000;"><i>(Percent)</i></font></td>
			<td style="border-bottom: 1px solid black; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-top: 1px solid black;">&nbsp;</td>
			<td style="border-bottom: 1px solid black; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: center; border-top: 1px solid black;"><font style="color:#000000;"><b>2019</b></font></td>
			<td style="border-bottom: 1px solid black; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: center; border-top: 1px solid black;">&nbsp;</td>
			<td style="border-bottom: 1px solid black; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: center; border-top: 1px solid black;"><font style="color:#000000;"><b>2018</b></font></td>
		</tr>
		<tr style="background-color: rgb(204, 238, 255); font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 74%;"><font style="color:#000000;">Health care cost trend rates</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">8.5</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">9.0</font></td>
		</tr>
		<tr style="background-color: rgb(255, 255, 255); font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 74%;"><font style="color:#000000;">Rate to which the cost trend rate is assumed to decline (the "Ultimate Trend Rate")</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">4.5</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">4.5</font></td>
		</tr>
		<tr style="background-color: rgb(204, 238, 255); font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<td style="border-bottom: 1px solid black; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 74%;"><font style="color:#000000;">Year in which the rate reaches the Ultimate Trend Rate</font></td>
			<td style="border-bottom: 1px solid black; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="border-bottom: 1px solid black; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">2026</font></td>
			<td style="border-bottom: 1px solid black; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="border-bottom: 1px solid black; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">2026</font></td>
		</tr>

</table>

<p style="margin: 0pt; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: left; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0);">&nbsp;</p>

<p style="margin: 0pt; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0); text-align: justify;"><font style="color:#000000;">Assumed health care cost trend rates have an effect on the amounts reported for postemployment plans. A one percentage point change in assumed health care trend rates would have the following annualized effects on reported amounts for 2019.</font></p>

<p style="margin: 0pt; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: left; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0);">&nbsp;</p>

<table cellpadding="0pt" cellspacing="0pt" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 100%; margin-left: 0pt; margin-right: 0pt;">

		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<td style="width: 73%; border-top: 1px solid black; border-bottom: 1px solid black; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: 1%; border-top: 1px solid black; border-bottom: 1px solid black; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">&nbsp;</td>
			<td colspan="4" rowspan="1" style="width: 25%; border-top: 1px solid black; border-bottom: 1px solid black; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: center;"><font style="color:#000000;"><b>One Percentage Point</b></font></td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<td style="border-bottom: 1px solid black; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 73%;">&nbsp;</td>
			<td style="border-bottom: 1px solid black; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="border-bottom: 1px solid black; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: center;"><font style="color:#000000;"><b>Increase</b></font></td>
			<td style="border-bottom: 1px solid black; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: center;">&nbsp;</td>
			<td style="border-bottom: 1px solid black; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: center;"><font style="color:#000000;"><b>Decrease</b></font></td>
			<td style="border-bottom: 1px solid black; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
		</tr>
		<tr style="background-color: rgb(204, 238, 255); font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<td style="border-bottom: 1px solid black; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 73%;"><font style="color:#000000;">Effect on postemployement benefit obligation </font></td>
			<td style="border-bottom: 1px solid black; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="border-bottom: 1px solid black; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">6,000</font></td>
			<td style="border-bottom: 1px solid black; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="border-bottom: 1px solid black; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">(5,000</font></td>
			<td style="border-bottom: 1px solid black; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;"><font style="color:#000000;">)</font></td>
		</tr>

</table>

<p style="text-align: justify; text-indent: 0pt; margin: 0pt; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0);">&nbsp;</p>

<p style="text-align: justify; text-indent: 0pt; margin: 0pt; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0);"><font style="color:#000000;">We anticipate future benefit payments to be paid directly with future contributions, as follows:</font></p>

<p style="margin: 0pt; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: left; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0);">&nbsp;</p>

<table cellpadding="0pt" cellspacing="0pt" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 100%; margin-left: 0pt; margin-right: 0pt;">

		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<td style="width: 87%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-top: 1px solid black; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-top: 1px solid black; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="width: 12%; text-align: center; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-top: 1px solid black; border-bottom: 1px solid black;"><font style="color:#000000;"><font style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"><b>Payments</b></font></font></td>
		</tr>
		<tr style="background-color: rgb(204, 238, 255); font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 87%;"><font style="color:#000000;"><font style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">2020</font></font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%;"><font style="color:#000000;">1,100</font></td>
		</tr>
		<tr style="background-color: rgb(255, 255, 255); font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 87%;"><font style="color:#000000;"><font style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">2021</font></font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%;"><font style="color:#000000;">1,300</font></td>
		</tr>
		<tr style="background-color: rgb(204, 238, 255); font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 87%;"><font style="color:#000000;"><font style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">2022</font></font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%;"><font style="color:#000000;">1,400</font></td>
		</tr>
		<tr style="background-color: rgb(255, 255, 255); font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 87%;"><font style="color:#000000;"><font style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">2023</font></font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%;"><font style="color:#000000;">1,400</font></td>
		</tr>
		<tr style="background-color: rgb(204, 238, 255); font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 87%;"><font style="color:#000000;"><font style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">2024</font></font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%;"><font style="color:#000000;">1,400</font></td>
		</tr>
		<tr style="background-color: rgb(255, 255, 255); font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 87%; border-bottom: 1px solid black;"><font style="color:#000000;"><font style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">2025-2029</font></font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; border-bottom: 1px solid black;"><font style="color:#000000;">8,000</font></td>
		</tr>

</table>

<p style="margin: 0pt; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: left; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0);">&nbsp;</p>

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<div class="hf-cell PGNUM" style="text-align: center; font-size: 10pt; font-family: Times New Roman;">16</div>
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<div class="hf-cell TOCLink">&nbsp;</div>
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<p style="font-family: Arial; font-size: 8pt; margin: 0pt; text-align: left;"><a href="#Table_of_Contents" style="-sec-extract:exhibit;"><u>Table of Contents</u></a></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-transform: uppercase; text-align: center;"><font style="color: rgb(0, 0, 0); font-family: Arial; font-size: 10pt;"><b>BH Newspaper Business and The Buffalo News</b></font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: center;"><font style="color: rgb(0, 0, 0); font-family: Arial; font-size: 10pt;">Notes to Combined Abbreviated Financial Statements</font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: center;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: center;"><font style="color: rgb(0, 0, 0); font-family: Arial; font-size: 10pt;"><i>(in thousands)</i></font></p>

<p style="font-family: Arial; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; font-family: Arial; font-size: 10pt;">

		<tr style="font-family: Arial; font-size: 10pt;">
			<td style="width: 27pt; vertical-align: top; font-family: Arial; font-size: 10pt;">
			<p style="font-family: Arial; margin-right: 0pt; margin-top: 0pt; text-align: left; margin-bottom: 0pt; font-size: 10pt;"><font style="color:#000000;"><b>9.</b></font></p>
			</td>
			<td style="vertical-align: top; font-family: Arial; font-size: 10pt;">
			<p style="font-family: Arial; margin-right: 0pt; margin-top: 0pt; text-align: left; margin-bottom: 0pt; font-size: 10pt;"><font style="color:#000000;"><b>Commitments and Contingencies</b></font></p>
			</td>
		</tr>

</table>

<p style="font-family: Arial; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;"><font style="color:#000000;"><i><b>Purchase Obligations</b></i></font></p>

<p style="font-family: Arial; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;"><font style="color:#000000;">As of December 29, 2019, the Business had future purchase obligations totaling $23,287, which primarily relate to commitments to acquire content, third party delivery and other service delivery contracts.</font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;"><font style="color:#000000;"><i><b>Legal Proceedings</b></i></font></p>

<p style="font-family: Arial; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;"><font style="color:#000000;">From time to time, the Business may be involved in a variety of legal actions that arise in the normal course of business. Insurance coverage mitigates potential loss for certain of these matters. While the Business is unable to predict the ultimate outcome of these legal actions, it is anticipated that the disposition of these matters will not have a material adverse effect on the Abbreviated Financial Statements, taken as a whole.</font></p>

<p style="font-family: Arial; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; font-family: Arial; font-size: 10pt;">

		<tr style="font-family: Arial; font-size: 10pt;">
			<td style="width: 27pt; vertical-align: top; font-family: Arial; font-size: 10pt;">
			<p style="font-family: Arial; margin-right: 0pt; margin-top: 0pt; text-align: left; margin-bottom: 0pt; font-size: 10pt;"><font style="color:#000000;"><b>10.</b></font></p>
			</td>
			<td style="vertical-align: top; font-family: Arial; font-size: 10pt;">
			<p style="font-family: Arial; margin-right: 0pt; margin-top: 0pt; text-align: left; margin-bottom: 0pt; font-size: 10pt;"><font style="color:#000000;"><b>Subsequent Events</b></font></p>
			</td>
		</tr>

</table>

<p style="font-family: Arial; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;"><font style="color:#000000;">Management of the Business has evaluated subsequent events from December 29, 2019 through June 2, 2020, the date at which the Combined Abbreviated Financial Statements were available to be issued. In March 2020, the World Health Organization categorized coronavirus disease 2019 (&#8220;COVID-19&#8221;) as a pandemic and a national emergency was declared in the United States. In accordance with Accounting Standards Codification Topic 855, Subsequent Events, the effects of COVID-19 are considered a non-recognized subsequent event relative to the accompanying Combined Abbreviated Financial Statements of the Business. While the effects of the pandemic are expected to negatively impact the Business, the current level of uncertainty over the economic and operational impacts of COVID-19 means the related financial impact cannot be reasonably estimated at this time. There were no other subsequent events identified by management.</font></p>

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</body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>4
<FILENAME>ex_188647.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
<html><head>
	<title>ex_188163.htm</title>
	<meta charset="utf-8"><meta name="format-detection" content="telephone=no">
</head>
<body style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding: 0in 0.1in; cursor: auto;">
<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt; text-align: right; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0);"><font style="color:#000000;">Exhibit 99.2</font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt 7.2pt; text-align: center;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt 7.2pt; text-align: center;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt 7.2pt; text-align: center;"><font style="color:#000000;"><b>UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION&nbsp;&nbsp; </b></font><br>
&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; text-align: justify;"><font style="color:#000000;">The following unaudited pro forma condensed combined financial information of Lee Enterprises, Incorporated (&#8220;Lee&#8221;) and the related notes present the unaudited pro forma condensed combined balance sheet as of December 29, 2019, and the unaudited pro forma condensed combined statements of operations for the thirteen weeks ended December 29, 2019 and for the fiscal year ended September 29, 2019. The unaudited pro forma condensed combined financial information has been derived by aggregating Lee&#8217;s audited and unaudited historical consolidated financial statements and the audited and unaudited historical combined abbreviated financial statements of revenues and direct expenses and statements of assets acquired and liabilities assumed of the newspaper businesses of the BH Media Group, Inc. (&#8220;BHMG&#8221;) and The Buffalo News (collectively, referred to as the &#8220;Business&#8221;), which was acquired from Berkshire Hathaway (&#8220;Berkshire&#8221;), and making certain pro forma adjustments to such financial information to give effect to the transactions described below (collectively, referred to as the &#8220;Transactions&#8221;):</font></p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<table cellpadding="0pt" cellspacing="0pt" style="width: 100%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; margin-right: 0pt;">

		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<td style="width: 2%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">&nbsp;</td>
			<td style="width: 2%; vertical-align: top; text-align: center; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"><font style="color:#000000;">&#9679;</font></td>
			<td style="vertical-align: top; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 96%;">
			<p style="font-family: Arial, Helvetica, sans-serif; margin-right: 7.2pt; margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: justify;"><font style="color:#000000;">the acquisition of the Business from Berkshire. The allocation of the $140,000,000 transaction purchase price, excluding an additional $12,000,000 of cash held at BHMG, and related business combination accounting is preliminary;</font></p>
			</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<td style="width: 2%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">&nbsp;</td>
			<td style="width: 2%; vertical-align: top; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">&nbsp;</td>
			<td style="vertical-align: top; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: justify; width: 96%;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<td style="width: 2%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">&nbsp;</td>
			<td style="width: 2%; vertical-align: top; text-align: center; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"><font style="color:#000000;">&#9679;</font></td>
			<td style="vertical-align: top; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: justify; width: 96%;"><font style="color:#000000;">borrowings of $576,000,000 pursuant to a Credit Agreement dated January 29, 2020 with BH Finance, LLC, an affiliate of Berkshire, to finance the acquisition of the Business and to refinance Lee&#8217;s existing debt and allow Lee to terminate its revolving credit facility;</font></td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<td style="width: 2%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">&nbsp;</td>
			<td style="width: 2%; vertical-align: top; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">&nbsp;</td>
			<td style="vertical-align: top; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: justify; width: 96%;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<td style="width: 2%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">&nbsp;</td>
			<td style="width: 2%; vertical-align: top; text-align: center; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"><font style="color:#000000;">&#9679;</font></td>
			<td style="vertical-align: top; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: justify; width: 96%;"><font style="color:#000000;">the entering into a lease agreement (the &#8220;Lease&#8221;) between BHMG, as landlord, and Lee, as tenant, providing for the leasing of 68 properties and related fixtures (including production equipment) used in the BHMG newspaper operations acquired by Lee in connection with the acquisition of the Business from Berkshire; and</font></td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<td style="width: 2%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">&nbsp;</td>
			<td style="width: 2%; vertical-align: top; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">&nbsp;</td>
			<td style="vertical-align: top; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: justify; width: 96%;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<td style="width: 2%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">&nbsp;</td>
			<td style="width: 2%; vertical-align: top; text-align: center; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"><font style="color:#000000;">&#9679;</font></td>
			<td style="vertical-align: top; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: justify; width: 96%;"><font style="color:#000000;">the entering into a Termination Agreement between Lee and BHMG, pursuant to which the parties terminated the Management Agreement dated June 26, 2018, under which Lee managed the BHMG newspaper business.</font></td>
		</tr>

</table>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; text-align: justify;"><font style="color:#000000;">The audited combined abbreviated financial statements of the Business are included elsewhere in this filing. The transactions, along with the assumptions and estimates underlying the adjustments to the unaudited pro forma condensed combined financial information, are described in more detail in the accompanying notes, which should be read together with the unaudited pro forma condensed combined financial information.</font></p>

<p style="font-family: Arial; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; text-align: justify;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; text-align: justify;"><font style="color:#000000;">The unaudited pro forma condensed combined balance sheet as of December 29, 2019 and unaudited pro forma condensed combined statements of operations for the thirteen weeks ended December 29, 2019 and the fiscal year ended September 29, 2019 have been prepared in accordance with Article 11 of Regulation S-X, using the assumptions set forth in the notes to the unaudited pro forma condensed combined financial information.</font></p>

<p style="font-family: Arial; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; text-align: justify;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; text-align: justify;"><font style="color:#000000;">The unaudited pro forma condensed combined financial information has been presented for illustrative purposes only and is based upon available information and reflects estimates and certain assumptions made by our management that we believe are reasonable. Actual adjustments may differ materially from the information presented herein. The unaudited pro forma condensed combined financial information does not purport to represent what our consolidated results of operations and financial position would have been had the Transactions occurred on the dates indicated. They are also not intended to project our consolidated results of operations or financial position for any future period or date.</font></p>

<p style="font-family: Arial; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; text-align: justify;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; text-align: justify;"><font style="color:#000000;">The unaudited pro forma condensed combined financial information does not reflect the realization of any expected cost savings, operating efficiencies or other synergies that may result from the Transactions as a result of restructuring activities or other planned cost savings initiatives following the completion of the Transactions.</font></p>

<p style="font-family: Arial; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

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<div class="hf-cell PGNUM">1</div>
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<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: center; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0);"><font style="color:#000000;"><b>Lee Enterprises, Incorporated</b></font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: center;"><font style="color:#000000;"><b>Unaudited Pro Forma Condensed Combined Balance Sheet</b></font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: center;"><font style="color:#000000;"><b>As of December 29, 2019</b></font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: center;"><font style="color:#000000;"><i>(In thousands)</i></font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: center;">&nbsp;</p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<table cellpadding="0pt" cellspacing="0pt" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 100%; margin-left: 0pt; margin-right: 0pt;">

		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<td style="width: 30%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-top: 1px solid black;">&nbsp;</td>
			<td style="width: 2%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-top: 1px solid black;">&nbsp;</td>
			<td style="width: 13%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-top: 1px solid black;">&nbsp;</td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-top: 1px solid black;">&nbsp;</td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-top: 1px solid black;">&nbsp;</td>
			<td style="width: 13%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: center; border-top: 1px solid black;"><font style="color:#000000;"><b>BH Newspaper</b></font></td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-top: 1px solid black;">&nbsp;</td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-top: 1px solid black;">&nbsp;</td>
			<td style="width: 12%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-top: 1px solid black;">&nbsp;</td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-top: 1px solid black;">&nbsp;</td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-top: 1px solid black;">&nbsp;</td>
			<td style="width: 8%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-top: 1px solid black;">&nbsp;</td>
			<td style="width: 2%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-top: 1px solid black;">&nbsp;</td>
			<td style="width: 13%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-top: 1px solid black;">&nbsp;</td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-top: 1px solid black;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: center;"><font style="color:#000000;"><b>Lee Enterprises,</b></font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: center;"><font style="color:#000000;"><b>Business and </b></font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: center;"><font style="color:#000000;"><b>Pro Forma</b></font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: center;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: center;"><font style="color:#000000;"><b>Incorporated</b></font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: center;"><font style="color:#000000;"><b>The Buffalo News</b></font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: center;"><font style="color:#000000;"><b>Adjustments</b></font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%; text-align: center;"><font style="color:#000000;"><b>Footnote</b></font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: center;"><font style="color:#000000;"><b>Pro Forma</b></font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: center;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: center; border-bottom: 1px solid black;"><font style="color:#000000;"><b>Historical</b></font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: center; border-bottom: 1px solid black;"><font style="color:#000000;"><b>Historical</b></font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: center; border-bottom: 1px solid black;"><font style="color:#000000;"><b>(Note 5)</b></font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: center; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: center; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%; text-align: center; border-bottom: 1px solid black;"><font style="color:#000000;"><b>(Note 5)</b></font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: center; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: center; border-bottom: 1px solid black;"><font style="color:#000000;"><b>Combined</b></font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: center; border-bottom: 1px solid black;">&nbsp;</td>
		</tr>
		<tr>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%;"><font style="color:#000000;">Assets</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%;"><font style="color:#000000;">Current assets:</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%; padding-left: 9pt;"><font style="color:#000000;">Cash and cash equivalents</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right;"><font style="color:#000000;">$</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">4,468</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">10,148</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">2,606</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%; text-align: center;"><font style="color:#000000;">(A)</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">17,222</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%; padding-left: 9pt;"><font style="color:#000000;">Accounts receivable and contract assets, net</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">50,650</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">39,929</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">&#8212;</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">90,579</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%; padding-left: 9pt;"><font style="color:#000000;">Inventories</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">3,373</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">6,730</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">(877</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;"><font style="color:#000000;">)</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%; text-align: center;"><font style="color:#000000;">(B)</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">9,226</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%; padding-left: 9pt; border-bottom: 1px solid black;"><font style="color:#000000;">Prepaids and other</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">4,659</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">7,999</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">&#8212;</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%; text-align: center; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">12,658</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%;"><font style="color:#000000;">Total current assets</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">63,150</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">64,806</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">1,729</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">129,685</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%;"><font style="color:#000000;">Investments</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">40,420</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">&#8212;</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">&#8212;</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">40,420</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%;"><font style="color:#000000;">Property and equipment</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%; padding-left: 9pt;"><font style="color:#000000;">Land and improvements</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">17,028</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">715</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">(275</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;"><font style="color:#000000;">)</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%; text-align: center;"><font style="color:#000000;">(C)</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">17,468</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%; padding-left: 9pt;"><font style="color:#000000;">Buildings and improvements</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">148,690</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">24,860</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">(12,600</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;"><font style="color:#000000;">)</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%; text-align: center;"><font style="color:#000000;">(C)</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">160,950</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%; padding-left: 9pt;"><font style="color:#000000;">Equipment</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">230,561</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">142,564</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">(130,926</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;"><font style="color:#000000;">)</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%; text-align: center;"><font style="color:#000000;">(C)</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">242,199</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%; padding-left: 9pt; border-bottom: 1px solid black;"><font style="color:#000000;">Construction in process</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">3,432</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">&#8212;</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">&#8212;</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%; text-align: center; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">3,432</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%;"><font style="color:#000000;">Total property and equipment</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">399,711</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">168,139</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">(143,801</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;"><font style="color:#000000;">)</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">424,049</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%; padding-left: 9pt; border-bottom: 1px solid black;"><font style="color:#000000;">Less accumulated depreciation</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">(318,598</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;"><font style="color:#000000;">)</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">(144,107</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;"><font style="color:#000000;">)</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">144,107</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%; text-align: center; border-bottom: 1px solid black;"><font style="color:#000000;">(C)</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">(318,598</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;"><font style="color:#000000;">)</font></td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%;"><font style="color:#000000;">Property and equipment, net</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">81,113</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">24,032</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">306</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">105,451</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%;"><font style="color:#000000;">Goodwill</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">250,309</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">&#8212;</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">60,692</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%; text-align: center;"><font style="color:#000000;">(D)</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">311,001</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%;"><font style="color:#000000;">Other intangible assets, net</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">104,395</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">86,573</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">&#8212;</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">190,968</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%;"><font style="color:#000000;">Operating lease right-of-use asset</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">10,125</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">6,790</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">47,875</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%; text-align: center;"><font style="color:#000000;">(E)</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">64,790</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%;"><font style="color:#000000;">Pension assets</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">&#8212;</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">25,379</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">&#8212;</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">25,379</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
		</tr>
		<tr style="background-color: rgb(255, 255, 255); font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%; border-bottom: 1px solid black;"><font style="color:#000000;">Other assets</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">16,218</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">3,276</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">&#8212;</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">19,494</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
		</tr>
		<tr style="background-color: rgb(204, 238, 255); font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%; border-bottom: 1px solid black;"><font style="color:#000000;">Total assets</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">$</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">565,730</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">210,856</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">110,602</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">887,188</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-bottom: 1px solid black;">
			<p style="margin: 0pt; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">&nbsp;</p>
			</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%;"><font style="color:#000000;">Liabilities and Equity</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%;"><font style="color:#000000;">Current liabilities</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right;"><font style="color:#000000;">$</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%; padding-left: 9pt;"><font style="color:#000000;">Current portion of lease liabilities</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">2,341</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">2,902</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">2,869</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">8,112</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%; padding-left: 9pt;"><font style="color:#000000;">Current maturities of long-term debt</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">1,892</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">&#8212;</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">(1,892</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;"><font style="color:#000000;">)</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%; text-align: center;"><font style="color:#000000;">(F)</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">&#8212;</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%; padding-left: 9pt;"><font style="color:#000000;">Accounts payable</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">14,132</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">8,077</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">&#8212;</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">22,209</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%; padding-left: 9pt;"><font style="color:#000000;">Compensation and other accrued liabilities</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">15,422</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">30,657</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">&#8212;</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">46,079</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%; padding-left: 9pt;"><font style="color:#000000;">Accrued interest</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">10,395</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">&#8212;</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">&#8212;</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">10,395</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%; padding-left: 9pt; border-bottom: 1px solid black;"><font style="color:#000000;">Unearned revenue</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">22,966</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">35,434</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">&#8212;</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">58,400</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%;"><font style="color:#000000;">Total current liabilities</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">67,148</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">77,070</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">977</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">145,195</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%;"><font style="color:#000000;">Long-term debt, net of current maturities</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">421,248</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">&#8212;</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">154,752</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%; text-align: center;"><font style="color:#000000;">(F)</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">576,000</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%;"><font style="color:#000000;">Operating lease liabilities</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">7,787</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">5,021</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">45,006</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%; text-align: center;"><font style="color:#000000;">(E)</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">57,814</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%;"><font style="color:#000000;">Pension obligations</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">46,311</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">10,015</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">&#8212;</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">56,326</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%;"><font style="color:#000000;">Postretirement and postemployment benefit obligations</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">2,569</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">37,000</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">&#8212;</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">39,569</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%;"><font style="color:#000000;">Deferred income taxes</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">21,614</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">&#8212;</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">21,614</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%;"><font style="color:#000000;">Income taxes payable</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">17,299</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">&#8212;</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">17,299</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%; border-bottom: 1px solid black;"><font style="color:#000000;">Warrants and other</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">12,724</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">1,871</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">14,595</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%; border-bottom: 1px solid black;"><font style="color:#000000;">Total liabilities</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">596,700</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">130,977</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">200,735</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">928,412</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%; border-top: 1px solid black;"><font style="color:#000000;">Total equity (deficit) attributable to Lee Enterprises, Incorporated</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right; border-top: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right; border-top: 1px solid black;"><font style="color:#000000;">(30,970</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-top: 1px solid black;"><font style="color:#000000;">)</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-top: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right; border-top: 1px solid black;"><font style="color:#000000;">79,879</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-top: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-top: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right; border-top: 1px solid black;"><font style="color:#000000;">(90,133</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-top: 1px solid black;"><font style="color:#000000;">)</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-top: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%; border-top: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; border-top: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right; border-top: 1px solid black;"><font style="color:#000000;">(41,224</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-top: 1px solid black;"><font style="color:#000000;">)</font></td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%; border-bottom: 1px solid black; border-top: 1px solid black;"><font style="color:#000000;">Total liabilities and equity</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right; border-bottom: 1px solid black; border-top: 1px solid black;"><font style="color:#000000;">$</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right; border-bottom: 1px solid black; border-top: 1px solid black;"><font style="color:#000000;">565,730</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black; border-top: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black; border-top: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right; border-bottom: 1px solid black; border-top: 1px solid black;"><font style="color:#000000;">210,856</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black; border-top: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black; border-top: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right; border-bottom: 1px solid black; border-top: 1px solid black;"><font style="color:#000000;">110,602</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black; border-top: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black; border-top: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%; border-bottom: 1px solid black; border-top: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; border-bottom: 1px solid black; border-top: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right; border-bottom: 1px solid black; border-top: 1px solid black;"><font style="color:#000000;">887,188</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-bottom: 1px solid black; border-top: 1px solid black;">&nbsp;</td>
		</tr>
		<tr>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
		</tr>
		<tr>
			<td colspan="15" style="font-family: Arial; font-size: 8pt; width: 30%;"><font style="color:#000000;"><i>See accompanying notes to the Unaudited Pro Forma Condensed Combined Financial Information</i></font></td>
		</tr>

</table>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 7.2pt;text-align:center;">&nbsp;</p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM">2</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: center; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0);"><font style="color:#000000;"><b>Lee Enterprises, Incorporated</b></font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: center;"><font style="color:#000000;"><b>Unaudited Pro Forma Condensed Combined Statements of Operations</b></font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: center;"><font style="color:#000000;"><b>For the 13 weeks ended December 29, 2019</b></font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: center;"><font style="color:#000000;"><i>(In thousands, except per share amounts)</i></font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: center;">&nbsp;</p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<table cellpadding="0pt" cellspacing="0pt" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 100%; margin-left: 0pt; margin-right: 0pt;">

		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<td style="width: 30%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-top: 1px solid black;">&nbsp;</td>
			<td style="width: 2%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: center; border-top: 1px solid black;">&nbsp;</td>
			<td style="width: 13%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: center; border-top: 1px solid black;"><font style="color:#000000;"><b>13 Weeks Ended</b></font></td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: center; border-top: 1px solid black;">&nbsp;</td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: center; border-top: 1px solid black;">&nbsp;</td>
			<td style="width: 13%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: center; border-top: 1px solid black;"><font style="color:#000000;"><b>13 Weeks Ended</b></font></td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: center; border-top: 1px solid black;">&nbsp;</td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: center; border-top: 1px solid black;">&nbsp;</td>
			<td style="width: 12%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: center; border-top: 1px solid black;">&nbsp;</td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: center; border-top: 1px solid black;">&nbsp;</td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: center; border-top: 1px solid black;">&nbsp;</td>
			<td style="width: 8%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: center; border-top: 1px solid black;">&nbsp;</td>
			<td style="width: 2%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: center; border-top: 1px solid black;">&nbsp;</td>
			<td style="width: 13%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: center; border-top: 1px solid black;">&nbsp;</td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-top: 1px solid black;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: center;"><font style="color:#000000;"><b>December 29, 2019</b></font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: center;"><font style="color:#000000;"><b>December 29, 2019</b></font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: center;"><font style="color:#000000;"><b>Pro Forma and</b></font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: center;"><font style="color:#000000;"><b>Lee Enterprises,</b></font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: center;"><font style="color:#000000;"><b>BH Newspaper Business</b></font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: center;"><font style="color:#000000;"><b>Reclassification</b></font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: center;"><font style="color:#000000;"><b>Incorporated</b></font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: center;"><font style="color:#000000;"><b>and The Buffalo News</b></font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: center;"><font style="color:#000000;"><b>Adjustments</b></font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%; text-align: center;"><font style="color:#000000;"><b>Footnote</b></font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: center;"><font style="color:#000000;"><b>Pro Forma</b></font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: center; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: center; border-bottom: 1px solid black;"><font style="color:#000000;"><b>Historical</b></font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: center; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: center; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: center; border-bottom: 1px solid black;"><font style="color:#000000;"><b>Historical</b></font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: center; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: center; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: center; border-bottom: 1px solid black;"><font style="color:#000000;"><b>(Notes 4 and 5)</b></font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: center; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: center; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%; text-align: center; border-bottom: 1px solid black;"><font style="color:#000000;"><b>(Note 5)</b></font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: center; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: center; border-bottom: 1px solid black;"><font style="color:#000000;"><b>Combined</b></font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%;"><font style="color:#000000;">Operating revenue:</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%; padding-left: 9pt;"><font style="color:#000000;">Advertising and marketing services</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right;"><font style="color:#000000;">$</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">65,727</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">61,666</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">&#8212;</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">127,393</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%; padding-left: 9pt;"><font style="color:#000000;">Subscription</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">41,694</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">41,949</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">&#8212;</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">83,643</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%; border-bottom: 1px solid black; padding-left: 9pt;"><font style="color:#000000;">Other</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">14,922</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">10,846</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">(5,211</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;"><font style="color:#000000;">)</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%; border-bottom: 1px solid black; text-align: center;"><font style="color:#000000;">(a)</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">20,557</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%; border-bottom: 1px solid black;"><font style="color:#000000;">Total operating revenue</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">122,343</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">114,461</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">(5,211</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;"><font style="color:#000000;">)</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%; border-bottom: 1px solid black; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">231,593</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%;"><font style="color:#000000;">Operating expenses:</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%; padding-left: 9pt;"><font style="color:#000000;">Compensation</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">43,243</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">47,517</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">&#8212;</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">90,760</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%; padding-left: 9pt;"><font style="color:#000000;">Newsprint and ink</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">4,736</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">10,205</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">&#8212;</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">14,941</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%; padding-left: 9pt;"><font style="color:#000000;">Other expenses</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">48,462</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">37,067</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">(4,173</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;"><font style="color:#000000;">)</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%; text-align: center;"><font style="color:#000000;">(b)</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">81,356</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%; padding-left: 9pt;"><font style="color:#000000;">Depreciation and amortization</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">6,719</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">3,868</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">&#8212;</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">10,587</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%; padding-left: 9pt;"><font style="color:#000000;">Assets loss (gain) on sales, impairments and other, net</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">814</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">&#8212;</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">869</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">1,683</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%; border-bottom: 1px solid black; padding-left: 9pt;"><font style="color:#000000;">Restructuring costs and other</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">1,632</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">&#8212;</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">327</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%; border-bottom: 1px solid black; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">1,959</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%;"><font style="color:#000000;">Total operating expenses</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">105,606</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">98,657</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">(2,977</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;"><font style="color:#000000;">)</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">201,286</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%; border-bottom: 1px solid black;"><font style="color:#000000;">Equity in earnings of associated companies</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">1,569</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">&#8212;</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">&#8212;</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%; border-bottom: 1px solid black; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">1,569</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%;"><font style="color:#000000;">Operating income</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">18,306</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">15,804</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">(2,234</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;"><font style="color:#000000;">)</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">31,876</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%;"><font style="color:#000000;">Non-operating income (expense):</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%; padding-left: 9pt;"><font style="color:#000000;">Interest expense</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">(11,115</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;"><font style="color:#000000;">)</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">&#8212;</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">(1,845</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;"><font style="color:#000000;">)</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%; text-align: center;"><font style="color:#000000;">(c)</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">(12,960</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;"><font style="color:#000000;">)</font></td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%; padding-left: 9pt;"><font style="color:#000000;">Debt financing and administrative</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">(1,196</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;"><font style="color:#000000;">)</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">&#8212;</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">1,196</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%; text-align: center;"><font style="color:#000000;">(d)</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">&#8212;</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%; border-bottom: 1px solid black; padding-left: 9pt;"><font style="color:#000000;">Other, net</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">1,593</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">&#8212;</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">847</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%; border-bottom: 1px solid black; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">2,440</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%; border-bottom: 1px solid black;"><font style="color:#000000;">Total non-operating expenses, net</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">(10,718</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;"><font style="color:#000000;">)</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">&#8212;</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">198</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%; border-bottom: 1px solid black; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">(10,520</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;"><font style="color:#000000;">)</font></td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%;"><font style="color:#000000;">Income before income taxes</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">7,588</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">15,804</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">(2,036</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;"><font style="color:#000000;">)</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">21,356</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%; border-bottom: 1px solid black; padding-left: 9pt;"><font style="color:#000000;">Income tax expense</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">1,871</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">&#8212;</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">3,442</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%; border-bottom: 1px solid black; text-align: center;"><font style="color:#000000;">(e)</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">5,313</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%;"><font style="color:#000000;">Net income (loss)</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">5,717</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">15,804</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">(5,478</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;"><font style="color:#000000;">)</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">16,043</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%; border-bottom: 1px solid black; padding-left: 9pt;"><font style="color:#000000;">Net income attributable to non-controlling interests</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">(397</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;"><font style="color:#000000;">)</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">&#8212;</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">&#8212;</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%; border-bottom: 1px solid black; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">(397</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;"><font style="color:#000000;">)</font></td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%; border-bottom: 1px solid black;"><font style="color:#000000;">Income attributable to Lee Enterprises, Incorporated</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">$</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">5,320</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">15,804</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">(5,478</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;"><font style="color:#000000;">)</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%; border-bottom: 1px solid black; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">15,646</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%;"><font style="color:#000000;">Earnings per common share:</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%; text-indent: 9pt;"><font style="color:#000000;">Basic</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">0.09</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">0.28</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%;">
			<p style="margin: 0pt; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-indent: 9pt;"><font style="color:#000000;">Diluted</font></p>
			</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">0.09</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">0.27</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<td colspan="15" style="font-family: Arial; font-size: 8pt; width: 30%;"><font style="color:#000000;"><i>See accompanying notes to the Unaudited Pro Forma Condensed Combined Financial Information</i></font></td>
		</tr>

</table>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 7.2pt;text-align:left;"><br>
&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM">3</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: center; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0);"><font style="color:#000000;"><b>Lee Enterprises, Incorporated</b></font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: center;"><font style="color:#000000;"><b>Unaudited Pro Forma Condensed Combined Statements of Operations</b></font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: center;"><font style="color:#000000;"><b>For the fiscal year ended September 29, 2019</b></font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: center;"><font style="color:#000000;"><i>(In thousands, except per share amounts)</i></font></p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 7.2pt;text-align:center;">&nbsp;</p>

<table cellpadding="0pt" cellspacing="0pt" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 100%; margin-left: 0pt; margin-right: 0pt;">

		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<td style="width: 30%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-top: 1px solid black;">&nbsp;</td>
			<td style="width: 2%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-top: 1px solid black;">&nbsp;</td>
			<td style="width: 13%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: center; border-top: 1px solid black;"><font style="color:#000000;"><b>Fiscal Year Ended</b></font></td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: center; border-top: 1px solid black;">&nbsp;</td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: center; border-top: 1px solid black;">&nbsp;</td>
			<td style="width: 13%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: center; border-top: 1px solid black;"><font style="color:#000000;"><b>Fiscal Year Ended</b></font></td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: center; border-top: 1px solid black;">&nbsp;</td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: center; border-top: 1px solid black;">&nbsp;</td>
			<td style="width: 12%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: center; border-top: 1px solid black;">&nbsp;</td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: center; border-top: 1px solid black;">&nbsp;</td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: center; border-top: 1px solid black;">&nbsp;</td>
			<td style="width: 8%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: center; border-top: 1px solid black;">&nbsp;</td>
			<td style="width: 2%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: center; border-top: 1px solid black;">&nbsp;</td>
			<td style="width: 13%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: center; border-top: 1px solid black;">&nbsp;</td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-top: 1px solid black;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: center;"><font style="color:#000000;"><b>September 29, 2019</b></font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: center;"><font style="color:#000000;"><b>December 29, 2019</b></font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: center;"><font style="color:#000000;"><b>Pro Forma and</b></font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: center;"><font style="color:#000000;"><b>Lee Enterprises,</b></font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: center;"><font style="color:#000000;"><b>BH Newspaper Business</b></font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: center;"><font style="color:#000000;"><b>Reclassification</b></font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: center;"><font style="color:#000000;"><b>Incorporated</b></font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: center;"><font style="color:#000000;"><b>and the Buffalo News</b></font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: center;"><font style="color:#000000;"><b>Adjustments</b></font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%; text-align: center;"><font style="color:#000000;"><b>Footnote</b></font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: center;"><font style="color:#000000;"><b>Pro Forma</b></font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: center; border-bottom: 1px solid black;"><font style="color:#000000;"><b>Historical</b></font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: center; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: center; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: center; border-bottom: 1px solid black;"><font style="color:#000000;"><b>Historical</b></font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: center; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: center; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: center; border-bottom: 1px solid black;"><font style="color:#000000;"><b>(Notes 4 and 5)</b></font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: center; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: center; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%; text-align: center; border-bottom: 1px solid black;"><font style="color:#000000;"><b>(Note 5)</b></font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: center; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: center; border-bottom: 1px solid black;"><font style="color:#000000;"><b>Combined</b></font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
		</tr>
		<tr style="background-color: rgb(204, 238, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%;"><font style="color:#000000;">Operating revenue:</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
		</tr>
		<tr style="background-color: rgb(255, 255, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%; padding-left: 9pt;"><font style="color:#000000;">Advertising and marketing services</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right;"><font style="color:#000000;">$</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">265,933</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">235,272</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">&#8212;</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">501,205</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
		</tr>
		<tr style="background-color: rgb(204, 238, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%; padding-left: 9pt;"><font style="color:#000000;">Subscription</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">186,691</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">175,934</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">&#8212;</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">362,625</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
		</tr>
		<tr style="background-color: rgb(255, 255, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%; padding-left: 9pt; border-bottom: 1px solid black;"><font style="color:#000000;">Other</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; border-bottom: 1px solid black; text-align: right;"><font style="color:#000000;">57,230</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; border-bottom: 1px solid black; text-align: right;"><font style="color:#000000;">43,801</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; border-bottom: 1px solid black; text-align: right;"><font style="color:#000000;">(16,586</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;"><font style="color:#000000;">)</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%; border-bottom: 1px solid black; text-align: center;"><font style="color:#000000;">(a)</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; border-bottom: 1px solid black; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; border-bottom: 1px solid black; text-align: right;"><font style="color:#000000;">84,445</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
		</tr>
		<tr style="background-color: rgb(204, 238, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%; border-bottom: 1px solid black;"><font style="color:#000000;">Total operating revenue</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; border-bottom: 1px solid black; text-align: right;"><font style="color:#000000;">509,854</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; border-bottom: 1px solid black; text-align: right;"><font style="color:#000000;">455,007</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; border-bottom: 1px solid black; text-align: right;"><font style="color:#000000;">(16,586</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;"><font style="color:#000000;">)</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%; border-bottom: 1px solid black; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; border-bottom: 1px solid black; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; border-bottom: 1px solid black; text-align: right;"><font style="color:#000000;">948,275</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
		</tr>
		<tr style="background-color: rgb(255, 255, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%;"><font style="color:#000000;">Operating expenses:</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
		</tr>
		<tr style="background-color: rgb(204, 238, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%; padding-left: 9pt;"><font style="color:#000000;">Compensation</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">182,869</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">205,886</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">&#8212;</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">388,755</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
		</tr>
		<tr style="background-color: rgb(255, 255, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%; padding-left: 9pt;"><font style="color:#000000;">Newsprint and ink</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">22,237</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">43,387</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">&#8212;</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">65,624</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
		</tr>
		<tr style="background-color: rgb(204, 238, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%; padding-left: 9pt;"><font style="color:#000000;">Other expenses</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">193,709</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">157,964</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">(8,198</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;"><font style="color:#000000;">)</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%; text-align: center;"><font style="color:#000000;">(b)</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">343,475</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
		</tr>
		<tr style="background-color: rgb(255, 255, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%; padding-left: 9pt;"><font style="color:#000000;">Depreciation and amortization</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">29,332</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">17,778</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">&#8212;</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">47,110</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
		</tr>
		<tr style="background-color: rgb(204, 238, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%; padding-left: 9pt;"><font style="color:#000000;">Assets loss (gain) on sales, impairments and other, net</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">2,464</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">&#8212;</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">479</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">2,943</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
		</tr>
		<tr style="background-color: rgb(255, 255, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%; padding-left: 9pt; border-bottom: 1px solid black;"><font style="color:#000000;">Restructuring costs and other</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; border-bottom: 1px solid black; text-align: right;"><font style="color:#000000;">11,635</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; border-bottom: 1px solid black; text-align: right;"><font style="color:#000000;">&#8212;</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; border-bottom: 1px solid black; text-align: right;"><font style="color:#000000;">1,432</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%; border-bottom: 1px solid black; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; border-bottom: 1px solid black; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; border-bottom: 1px solid black; text-align: right;"><font style="color:#000000;">13,067</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
		</tr>
		<tr style="background-color: rgb(204, 238, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%;"><font style="color:#000000;">Total operating expenses</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">442,246</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">425,015</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">(6,287</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;"><font style="color:#000000;">)</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">860,974</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
		</tr>
		<tr style="background-color: rgb(255, 255, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%; border-bottom: 1px solid black;"><font style="color:#000000;">Equity in earnings of associated companies</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; border-bottom: 1px solid black; text-align: right;"><font style="color:#000000;">7,121</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; border-bottom: 1px solid black; text-align: right;"><font style="color:#000000;">&#8212;</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; border-bottom: 1px solid black; text-align: right;"><font style="color:#000000;">&#8212;</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%; border-bottom: 1px solid black; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; border-bottom: 1px solid black; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; border-bottom: 1px solid black; text-align: right;"><font style="color:#000000;">7,121</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
		</tr>
		<tr style="background-color: rgb(204, 238, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%;"><font style="color:#000000;">Operating income</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">74,729</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">29,992</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">(10,299</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;"><font style="color:#000000;">)</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">94,422</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
		</tr>
		<tr style="background-color: rgb(255, 255, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%;"><font style="color:#000000;">Non-operating income (expense):</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
		</tr>
		<tr style="background-color: rgb(204, 238, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%; padding-left: 9pt;"><font style="color:#000000;">Interest expense</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">(47,488</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;"><font style="color:#000000;">)</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">&#8212;</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">(4,352</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;"><font style="color:#000000;">)</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%; text-align: center;"><font style="color:#000000;">(c)</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">(51,840</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;"><font style="color:#000000;">)</font></td>
		</tr>
		<tr style="background-color: rgb(255, 255, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%; padding-left: 9pt;"><font style="color:#000000;">Debt financing and administrative</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">(7,214</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;"><font style="color:#000000;">)</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">&#8212;</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">(9,841</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;"><font style="color:#000000;">)</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%; text-align: center;"><font style="color:#000000;">(d)</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">(17,055</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;"><font style="color:#000000;">)</font></td>
		</tr>
		<tr style="background-color: rgb(204, 238, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%; padding-left: 9pt; border-bottom: 1px solid black;"><font style="color:#000000;">Other, net</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; border-bottom: 1px solid black; text-align: right;"><font style="color:#000000;">3,813</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; border-bottom: 1px solid black; text-align: right;"><font style="color:#000000;">&#8212;</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; border-bottom: 1px solid black; text-align: right;"><font style="color:#000000;">3,382</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%; border-bottom: 1px solid black; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; border-bottom: 1px solid black; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; border-bottom: 1px solid black; text-align: right;"><font style="color:#000000;">7,195</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
		</tr>
		<tr style="background-color: rgb(255, 255, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%; border-bottom: 1px solid black;"><font style="color:#000000;">Total non-operating expenses, net</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; border-bottom: 1px solid black; text-align: right;"><font style="color:#000000;">(50,889</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;"><font style="color:#000000;">)</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; border-bottom: 1px solid black; text-align: right;"><font style="color:#000000;">&#8212;</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; border-bottom: 1px solid black; text-align: right;"><font style="color:#000000;">(10,811</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;"><font style="color:#000000;">)</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%; border-bottom: 1px solid black; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; border-bottom: 1px solid black; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; border-bottom: 1px solid black; text-align: right;"><font style="color:#000000;">(61,700</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;"><font style="color:#000000;">)</font></td>
		</tr>
		<tr style="background-color: rgb(204, 238, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%;"><font style="color:#000000;">Income before income taxes</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">23,840</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">29,992</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">(21,110</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;"><font style="color:#000000;">)</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">32,722</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
		</tr>
		<tr style="background-color: rgb(255, 255, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%; padding-left: 9pt; border-bottom: 1px solid black;"><font style="color:#000000;">Income tax expense</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; border-bottom: 1px solid black; text-align: right;"><font style="color:#000000;">7,931</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; border-bottom: 1px solid black; text-align: right;"><font style="color:#000000;">&#8212;</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; border-bottom: 1px solid black; text-align: right;"><font style="color:#000000;">2,221</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%; border-bottom: 1px solid black; text-align: center;"><font style="color:#000000;">(e)</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; border-bottom: 1px solid black; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; border-bottom: 1px solid black; text-align: right;"><font style="color:#000000;">10,152</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
		</tr>
		<tr style="background-color: rgb(204, 238, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%;"><font style="color:#000000;">Net income</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">15,909</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">29,992</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">(23,331</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;"><font style="color:#000000;">)</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">22,570</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
		</tr>
		<tr style="background-color: rgb(255, 255, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%; padding-left: 9pt; border-bottom: 1px solid black;"><font style="color:#000000;">Net income attributable to non-controlling interests</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; border-bottom: 1px solid black; text-align: right;"><font style="color:#000000;">(1,641</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;"><font style="color:#000000;">)</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; border-bottom: 1px solid black; text-align: right;"><font style="color:#000000;">&#8212;</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; border-bottom: 1px solid black; text-align: right;"><font style="color:#000000;">&#8212;</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%; border-bottom: 1px solid black; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; border-bottom: 1px solid black; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; border-bottom: 1px solid black; text-align: right;"><font style="color:#000000;">(1,641</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;"><font style="color:#000000;">)</font></td>
		</tr>
		<tr style="background-color: rgb(204, 238, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%; border-bottom: 1px solid black;"><font style="color:#000000;">Income attributable to Lee Enterprises, Incorporated</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; border-bottom: 1px solid black; text-align: right;"><font style="color:#000000;">$</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; border-bottom: 1px solid black; text-align: right;"><font style="color:#000000;">14,268</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; border-bottom: 1px solid black; text-align: right;"><font style="color:#000000;">29,992</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; border-bottom: 1px solid black; text-align: right;"><font style="color:#000000;">(23,331</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;"><font style="color:#000000;">)</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%; border-bottom: 1px solid black; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; border-bottom: 1px solid black; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; border-bottom: 1px solid black; text-align: right;"><font style="color:#000000;">20,929</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
		</tr>
		<tr style="background-color: rgb(255, 255, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
		</tr>
		<tr style="background-color: rgb(204, 238, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%;"><font style="color:#000000;">Earnings per common share:</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
		</tr>
		<tr style="background-color: rgb(255, 255, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%; text-indent: 9pt;"><font style="color:#000000;">Basic</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">0.26</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">0.38</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
		</tr>
		<tr style="background-color: rgb(204, 238, 255);">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%;">
			<p style="margin: 0pt; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-indent: 9pt;"><font style="color:#000000;">Diluted</font></p>
			</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">0.25</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%; text-align: center;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;"><font style="color:#000000;">0.37</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 30%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 8%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 13%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<td colspan="15" style="font-family: Arial; font-size: 8pt; width: 30%;"><font style="color:#000000;"><i>See accompanying notes to the Unaudited Pro Forma Condensed Combined Financial Information</i></font></td>
		</tr>

</table>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 7.2pt;text-align:center;">&nbsp;</p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM">4</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
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</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt 7.2pt; text-align: center;"><font style="color:#000000;"><b>Lee Enterprises, Incorporated<br>
Notes to Unaudited Pro Forma Condensed Combined Financial Information</b></font></p>

<p style="font-family: Arial; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt 7.2pt; text-align: center;"><font style="color:#000000;"><i>All amounts are in thousands, unless specifically stated otherwise</i></font></p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0);"><font style="color:#000000;"><b>1. Description of the Transaction</b></font></p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0);">&nbsp;</p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0); text-align: justify;"><font style="color:#000000;">On January 29, 2020, Lee Enterprises, Inc. (&#8220;Lee&#8221;) entered into an Asset and Stock Purchase Agreement (the &#8220;ASPA&#8221;) with Berkshire Hathaway Inc. (&#8220;Berkshire&#8221;) and its wholly owned subsidiary BH Media Group, Inc. (&#8220;BHMG&#8221;). Pursuant to the ASPA, Lee agreed to (1) acquire certain assets and assume certain liabilities of BHMG&#8217;s newspapers and related community publications business (the &#8220;BH Newspaper Business&#8221;); and, (2) acquire all of the issued and outstanding capital stock of The Buffalo News, Inc. (together, the operations of the BH Newspaper Business and The Buffalo News, Inc. are referred to herein as the &#8220;Business&#8221;). Since July 2, 2018, Lee has managed the BH Newspaper Business pursuant to a Management Agreement between BHMG and Lee dated June 26, 2018 (&#8220;Management Agreement&#8221;).</font></p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0); text-align: justify;">&nbsp;</p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0); text-align: justify;"><font style="color:#000000;">The BH Newspaper Business consists of print and digital operations of 30 daily newspapers serving communities in 10 states, as well as 49 paid weekly publications with digital sites and 32 other print products. The Buffalo News is a print and digital news operation serving communities in western New York.</font></p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0); text-align: justify;">&nbsp;</p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0); text-align: justify;"><font style="color:#000000;">On March 16, 2020, Berkshire and Lee completed the transaction described above. The aggregate purchase price for the sale of the Business was $140 million, excluding cash held at BHMG that was also acquired at closing. Concurrently, BHMG also entered into a lease agreement with Lee providing for the leasing of 68 properties and related fixtures (including production equipment) retained by BHMG and used in the BH Newspaper Business acquired by Lee (the "Lease").&nbsp; In connection with the acquisition transaction described above, Lee entered into a Credit Agreement with BH Finance, LLC, (&#8220;BH Finance&#8221;) to provide a secured 25-year term loan (the &#8220;Credit Agreement&#8221;). Lee borrowed $576 million from BH Finance at a fixed annual interest rate of 9% under the Credit Agreement in order to finance the acquisition of the Business and to refinance its outstanding indebtedness. Collectively, the acquisition of the Business, the lease agreement with Lee, and the borrowings under the Credit Agreement are referred to herein as the &#8220;Transactions&#8221;.</font></p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0);">&nbsp;</p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0);"><font style="color:#000000;"><b>2. Basis of Pro Forma Presentation</b></font></p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0);">&nbsp;</p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0); text-align: justify;"><font style="color:#000000;">The unaudited pro forma condensed combined balance sheet has been prepared to reflect the Transactions as of December 29, 2019. The unaudited pro forma condensed combined statements of operations combine the results of operations of Lee and the revenue and direct expenses of the Business for the thirteen weeks ended December 29, 2019 and for the fiscal year ended September 29, 2019, as if the Transactions had occurred on September 30, 2018.&nbsp; The unaudited pro forma condensed combined balance sheet as of December 29, 2019 was prepared utilizing the historical condensed consolidated balance sheet of Lee and the historical audited combined abbreviated statement of assets acquired and liabilities assumed for the Business as of December 29, 2019. The unaudited pro forma condensed combined statement of operations for the fiscal year ended September 29, 2019 was prepared utilizing the historical audited consolidated statement of income of Lee for the year ended September 29, 2019, and the historical audited combined abbreviated statement of revenue and direct expenses for the Business for the year ended December 29, 2019. The unaudited pro forma condensed combined statement of operations for the thirteen weeks ended December 29, 2019 was prepared utilizing the unaudited condensed consolidated statement of income of Lee and the unaudited historical financial information of the Business for the thirteen weeks ended December 29, 2019.</font></p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0); text-align: justify;">&nbsp;</p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0); text-align: justify;"><font style="color:#000000;">The historical financial statements have been adjusted to give pro forma effect to events that are (i) directly attributable to the Transactions, (ii) factually supportable and (iii) with respect to the unaudited pro forma condensed combined statements of operations, expected to have a continuing impact on the operating results of Lee following the Transactions.</font></p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0); text-align: justify;">&nbsp;</p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0); text-align: justify;"><font style="color:#000000;">The unaudited pro forma condensed combined financial statements have been prepared for illustrative purposes only and are not necessarily indicative of the consolidated financial position or results of operations in future periods or the results that actually would have been achieved had Lee and the Business been a combined company during the respective periods presented.</font></p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0); text-align: justify;">&nbsp;</p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0); text-align: justify;"><font style="color:#000000;">These unaudited pro forma condensed combined financial statements should be read in conjunction with Lee&#8217;s historical consolidated financial statements and related notes included in its Annual Report on Form 10-K for the fiscal year ended September 29, 2019, and the historical combined abbreviated financial statements of the Business (included elsewhere in this filing on Form 8-K).</font></p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

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<p style="font-family: Arial; font-size: 10pt; margin: 0pt 7.2pt; text-align: center;"><font style="color:#000000;"><b>Lee Enterprises, Incorporated<br>
Notes to Unaudited Pro Forma Condensed Combined Financial Information</b></font></p>

<p style="font-family: Arial; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt 7.2pt; text-align: center;"><font style="color:#000000;"><i>All amounts are in thousands, unless specifically stated otherwise</i></font></p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: left;"><font style="color:#000000;"><b>3. Estimated Preliminary Purchase Price Allocation</b></font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;"><font style="color:#000000;">The table below represents the preliminary purchase price allocation to the assets acquired and liabilities assumed based on their estimated fair values, assuming the transaction occurred as of December 29, 2019. Such amounts were estimated using the audited combined abbreviated financial statements of the Business as of December 29, 2019. Certain amounts, such as the balances of cash and cash equivalents, accounts receivable, inventories, prepaid expenses and other current assets, accounts payable, compensation and other accruals, and unearned revenue will likely vary based upon changes in the balances relating to the Business between December 29, 2019 and March 16, 2020. Property and equipment, intangible assets (other than goodwill), pension plan assets and obligations, and postretirement and postemployment benefit obligations may vary by material amounts based upon changes in balances as well as the completion of valuations to measure such assets and liabilities at their fair values as of the acquisition date. As the final valuations are being performed during fiscal 2020, increases or decreases in the fair value of relevant balance sheet amounts will result in adjustments, with offsetting changes to goodwill, which may result in material differences from the information presented below:</font></p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<table cellpadding="0pt" cellspacing="0pt" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 100%; margin-left: 0pt; margin-right: 0pt;">

		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<td style="width: 86%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-top: 1px solid black;"><font style="color:#000000;"><i>(In thousands)</i></font></td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-top: 1px solid black;">&nbsp;</td>
			<td style="width: 12%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-top: 1px solid black;">&nbsp;</td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-top: 1px solid black;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
			<td style="vertical-align: middle; width: 86%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt; text-align: left;"><font style="color:#000000;"><b><u>Assets acquired</u></b></font></p>
			</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
			<td style="vertical-align: middle; width: 86%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt 0pt 0pt 9.75pt; text-align: left; text-indent: -1pt;"><font style="color:#000000;">Cash and cash equivalents</font></p>
			</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: right;"><font style="color:#000000;">$</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">10,148</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
			<td style="vertical-align: middle; width: 86%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt 0pt 0pt 9.75pt; text-align: left; text-indent: -1pt;"><font style="color:#000000;">Accounts receivable</font></p>
			</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">39,929</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
			<td style="vertical-align: middle; width: 86%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt 0pt 0pt 9.75pt; text-align: left; text-indent: -1pt;"><font style="color:#000000;">Inventories</font></p>
			</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">5,853</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
			<td style="vertical-align: middle; width: 86%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 9pt;"><font style="color:#000000;">Prepaid expenses and other current</font></p>
			</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">7,999</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
			<td style="vertical-align: middle; width: 86%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt 0pt 0pt 9.75pt; text-align: left; text-indent: -1pt;"><font style="color:#000000;">Property and equipment</font></p>
			</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">24,338</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
			<td style="vertical-align: middle; width: 86%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt 0pt 0pt 9.75pt; text-align: left; text-indent: -1pt;"><font style="color:#000000;">Operating lease right-of-use asset</font></p>
			</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">54,665</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
			<td style="vertical-align: middle; width: 86%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt 0pt 0pt 9.75pt; text-align: left; text-indent: -1pt;"><font style="color:#000000;">Goodwill</font></p>
			</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">60,692</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
			<td style="vertical-align: middle; width: 86%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt 0pt 0pt 9.75pt; text-align: left; text-indent: -1pt;"><font style="color:#000000;">Other intangible assets</font></p>
			</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">86,573</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
			<td style="vertical-align: middle; width: 86%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt 0pt 0pt 9.75pt; text-align: left; text-indent: -1pt;"><font style="color:#000000;">Pension assets, net of pension obligations</font></p>
			</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">15,364</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
			<td style="vertical-align: middle; width: 86%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt 0pt 0pt 9.75pt; text-align: left; text-indent: -1pt;"><font style="color:#000000;">Other assets</font></p>
			</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">3,276</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
			<td style="vertical-align: middle; width: 86%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt 0pt 0pt 9.75pt; text-align: left; text-indent: -10pt;"><font style="color:#000000;"><b><u>Liabilities assumed</u></b></font></p>
			</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
			<td style="vertical-align: middle; width: 86%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt 0pt 0pt 9.75pt; text-align: left; text-indent: -1pt;"><font style="color:#000000;">Accounts payable</font></p>
			</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">(8,077</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;"><font style="color:#000000;">)</font></td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
			<td style="vertical-align: middle; width: 86%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt 0pt 0pt 9.75pt; text-align: left; text-indent: -1pt;"><font style="color:#000000;">Compensation and other accruals</font></p>
			</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">(30,657</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;"><font style="color:#000000;">)</font></td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
			<td style="vertical-align: middle; width: 86%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt 0pt 0pt 9.75pt; text-align: left; text-indent: -1pt;"><font style="color:#000000;">Unearned revenue</font></p>
			</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">(35,434</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;"><font style="color:#000000;">)</font></td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
			<td style="vertical-align: middle; width: 86%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt 0pt 0pt 9.75pt; text-align: left; text-indent: -1pt;"><font style="color:#000000;">Operating lease liabilities</font></p>
			</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">(55,798</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;"><font style="color:#000000;">)</font></td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
			<td style="vertical-align: middle; width: 86%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt 0pt 0pt 9.75pt; text-align: left; text-indent: -1pt;"><font style="color:#000000;">Postretirement and postemployment benefit obligations</font></p>
			</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">(37,000</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;"><font style="color:#000000;">)</font></td>
		</tr>
		<tr style="background-color: rgb(255, 255, 255);">
			<td style="vertical-align: middle; width: 86%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-left: 9pt;"><font style="color:#000000;">Other liabilities</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">(1,871</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;"><font style="color:#000000;">)</font></td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
			<td style="vertical-align: middle; width: 86%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-top: 1px solid black; border-bottom: 1px solid black;">
			<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt 0pt 0pt 9.75pt; text-align: left; text-indent: -10pt;"><font style="color:#000000;">Purchase price allocated</font></p>
			</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-top: 1px solid black; border-bottom: 1px solid black; text-align: right;"><font style="color:#000000;">$</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 12%; border-top: 1px solid black; border-bottom: 1px solid black; text-align: right;"><font style="color:#000000;">140,000</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; border-top: 1px solid black; border-bottom: 1px solid black;">&nbsp;</td>
		</tr>

</table>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0);">Preliminarily, property and equipment will be depreciated using a straight-line method over estimated useful lives ranging from 3 to 20 years, and other intangible assets will be amortized using a straight-line method over estimated useful lives ranges from 5 to 20 years.</p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="margin: 0pt; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: left; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0);"><font style="color:#000000;"><b>4. Reclassification Adjustments</b></font></p>

<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0); text-align: justify;"><font style="color:#000000;">Certain reclassifications have been made to the historical presentation of the Business to conform to the presentation used in these unaudited pro forma condensed combined financial statements.</font></p>

<p style="margin: 0pt; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0); text-align: justify;">&nbsp;</p>

<p style="margin: 0pt; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0); text-align: justify;"><font style="color:#000000;">For the thirteen weeks ended December 29, 2019, a net amount of approximately $962 was reclassified from Other operating expenses to the following line items:</font></p>

<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>

<table cellpadding="0pt" cellspacing="0pt" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 100%; margin-left: 0pt; margin-right: 0pt;">

		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<td style="width: 2%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">&nbsp;</td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: center; vertical-align: top;"><font style="color:#000000;">&#9679;</font></td>
			<td style="width: 97%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-indent: 0pt; padding-left: 9pt;"><font style="color:#000000;">$869 to Assets loss (gain) on sales, impairments and other, net</font></td>
		</tr>
		<tr>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: center; vertical-align: top;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 97%;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: center; vertical-align: top;"><font style="color:#000000;">&#9679;</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 97%; text-indent: 0pt; padding-left: 9pt;"><font style="color:#000000;">$327 to Restructuring costs and other</font></td>
		</tr>
		<tr>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: center; vertical-align: top;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 97%;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: center; vertical-align: top;"><font style="color:#000000;">&#9679;</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 97%; text-indent: 0pt; padding-left: 9pt;"><font style="color:#000000;">$(847) relating to the non-service cost components of pension and postemployment benefits expense, to Other non-operating expense, net</font></td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: center; vertical-align: top;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 97%;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: center; vertical-align: top;"><font style="color:#000000;">&#9679;</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 97%; text-indent: 0pt; padding-left: 9pt;"><font style="color:#000000;">$613 to Income tax expense</font></td>
		</tr>

</table>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0);"><font style="color:#000000;">For the fiscal year ended September 29, 2019, a net amount of approximately $(388) was reclassified from other operating expenses to the following line items:</font></p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0);">&nbsp;</p>

<table cellpadding="0pt" cellspacing="0pt" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 100%; margin-left: 0pt; margin-right: 0pt;">

		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<td style="width: 2%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">&nbsp;</td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: center; vertical-align: top;"><font style="color:#000000;">&#9679;</font></td>
			<td style="width: 97%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-indent: 0pt; padding-left: 9pt;"><font style="color:#000000;">$479 to Assets loss (gain) on sales, impairments and other, net</font></td>
		</tr>
		<tr>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: center; vertical-align: top;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 97%;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: center; vertical-align: top;"><font style="color:#000000;">&#9679;</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 97%; text-indent: 0pt; padding-left: 9pt;"><font style="color:#000000;">$1,432 to Restructuring costs and other</font></td>
		</tr>
		<tr>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: center; vertical-align: top;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 97%;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: center; vertical-align: top;"><font style="color:#000000;">&#9679;</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 97%; text-indent: 0pt; padding-left: 9pt;"><font style="color:#000000;">$(3,382) relating to the non-service cost components of pension and postemployment benefits expense, to Other non-operating expense, net</font></td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: center; vertical-align: top;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 97%;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%;">&nbsp;</td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%; text-align: center; vertical-align: top;"><font style="color:#000000;">&#9679;</font></td>
			<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 97%; text-indent: 0pt; padding-left: 9pt;"><font style="color:#000000;">$1,083 to Income tax expense</font></td>
		</tr>

</table>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt 7.2pt; text-align: center;"><font style="color:#000000;"><b>Lee Enterprises, Incorporated<br>
Notes to Unaudited Pro Forma Condensed Combined Financial Information</b></font></p>

<p style="font-family: Arial; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt 7.2pt; text-align: center;"><font style="color:#000000;"><i>All amounts are in thousands, unless specifically stated otherwise</i></font></p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: left;"><font style="color:#000000;"><b>5. Pro Forma Adjustments</b></font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;"><font style="color:#000000;">The following is a description of the unaudited pro forma adjustments reflected in the unaudited pro forma condensed combined financial statements:</font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: left;"><font style="color:#000000;"><b>Adjustments to the pro forma condensed combined balance sheet </b></font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;"><font style="color:#000000;"><b>(A) </b>The pro forma adjustments to cash and cash equivalents reflects the net of (i) the cash proceeds with financing provided by BH Finance, LLC, an affiliate of Berkshire, (ii) the cash repayments made to extinguish Lee&#8217;s existing debt; and (iii) the cash consideration paid to acquire the Business, as follows:</font></p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</p>

<table cellpadding="0pt" cellspacing="0pt" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 100%; margin-left: 0pt; margin-right: 0pt;">

		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
			<td style="vertical-align: middle; width: 77%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-top: 1px solid black;">
			<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt 0pt 0pt 9.75pt; text-align: left; text-indent: -10pt;"><font style="color:#000000;">Proceeds from borrowings under a Credit Agreement with BH Finance, LLC</font></p>
			</td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: right; border-top: 1px solid black;"><font style="color:#000000;">$</font></td>
			<td style="width: 12%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: right; border-top: 1px solid black;"><font style="color:#000000;">576,000</font></td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-top: 1px solid black;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
			<td style="vertical-align: middle; width: 77%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt 0pt 0pt 9.75pt; text-align: left; text-indent: -10pt;"><font style="color:#000000;">Repayments of Lee&#8217;s existing current maturities of long-term debt</font></p>
			</td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">&nbsp;</td>
			<td style="width: 12%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: right;"><font style="color:#000000;">(1,892</font></td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"><font style="color:#000000;">)</font></td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
			<td style="vertical-align: middle; width: 77%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt 0pt 0pt 9.75pt; text-align: left; text-indent: -10pt;"><font style="color:#000000;">Repayments of Lee&#8217;s existing long-term debt, net of current maturities</font></p>
			</td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">&nbsp;</td>
			<td style="width: 12%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: right;"><font style="color:#000000;">(431,502</font></td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"><font style="color:#000000;">)</font></td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
			<td style="vertical-align: middle; width: 77%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-bottom: 1px solid black;">
			<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt 0pt 0pt 9.75pt; text-align: left; text-indent: -10pt;"><font style="color:#000000;">Cash consideration paid to acquire the Business, excluding additional cash acquired</font></p>
			</td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="width: 12%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">(140,000</font></td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-bottom: 1px solid black;"><font style="color:#000000;">)</font></td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
			<td style="width: 86%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">$</font></td>
			<td style="width: 12%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">2,606</font></td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-bottom: 1px solid black;">&nbsp;</td>
		</tr>

</table>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0); text-align: justify;"><font style="color:#000000;"><b>(B)</b> The pro forma adjustment to inventories reflect adjustments to conform the inventories held by the Business to Lee&#8217;s accounting policies.</font></p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0); text-align: justify;">&nbsp;</p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0); text-align: justify;"><font style="color:#000000;"><b>(C) </b>The pro forma adjustments to property and equipment and accumulated depreciation reflect the preliminary purchase price allocation adjustments. As final valuation of property and equipment is performed during fiscal 2020, increases or decreases in property and equipment will be recorded to reflect their fair values as of the acquisition date, with offsetting changes to goodwill, and these adjustments could result in material differences from the preliminary amounts recorded.</font></p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0); text-align: justify;">&nbsp;</p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0); text-align: justify;"><font style="color:#000000;"><b>(D)</b> The pro forma adjustment to goodwill reflects the purchase price paid in excess of the preliminary estimated fair value of net assets acquired, as follows:</font></p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<table cellpadding="0pt" cellspacing="0pt" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 100%; margin-left: 0pt; margin-right: 0pt;">

		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
			<td style="vertical-align: middle; width: 77%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-top: 1px solid black;">
			<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt 0pt 0pt 9.75pt; text-align: left; text-indent: -10pt;"><font style="color:#000000;">Cash consideration paid to acquire the Business, net of additional cash acquired</font></p>
			</td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: right; border-top: 1px solid black;"><font style="color:#000000;">$</font></td>
			<td style="width: 12%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: right; border-top: 1px solid black;"><font style="color:#000000;">140,000</font></td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-top: 1px solid black;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
			<td style="vertical-align: middle; width: 77%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-bottom: 1px solid black;">
			<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt 0pt 0pt 9.75pt; text-align: left; text-indent: -10pt;"><font style="color:#000000;">Preliminary estimated fair value of assets acquired and liabilities assumed</font></p>
			</td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="width: 12%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">(79,308</font></td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-bottom: 1px solid black;"><font style="color:#000000;">)</font></td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
			<td style="width: 86%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-bottom: 1px solid black;"><font style="color:#000000;">Total pro forma adjustment to goodwill</font></td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">$</font></td>
			<td style="width: 12%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">60,692</font></td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-bottom: 1px solid black;">&nbsp;</td>
		</tr>

</table>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0); text-align: justify;"><font style="color:#000000;"><b>(E)</b> The pro forma adjustment to the operating lease right-of-use asset and operating lease liabilities reflects preliminary accounting related to the Lease agreement entered into between Lee and BHMG, concurrent with the acquisition of the Business, for Lee to lease 68 properties and related fixtures (including production equipment) retained by BHMG.</font></p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0); text-align: justify;">&nbsp;</p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0); text-align: justify;"><font style="color:#000000;"><b>(F)</b> The pro forma adjustments to long-term debt reflect (i) the cash proceeds from financing provided by BH Finance, LLC, and (ii) the cash repayments made to extinguish Lee&#8217;s existing long-term debt, including the following:</font></p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0); text-align: justify;">&nbsp;</p>

<table cellpadding="0pt" cellspacing="0pt" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 100%; margin-left: 0pt; margin-right: 0pt;">

		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
			<td style="vertical-align: middle; width: 77%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-top: 1px solid black;">
			<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt 0pt 0pt 9.75pt; text-align: left; text-indent: -10pt;"><font style="color:#000000;">Repayment of Lee's current maturities of long-term debt</font></p>
			</td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: right; border-top: 1px solid black;"><font style="color:#000000;">$</font></td>
			<td style="width: 12%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: right; border-top: 1px solid black;"><font style="color:#000000;">(1,892</font></td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-top: 1px solid black;"><font style="color:#000000;">)</font></td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
			<td style="width: 86%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-bottom: 1px solid black;"><font style="color:#000000;">Total pro forma adjustment to current maturities of long-term debt</font></td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">$</font></td>
			<td style="width: 12%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">(1,892</font></td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-bottom: 1px solid black;"><font style="color:#000000;">)</font></td>
		</tr>

</table>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0); text-align: justify;">&nbsp;</p>

<table cellpadding="0pt" cellspacing="0pt" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 100%; margin-left: 0pt; margin-right: 0pt;">

		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
			<td style="vertical-align: middle; width: 77%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-top: 1px solid black;">
			<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt 0pt 0pt 9.75pt; text-align: left; text-indent: -10pt;"><font style="color:#000000;">Proceeds from borrowings under a Credit Agreement with BH Finance</font></p>
			</td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: right; border-top: 1px solid black;"><font style="color:#000000;">$</font></td>
			<td style="width: 12%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: right; border-top: 1px solid black;"><font style="color:#000000;">576,000</font></td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-top: 1px solid black;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
			<td style="vertical-align: middle; width: 77%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">
			<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt 0pt 0pt 9.75pt; text-align: left; text-indent: -10pt;"><font style="color:#000000;">Repayments of Lee's existing long-term debt, net of current maturities</font></p>
			</td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">&nbsp;</td>
			<td style="width: 12%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: right;"><font style="color:#000000;">(431,502</font></td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"><font style="color:#000000;">)</font></td>
		</tr>
		<tr style="background-color: rgb(204, 238, 255);">
			<td style="vertical-align: middle; width: 77%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-bottom: 1px solid black;"><font style="color:#000000;">Write-off of unamortized debt issue costs</font></td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="width: 12%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">10,254</font></td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-bottom: 1px solid black;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
			<td style="width: 86%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-bottom: 1px solid black;"><font style="color:#000000;">Total pro forma adjustment to long-term debt, net of current maturities</font></td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">$</font></td>
			<td style="width: 12%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">154,752</font></td>
			<td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-bottom: 1px solid black;">&nbsp;</td>
		</tr>

</table>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 7.2pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 7.2pt;text-align:left;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM">7</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt 7.2pt; text-align: center;"><font style="color:#000000;"><b>Lee Enterprises, Incorporated<br>
Notes to Unaudited Pro Forma Condensed Combined Financial Information</b></font></p>

<p style="font-family: Arial; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family: Arial; font-size: 10pt; margin: 0pt 7.2pt; text-align: center;"><font style="color:#000000;"><i>All amounts are in thousands, unless specifically stated otherwise</i></font></p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0);"><font style="color:#000000;"><b>Adjustments to the pro forma condensed combined statements of comprehensive income </b></font></p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0);">&nbsp;</p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0); text-align: justify;"><font style="color:#000000;"><b>(a) </b>The pro forma adjustments to other revenue reflect the elimination of revenue transactions between Lee and BHMG, including commercial printing and delivery, digital services provided by TownNews, and the Management Agreement.</font></p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0); text-align: justify;">&nbsp;</p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0); text-align: justify;"><font style="color:#000000;"><b>(b)</b> The pro forma adjustments to other operating expenses include the following:</font></p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<table cellpadding="0pt" cellspacing="0pt" style="font-size: 10pt; font-family: Arial; width: 100%; margin-left: 0pt; margin-right: 0pt;">

		<tr>
			<td style="width: 72%; font-family: Arial; font-size: 10pt; border-top: 1px solid black;">&nbsp;</td>
			<td style="width: 1%; font-family: Arial; font-size: 10pt; border-top: 1px solid black;">&nbsp;</td>
			<td style="width: 12%; font-family: Arial; font-size: 10pt; text-align: center; border-top: 1px solid black;"><font style="color:#000000;"><b>13 weeks ended</b></font></td>
			<td style="width: 1%; font-family: Arial; font-size: 10pt; text-align: center; border-top: 1px solid black;">&nbsp;</td>
			<td style="width: 1%; font-family: Arial; font-size: 10pt; text-align: center; border-top: 1px solid black;">&nbsp;</td>
			<td style="width: 12%; font-family: Arial; font-size: 10pt; text-align: center; border-top: 1px solid black;"><font style="color:#000000;"><b>Fiscal year ended</b></font></td>
			<td style="width: 1%; font-family: Arial; font-size: 10pt; border-top: 1px solid black;">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 72%; font-family: Arial; font-size: 10pt;">&nbsp;</td>
			<td style="width: 1%; font-family: Arial; font-size: 10pt;">&nbsp;</td>
			<td style="width: 12%; font-family: Arial; font-size: 10pt; text-align: center;"><font style="color:#000000;"><b>December 29,</b></font></td>
			<td style="width: 1%; font-family: Arial; font-size: 10pt; text-align: center;">&nbsp;</td>
			<td style="width: 1%; font-family: Arial; font-size: 10pt; text-align: center;">&nbsp;</td>
			<td style="width: 12%; font-family: Arial; font-size: 10pt; text-align: center;"><font style="color:#000000;"><b>September 29,</b></font></td>
			<td style="width: 1%; font-family: Arial; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial; font-size: 10pt;">
			<td style="width: 72%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="width: 12%; font-family: Arial; font-size: 10pt; text-align: center; border-bottom: 1px solid black;"><font style="color:#000000;"><b>2019</b></font></td>
			<td style="width: 1%; font-family: Arial; font-size: 10pt; text-align: center; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="width: 1%; font-family: Arial; font-size: 10pt; text-align: center; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="width: 12%; font-family: Arial; font-size: 10pt; text-align: center; border-bottom: 1px solid black;"><font style="color:#000000;"><b>2019</b></font></td>
			<td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid black;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial; font-size: 10pt; background-color: rgb(204, 238, 255);">
			<td style="vertical-align: middle; width: 72%; font-family: Arial; font-size: 10pt;">
			<p style="font-family: Arial; font-size: 10pt; margin: 0pt 0pt 0pt 9.75pt; text-align: left; text-indent: -10pt;"><font style="color:#000000;">Elimination of costs incurred relating to transactions between Lee and BHMG</font></p>
			</td>
			<td style="font-family: Arial; font-size: 10pt; width: 1%;"><font style="color:#000000;">$</font></td>
			<td style="font-family: Arial; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">(5,211</font></td>
			<td style="font-family: Arial; font-size: 10pt; width: 1%;"><font style="color:#000000;">)</font></td>
			<td style="font-family: Arial; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">(16,586</font></td>
			<td style="font-family: Arial; font-size: 10pt; width: 1%;"><font style="color:#000000;">)</font></td>
		</tr>
		<tr style="font-family: Arial; font-size: 10pt; background-color: rgb(255, 255, 255);">
			<td style="vertical-align: middle; width: 72%; font-family: Arial; font-size: 10pt;">
			<p style="font-family: Arial; font-size: 10pt; margin: 0pt 0pt 0pt 9.75pt; text-align: left; text-indent: -10pt;"><font style="color:#000000;">Payments under agreement with BHMG to lease properties and fixtures</font></p>
			</td>
			<td style="font-family: Arial; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">2,000</font></td>
			<td style="font-family: Arial; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">8,000</font></td>
			<td style="font-family: Arial; font-size: 10pt; width: 1%;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial; font-size: 10pt; background-color: rgb(204, 238, 255);">
			<td style="vertical-align: middle; width: 72%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid black;">
			<p style="font-family: Arial; font-size: 10pt; margin: 0pt 0pt 0pt 9.75pt; text-align: left; text-indent: -10pt;"><font style="color:#000000;">Reclassifications (see Note 4)</font></p>
			</td>
			<td style="font-family: Arial; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial; font-size: 10pt; width: 12%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">(962</font></td>
			<td style="font-family: Arial; font-size: 10pt; width: 1%; border-bottom: 1px solid black;"><font style="color:#000000;">)</font></td>
			<td style="font-family: Arial; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial; font-size: 10pt; width: 12%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">388</font></td>
			<td style="font-family: Arial; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial; font-size: 10pt; background-color: rgb(255, 255, 255);">
			<td style="vertical-align: middle; width: 72%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid black;">
			<p style="font-family: Arial; font-size: 10pt; margin: 0pt 0pt 0pt 9.75pt; text-align: left; text-indent: -10pt;"><font style="color:#000000;">Total pro forma adjustment to other expense</font></p>
			</td>
			<td style="font-family: Arial; font-size: 10pt; width: 1%; border-bottom: 1px solid black;"><font style="color:#000000;">$</font></td>
			<td style="font-family: Arial; font-size: 10pt; width: 12%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">(4,173</font></td>
			<td style="font-family: Arial; font-size: 10pt; width: 1%; border-bottom: 1px solid black;"><font style="color:#000000;">)</font></td>
			<td style="font-family: Arial; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial; font-size: 10pt; width: 12%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">(8,198</font></td>
			<td style="font-family: Arial; font-size: 10pt; width: 1%; border-bottom: 1px solid black;"><font style="color:#000000;">)</font></td>
		</tr>

</table>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0); text-align: justify;"><font style="color:#000000;"><b>(c)</b> The pro forma adjustments to interest expense relate to the interest on the assumed outstanding borrowings under the Credit Agreement with BH Finance, offset by interest charged under Lee&#8217;s existing long-term debt, which is assumed to be eliminated, as follows:</font></p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0);">&nbsp;</p>

<table cellpadding="0pt" cellspacing="0pt" style="font-size: 10pt; font-family: Arial; width: 100%; margin-left: 0pt; margin-right: 0pt;">

		<tr>
			<td style="width: 72%; font-family: Arial; font-size: 10pt; border-top: 1px solid black;">&nbsp;</td>
			<td style="width: 1%; font-family: Arial; font-size: 10pt; border-top: 1px solid black;">&nbsp;</td>
			<td style="width: 12%; font-family: Arial; font-size: 10pt; text-align: center; border-top: 1px solid black;"><font style="color:#000000;"><b>13 weeks ended</b></font></td>
			<td style="width: 1%; font-family: Arial; font-size: 10pt; text-align: center; border-top: 1px solid black;">&nbsp;</td>
			<td style="width: 1%; font-family: Arial; font-size: 10pt; text-align: center; border-top: 1px solid black;">&nbsp;</td>
			<td style="width: 12%; font-family: Arial; font-size: 10pt; text-align: center; border-top: 1px solid black;"><font style="color:#000000;"><b>Fiscal year ended</b></font></td>
			<td style="width: 1%; font-family: Arial; font-size: 10pt; border-top: 1px solid black;">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 72%; font-family: Arial; font-size: 10pt;">&nbsp;</td>
			<td style="width: 1%; font-family: Arial; font-size: 10pt;">&nbsp;</td>
			<td style="width: 12%; font-family: Arial; font-size: 10pt; text-align: center;"><font style="color:#000000;"><b>December 29,</b></font></td>
			<td style="width: 1%; font-family: Arial; font-size: 10pt; text-align: center;">&nbsp;</td>
			<td style="width: 1%; font-family: Arial; font-size: 10pt; text-align: center;">&nbsp;</td>
			<td style="width: 12%; font-family: Arial; font-size: 10pt; text-align: center;"><font style="color:#000000;"><b>September 29,</b></font></td>
			<td style="width: 1%; font-family: Arial; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial; font-size: 10pt;">
			<td style="width: 72%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="width: 12%; font-family: Arial; font-size: 10pt; text-align: center; border-bottom: 1px solid black;"><font style="color:#000000;"><b>2019</b></font></td>
			<td style="width: 1%; font-family: Arial; font-size: 10pt; text-align: center; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="width: 1%; font-family: Arial; font-size: 10pt; text-align: center; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="width: 12%; font-family: Arial; font-size: 10pt; text-align: center; border-bottom: 1px solid black;"><font style="color:#000000;"><b>2019</b></font></td>
			<td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid black;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial; font-size: 10pt; background-color: rgb(204, 238, 255);">
			<td style="vertical-align: middle; width: 72%; font-family: Arial; font-size: 10pt;"><font style="color:#000000;">Interest expense on borrowings under Credit Agreement with BH Finance</font></td>
			<td style="font-family: Arial; font-size: 10pt; width: 1%;"><font style="color:#000000;">$</font></td>
			<td style="font-family: Arial; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">(12,960</font></td>
			<td style="font-family: Arial; font-size: 10pt; width: 1%;"><font style="color:#000000;">)</font></td>
			<td style="font-family: Arial; font-size: 10pt; width: 1%;">&nbsp;</td>
			<td style="font-family: Arial; font-size: 10pt; width: 12%; text-align: right;"><font style="color:#000000;">(51,840</font></td>
			<td style="font-family: Arial; font-size: 10pt; width: 1%;"><font style="color:#000000;">)</font></td>
		</tr>
		<tr style="font-family: Arial; font-size: 10pt; background-color: rgb(255, 255, 255);">
			<td style="vertical-align: middle; width: 72%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid black;"><font style="color:#000000;">Elimination of interest expense on Lee's existing long-term debt</font></td>
			<td style="font-family: Arial; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial; font-size: 10pt; width: 12%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">11,115</font></td>
			<td style="font-family: Arial; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial; font-size: 10pt; width: 12%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">47,488</font></td>
			<td style="font-family: Arial; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
		</tr>
		<tr style="font-family: Arial; font-size: 10pt; background-color: rgb(204, 238, 255);">
			<td style="vertical-align: middle; width: 72%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid black;">
			<p style="font-family: Arial; font-size: 10pt; margin: 0pt 0pt 0pt 9.75pt; text-align: left; text-indent: -10pt;"><font style="color:#000000;">Total pro forma adjustment to interest expense</font></p>
			</td>
			<td style="font-family: Arial; font-size: 10pt; width: 1%; border-bottom: 1px solid black;"><font style="color:#000000;">$</font></td>
			<td style="font-family: Arial; font-size: 10pt; width: 12%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">(1,845</font></td>
			<td style="font-family: Arial; font-size: 10pt; width: 1%; border-bottom: 1px solid black;"><font style="color:#000000;">)</font></td>
			<td style="font-family: Arial; font-size: 10pt; width: 1%; border-bottom: 1px solid black;">&nbsp;</td>
			<td style="font-family: Arial; font-size: 10pt; width: 12%; text-align: right; border-bottom: 1px solid black;"><font style="color:#000000;">(4,352</font></td>
			<td style="font-family: Arial; font-size: 10pt; width: 1%; border-bottom: 1px solid black;"><font style="color:#000000;">)</font></td>
		</tr>

</table>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0); text-align: justify;"><font style="color:#000000;"><b>(d)</b> The pro forma adjustment to debt financing and administrative reflects the elimination of expense in the 13 weeks ended December 29, 2019 and the write-off of debt issuance costs at the beginning of the fiscal year ended September 29, 2019 due to the preliminary accounting for the extinguishment of Lee&#8217;s existing long-term debt. </font></p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0); text-align: justify;">&nbsp;</p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin: 0pt; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0); text-align: justify;"><font style="color:#000000;"><b>(e)</b> The pro forma adjustments to income tax expense represents the estimated tax effect relating to pre-tax income of the Business and the estimated tax effect of pro forma adjustments at estimated tax rates.</font></p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

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