<SEC-DOCUMENT>0001140361-21-029903.txt : 20210831
<SEC-HEADER>0001140361-21-029903.hdr.sgml : 20210831
<ACCEPTANCE-DATETIME>20210831172510
ACCESSION NUMBER:		0001140361-21-029903
CONFORMED SUBMISSION TYPE:	SC 13D/A
PUBLIC DOCUMENT COUNT:		6
FILED AS OF DATE:		20210831
DATE AS OF CHANGE:		20210831
GROUP MEMBERS:		J. CARLO CANNELL

SUBJECT COMPANY:	

	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:			0926

	FILING VALUES:
		FORM TYPE:		SC 13D/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-18297
		FILM NUMBER:		211227843

	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

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CANNELL CAPITAL LLC
		CENTRAL INDEX KEY:			0001058854
		IRS NUMBER:				943366999
		STATE OF INCORPORATION:			WY
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13D/A

	BUSINESS ADDRESS:	
		STREET 1:		245 MERIWETHER CIRCLE
		CITY:			ALTA
		STATE:			WY
		ZIP:			83414
		BUSINESS PHONE:		4158358300

	MAIL ADDRESS:	
		STREET 1:		245 MERIWETHER CIRCLE
		CITY:			ALTA
		STATE:			WY
		ZIP:			83414

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CANNELL J CARLO DBA CANNELL CAPITAL MGMT
		DATE OF NAME CHANGE:	19980330
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13D/A
<SEQUENCE>1
<FILENAME>brhc10028575_sc13da.htm
<DESCRIPTION>SC 13D/A
<TEXT>
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    <hr align="center" style="border: none; border-bottom: 1px solid black; border-top: 4px solid black; height: 10px; color: #ffffff; background-color: #ffffff; margin-left: auto; margin-right: auto;"></div>
  <div style="text-align: center; font-size: 14pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
  <div style="text-align: center; font-size: 12pt; font-weight: bold;">Washington, D.C. 20549</div>
  <div>&#160;</div>
  <div style="text-align: center; font-size: 18pt; font-weight: bold;">SCHEDULE 13D</div>
  <div>&#160;</div>
  <div style="text-align: center; font-weight: bold;">Under the Securities Exchange Act of 1934</div>
  <div style="text-align: center; font-weight: bold;">(Amendment No. 3 &#160;)</div>
  <div style="text-align: center; font-weight: bold;"> <br>
  </div>
  <div>
    <hr noshade="noshade" align="center" style="background-color: #000000; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto; height: 2px; width: 20%; color: #000000; text-align: center;"></div>
  <div style="text-align: center; font-weight: bold;"> <br>
  </div>
  <div style="text-align: center; font-size: 24pt; font-weight: bold;">Lee Enterprises, Inc.</div>
  <div style="text-align: center; font-weight: bold;">(Name of Issuer)</div>
  <div>&#160;</div>
  <div style="text-align: center; font-weight: bold;">Class A Common Stock, par value $0.01 per share</div>
  <div style="text-align: center; font-weight: bold;">(Title of Class of Securities)</div>
  <div>&#160;</div>
  <div style="text-align: center; font-weight: bold;">523768406</div>
  <div style="text-align: center; font-weight: bold;">(CUSIP Number)</div>
  <div>&#160;</div>
  <div style="text-align: center; font-weight: bold;">J. Carlo Cannell</div>
  <div style="text-align: center; font-weight: bold;">Cannell Capital LLC</div>
  <div style="text-align: center; font-weight: bold;">245 Meriwether Circle</div>
  <div style="text-align: center; font-weight: bold;">Alta, WY 83414</div>
  <div style="text-align: center; font-weight: bold;">(307) 733-2284</div>
  <div style="text-align: center; font-weight: bold;">(Name, Address and Telephone Number of Person</div>
  <div style="text-align: center; font-weight: bold;">to Receive Notices and Communications)</div>
  <div>&#160;</div>
  <div style="text-align: center; font-weight: bold;">August 31, 2021</div>
  <div style="text-align: center; font-weight: bold;">(Date of Event Which Requires Filing of This Statement)</div>
  <div>&#160;</div>
  <div>
    <hr noshade="noshade" align="center" style="background-color: #000000; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto; height: 2px; width: 20%; color: #000000; text-align: center;"></div>
  <div> <br>
  </div>
  <div>If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of &#167;&#167;240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. &#9744;</div>
  <div>&#160;</div>
  <div style="font-family: 'Times New Roman', Times, serif;"><font style="font-family: 'Times New Roman'; font-style: italic;">Note.</font><font style="font-family: 'Times New Roman';"> &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Schedules filed in paper format shall include a signed
      original and five copies of the schedule, including all exhibits. See &#167;240.13d-7 for other parties to whom copies are to be sent.</font></div>
  <div>&#160;</div>
  <div style="text-align: center;">(Continued on following pages)</div>
  <div>&#160;</div>
  <div style="text-align: center;">(Page 1 of 8 Pages)</div>
  <div>&#160;</div>
  <div>
    <hr noshade="noshade" align="left" style="background-color: #000000; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto 0px 0px; height: 2px; width: 20%; color: #000000;"></div>
  <div>&#160;</div>
  <div style="margin-right: 36pt;">* The remainder of this cover page shall be filled out for a reporting person&#8217;s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which
    would alter disclosures provided in a prior cover page.</div>
  <div>&#160;</div>
  <div style="margin-right: 36pt;">The information required on the remainder of this cover page shall not be deemed to be &#8220;filed&#8221; for the purpose of Section 18 of the Securities Exchange Act of 1934 (&#8220;<u>Act</u>&#8221;) or otherwise subject to the liabilities of
    that section of the Act but shall be subject to all other provisions of the Act (however,&#160;<font style="font-style: italic;">see</font> the <font style="font-style: italic;">Notes</font>).</div>
  <div>&#160;</div>
  <div>Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a current valid OMB control number.</div>
  <div style="margin-right: 36pt; font-family: 'Times New Roman', Times, serif;"> <font style="font-family: 'Times New Roman';"><br>
    </font></div>
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            <td style="width: 50%;">
              <div>
                <div style="text-align: left; font-weight: bold;">CUSIP No. 523768406</div>
              </div>
            </td>
            <td style="width: 50%; text-align: left;">
              <div style="text-align: right; font-weight: bold;">Page 2 of 8 Pages</div>
            </td>
          </tr>

      </table>
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        <tr>
          <td style="BORDER-TOP: #000000 1pt solid; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%" rowspan="3">
            <div style="font-size: 18pt; font-weight: bold; text-align: center;">1</div>
          </td>
          <td style="BORDER-TOP: #000000 1pt solid; VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%" colspan="3">
            <div style="font-weight: bold; text-align: left;">NAMES OF REPORTING PERSONS</div>
          </td>
          <td style="BORDER-TOP: #000000 1pt solid; VERTICAL-ALIGN: middle; WIDTH: 2.59%">
            <div style="text-align: left;">&#160;</div>
          </td>
          <td style="BORDER-TOP: #000000 1pt solid; BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
            <div style="text-align: left;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; PADDING-LEFT: 2pt; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%" rowspan="2" colspan="3">
            <div style="text-align: left;">Cannell Capital LLC</div>
            <div style="text-align: left;">I.R.S. Identification Nos. of above persons (entities only)</div>
            <div style="text-align: left;">94-3366999</div>
          </td>
          <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
            <div style="text-align: left;">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
            <div style="text-align: left;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
            <div style="text-align: left;">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
            <div style="text-align: left;">&#160;</div>
          </td>
        </tr>
        <tr style="HEIGHT: 13px">
          <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%" rowspan="3">
            <div style="font-size: 18pt; font-weight: bold; text-align: center;">2</div>
          </td>
          <td style="VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%" colspan="3">
            <div style="font-weight: bold; text-align: left;">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP</div>
          </td>
          <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
            <div style="text-align: right;">(a)</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: middle; PADDING-RIGHT: 2px; WIDTH: 5.01%">
            <div style="text-align: left;">&#9744;</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); border-left: 1pt solid rgb(0, 0, 0); width: 86.4%;" rowspan="2" colspan="3">&#160;</td>
          <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
            <div style="text-align: right;">(b)</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: middle; PADDING-RIGHT: 2px; WIDTH: 5.01%">
            <div style="text-align: left;">&#9744;</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
            <div style="text-align: left;">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
            <div style="text-align: left;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%" rowspan="3">
            <div style="font-size: 18pt; font-weight: bold; text-align: center;">3</div>
          </td>
          <td style="VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%; BACKGROUND-COLOR: #bfbfbf" colspan="3">
            <div style="font-weight: bold; text-align: left;">SEC USE ONLY</div>
          </td>
          <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%; BACKGROUND-COLOR: #bfbfbf">
            <div style="text-align: left;">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%; BACKGROUND-COLOR: #bfbfbf">
            <div style="text-align: left;">&#160;</div>
          </td>
        </tr>
        <tr style="BACKGROUND-COLOR: #bfbfbf">
          <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%" rowspan="2" colspan="3">
            <div style="text-align: left;">&#160;</div>
          </td>
          <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
            <div style="text-align: left;">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
            <div style="text-align: left;">&#160;</div>
          </td>
        </tr>
        <tr style="BACKGROUND-COLOR: #bfbfbf">
          <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
            <div style="text-align: left;">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
            <div style="text-align: left;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%" rowspan="3">
            <div style="font-size: 18pt; font-weight: bold; text-align: center;">4</div>
          </td>
          <td style="VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%" colspan="3">
            <div style="font-weight: bold; text-align: left;">SOURCE OF FUNDS (SEE INSTRUCTIONS)</div>
          </td>
          <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
            <div style="text-align: left;">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
            <div style="text-align: left;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; PADDING-LEFT: 2pt; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%" rowspan="2" colspan="3">WC/OO</td>
          <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
            <div style="text-align: left;">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
            <div style="text-align: left;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
            <div style="text-align: left;">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
            <div style="text-align: left;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%" rowspan="3">
            <div style="font-size: 18pt; font-weight: bold; text-align: center;">5</div>
          </td>
          <td style="VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%" colspan="3">
            <div style="font-weight: bold; text-align: left;">CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(D) OR 2(E)</div>
          </td>
          <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
            <div style="text-align: left;">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: middle; PADDING-RIGHT: 2px; WIDTH: 5.01%">
            <div style="text-align: left;">&#9744;</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); border-left: 1pt solid rgb(0, 0, 0); width: 86.4%;" rowspan="2" colspan="3"><br>
          </td>
          <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
            <div style="text-align: left;">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
            <div style="text-align: left;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
            <div style="text-align: left;">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
            <div style="text-align: left;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%" rowspan="3">
            <div style="font-size: 18pt; font-weight: bold; text-align: center;">6</div>
          </td>
          <td style="VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%" colspan="3">
            <div style="font-weight: bold; text-align: left;">CITIZENSHIP OR PLACE OF ORGANIZATION</div>
          </td>
          <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
            <div style="text-align: left;">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
            <div style="text-align: left;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; PADDING-LEFT: 2pt; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%" rowspan="2" colspan="3"> USA </td>
          <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
            <div style="text-align: left;">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
            <div style="text-align: left;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
            <div style="text-align: left;">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
            <div style="text-align: left;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; FONT-WEIGHT: bold; BORDER-LEFT: #000000 1pt solid; WIDTH: 12.71%" rowspan="12" colspan="2">
            <div style="text-align: center;">NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH</div>
          </td>
          <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%" rowspan="3">
            <div style="font-size: 18pt; font-weight: bold; text-align: center;">7</div>
          </td>
          <td style="VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 76.38%">
            <div style="font-weight: bold; text-align: left;">SOLE VOTING POWER</div>
          </td>
          <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
            <div style="text-align: left;">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
            <div style="text-align: left;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; PADDING-LEFT: 2pt; BORDER-LEFT: #000000 1pt solid; WIDTH: 76.38%" rowspan="2">
            <div style="text-align: left;">402,671</div>
          </td>
          <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
            <div style="text-align: left;">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
            <div style="text-align: left;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
            <div style="text-align: left;">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
            <div style="text-align: left;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%" rowspan="3">
            <div style="font-size: 18pt; font-weight: bold; text-align: center;">8</div>
          </td>
          <td style="VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 76.38%">
            <div style="font-weight: bold; text-align: left;">SHARED VOTING POWER</div>
          </td>
          <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
            <div style="text-align: left;">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
            <div style="text-align: left;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; PADDING-LEFT: 2pt; BORDER-LEFT: #000000 1pt solid; WIDTH: 76.38%" rowspan="2">
            <div style="text-align: left;">0</div>
          </td>
          <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
            <div style="text-align: left;">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
            <div style="text-align: left;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
            <div style="text-align: left;">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
            <div style="text-align: left;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%" rowspan="3">
            <div style="font-size: 18pt; font-weight: bold; text-align: center;">9</div>
          </td>
          <td style="VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 76.38%">
            <div style="font-weight: bold; text-align: left;">SOLE DISPOSITIVE POWER</div>
          </td>
          <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
            <div style="text-align: left;">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
            <div style="text-align: left;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; PADDING-LEFT: 2pt; BORDER-LEFT: #000000 1pt solid; WIDTH: 76.38%" rowspan="2">
            <div style="text-align: left;">402,671</div>
          </td>
          <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
            <div style="text-align: left;">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
            <div style="text-align: left;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
            <div style="text-align: left;">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
            <div style="text-align: left;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%" rowspan="3">
            <div style="font-size: 18pt; font-weight: bold; text-align: center;">10</div>
          </td>
          <td style="VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 76.38%">
            <div style="font-weight: bold; text-align: left;">SHARED DISPOSITIVE POWER</div>
          </td>
          <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
            <div style="text-align: left;">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
            <div style="text-align: left;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; PADDING-LEFT: 2pt; BORDER-LEFT: #000000 1pt solid; WIDTH: 76.38%" rowspan="2">
            <div style="text-align: left;">0</div>
          </td>
          <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
            <div style="text-align: left;">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
            <div style="text-align: left;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
            <div style="text-align: left;">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
            <div style="text-align: left;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%" rowspan="3">
            <div style="font-size: 18pt; font-weight: bold; text-align: center;">11</div>
          </td>
          <td style="VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%" colspan="3">
            <div style="font-weight: bold; text-align: left;">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</div>
          </td>
          <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
            <div style="text-align: left;">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
            <div style="text-align: left;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; PADDING-LEFT: 2pt; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%" rowspan="2" colspan="3">
            <div style="text-align: left;">402,671</div>
          </td>
          <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
            <div style="text-align: left;">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
            <div style="text-align: left;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
            <div style="text-align: left;">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
            <div style="text-align: left;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%" rowspan="3">
            <div style="font-size: 18pt; font-weight: bold; text-align: center;">12</div>
          </td>
          <td style="VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%" colspan="3">
            <div style="font-weight: bold; text-align: left;">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)</div>
          </td>
          <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
            <div style="text-align: left;">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: middle; PADDING-RIGHT: 2px; WIDTH: 5.01%">
            <div style="text-align: left;">&#9744;</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); border-left: 1pt solid rgb(0, 0, 0); width: 86.4%;" rowspan="2" colspan="3">&#160;</td>
          <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
            <div style="text-align: left;">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
            <div style="text-align: left;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
            <div style="text-align: left;">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
            <div style="text-align: left;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%" rowspan="3">
            <div style="font-size: 18pt; font-weight: bold; text-align: center;">13</div>
          </td>
          <td style="VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%" colspan="3">
            <div style="font-weight: bold; text-align: left;">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)</div>
          </td>
          <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
            <div style="text-align: left;">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
            <div style="text-align: left;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; PADDING-LEFT: 2pt; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%" rowspan="2" colspan="3">
            <div style="text-align: left;">6.84%*</div>
          </td>
          <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
            <div style="text-align: left;">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
            <div style="text-align: left;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
            <div style="text-align: left;">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
            <div style="text-align: left;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%" rowspan="3">
            <div style="font-size: 18pt; font-weight: bold; text-align: center;">14</div>
          </td>
          <td style="VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%" colspan="3">
            <div style="font-weight: bold; text-align: left;">TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)</div>
          </td>
          <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
            <div style="text-align: left;">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
            <div style="text-align: left;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; PADDING-LEFT: 2pt; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%" rowspan="2" colspan="3">
            <div style="text-align: left;">IA</div>
          </td>
          <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
            <div style="text-align: left;">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
            <div style="text-align: left;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
            <div style="text-align: left;">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
            <div style="text-align: left;">&#160;</div>
          </td>
        </tr>

    </table>
  </div>
  <br>
  <p style="font: 10pt 'Times New Roman'; margin: 0px;">* Based on information set forth on the 10-Q of Lee Enterprises, Inc., (the &#8220;Company&#8221;, &#8220;Registrant&#8221;, or &#8220;LEE&#8221;) as filed with the Securities and Exchange Commission on August 6, 2021, there were
    5,888,983 shares of Class A Common Stock par value $0.01 per share (the &#8220;Shares&#8221;), of the Company issued and outstanding as of July 31, 2021. </p>
  <p style="margin: 0px 0px 0px; line-height: normal; font-style: normal; font-variant: normal; font-weight: normal;"> &#160;&#160;&#160;As of August 24, 2021 (the &#8220;Reporting Date&#8221;), Tristan Partners, L.P. (&#8220;Tristan&#8221;), the Tristan Offshore Fund Ltd. (&#8220;Tristan Offshore&#8221;),
    and Tonga Partners, L.P. (&#8220;Tonga&#8221;), over which J. Carlo Cannell has investment discretion ( Tonga, Tristan and Tristan Offshore, the &#8220;Investment Vehicles&#8221;), held in the aggregate 402,671 Shares. </p>
  <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0px 0px 2px; font-size-adjust: none; font-stretch: normal;"> <br>
  </p>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div id="DSPFPageFooter"></div>
    <div id="DSPFPageBreak" style="page-break-after: always;">
      <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    <div id="DSPFPageHeader"></div>
  </div>
  <div>
    <table cellspacing="0" cellpadding="0" border="0" id="zebb97a7c56d847d3b45f1b7bd2f106c6" style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000; width: 100%;">

        <tr>
          <td style="width: 50%;">
            <div style="text-align: left; font-weight: bold;">CUSIP No. 523768406</div>
          </td>
          <td style="width: 50%;">
            <div style="text-align: right; font-weight: bold;">Page 3 of 8 Pages</div>
          </td>
        </tr>

    </table>
  </div>
  <div> <br>
  </div>
  <div>
    <table cellspacing="0" cellpadding="2" border="0" style="border-collapse: collapse; width: 100%; font-family: 'Times New Roman'; font-size: 10pt;">

        <tr>
          <td style="BORDER-TOP: #000000 1pt solid; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%" rowspan="3">
            <div style="font-size: 18pt; font-weight: bold; text-align: center;">1</div>
          </td>
          <td style="BORDER-TOP: #000000 1pt solid; VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%" colspan="3">
            <div style="font-weight: bold; text-align: left;">NAMES OF REPORTING PERSONS</div>
          </td>
          <td style="BORDER-TOP: #000000 1pt solid; VERTICAL-ALIGN: middle; WIDTH: 2.59%">
            <div style="text-align: left;">&#160;</div>
          </td>
          <td style="BORDER-TOP: #000000 1pt solid; BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
            <div style="text-align: left;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; PADDING-LEFT: 2pt; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%" rowspan="2" colspan="3">
            <p style="margin: 0px 0px 8pt;">I.R.S. Identification Nos. of above persons (entities only)</p>
            <p style="margin: 0px 0px 8pt;">J. Carlo Cannell</p>
          </td>
          <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
            <div style="text-align: left;">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
            <div style="text-align: left;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
            <div style="text-align: left;">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
            <div style="text-align: left;">&#160;</div>
          </td>
        </tr>
        <tr style="HEIGHT: 13px">
          <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%" rowspan="3">
            <div style="font-size: 18pt; font-weight: bold; text-align: center;">2</div>
          </td>
          <td style="VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%" colspan="3">
            <div style="font-weight: bold; text-align: left;">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP</div>
          </td>
          <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
            <div style="text-align: right;">(a)</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: middle; PADDING-RIGHT: 2px; WIDTH: 5.01%">
            <div style="text-align: left;">&#9744;</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); border-left: 1pt solid rgb(0, 0, 0); width: 86.4%;" rowspan="2" colspan="3">&#160;</td>
          <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
            <div style="text-align: right;">(b)</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: middle; PADDING-RIGHT: 2px; WIDTH: 5.01%">
            <div style="text-align: left;">&#9744;</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
            <div style="text-align: left;">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
            <div style="text-align: left;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%" rowspan="3">
            <div style="font-size: 18pt; font-weight: bold; text-align: center;">3</div>
          </td>
          <td style="VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%; BACKGROUND-COLOR: #bfbfbf" colspan="3">
            <div style="font-weight: bold; text-align: left;">SEC USE ONLY</div>
          </td>
          <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%; BACKGROUND-COLOR: #bfbfbf">
            <div style="text-align: left;">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%; BACKGROUND-COLOR: #bfbfbf">
            <div style="text-align: left;">&#160;</div>
          </td>
        </tr>
        <tr style="BACKGROUND-COLOR: #bfbfbf">
          <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%" rowspan="2" colspan="3">
            <div style="text-align: left;">&#160;</div>
          </td>
          <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
            <div style="text-align: left;">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
            <div style="text-align: left;">&#160;</div>
          </td>
        </tr>
        <tr style="BACKGROUND-COLOR: #bfbfbf">
          <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
            <div style="text-align: left;">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
            <div style="text-align: left;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%" rowspan="3">
            <div style="font-size: 18pt; font-weight: bold; text-align: center;">4</div>
          </td>
          <td style="VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%" colspan="3">
            <div style="font-weight: bold; text-align: left;">SOURCE OF FUNDS (SEE INSTRUCTIONS)</div>
          </td>
          <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
            <div style="text-align: left;">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
            <div style="text-align: left;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; PADDING-LEFT: 2pt; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%" rowspan="2" colspan="3"> WC/OO </td>
          <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
            <div style="text-align: left;">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
            <div style="text-align: left;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
            <div style="text-align: left;">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
            <div style="text-align: left;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%" rowspan="3">
            <div style="font-size: 18pt; font-weight: bold; text-align: center;">5</div>
          </td>
          <td style="VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%" colspan="3">
            <div style="font-weight: bold; text-align: left;">CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(D) OR 2(E)</div>
          </td>
          <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
            <div style="text-align: left;">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: middle; PADDING-RIGHT: 2px; WIDTH: 5.01%">
            <div style="text-align: left;">&#9744;</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); border-left: 1pt solid rgb(0, 0, 0); width: 86.4%;" rowspan="2" colspan="3">&#160;</td>
          <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
            <div style="text-align: left;">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
            <div style="text-align: left;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
            <div style="text-align: left;">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
            <div style="text-align: left;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%" rowspan="3">
            <div style="font-size: 18pt; font-weight: bold; text-align: center;">6</div>
          </td>
          <td style="VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%" colspan="3">
            <div style="font-weight: bold; text-align: left;">CITIZENSHIP OR PLACE OF ORGANIZATION</div>
          </td>
          <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
            <div style="text-align: left;">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
            <div style="text-align: left;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; PADDING-LEFT: 2pt; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%" rowspan="2" colspan="3"> USA </td>
          <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
            <div style="text-align: left;">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
            <div style="text-align: left;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
            <div style="text-align: left;">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
            <div style="text-align: left;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; FONT-WEIGHT: bold; BORDER-LEFT: #000000 1pt solid; WIDTH: 12.71%" rowspan="12" colspan="2">
            <div style="text-align: center;">NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH</div>
          </td>
          <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%" rowspan="3">
            <div style="font-size: 18pt; font-weight: bold; text-align: center;">7</div>
          </td>
          <td style="VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 76.38%">
            <div style="font-weight: bold; text-align: left;">SOLE VOTING POWER</div>
          </td>
          <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
            <div style="text-align: left;">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
            <div style="text-align: left;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; PADDING-LEFT: 2pt; BORDER-LEFT: #000000 1pt solid; WIDTH: 76.38%" rowspan="2"> 402,671 </td>
          <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
            <div style="text-align: left;">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
            <div style="text-align: left;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
            <div style="text-align: left;">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
            <div style="text-align: left;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%" rowspan="3">
            <div style="font-size: 18pt; font-weight: bold; text-align: center;">8</div>
          </td>
          <td style="VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 76.38%">
            <div style="font-weight: bold; text-align: left;">SHARED VOTING POWER</div>
          </td>
          <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
            <div style="text-align: left;">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
            <div style="text-align: left;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; PADDING-LEFT: 2pt; BORDER-LEFT: #000000 1pt solid; WIDTH: 76.38%" rowspan="2"> 0 </td>
          <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
            <div style="text-align: left;">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
            <div style="text-align: left;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
            <div style="text-align: left;">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
            <div style="text-align: left;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%" rowspan="3">
            <div style="font-size: 18pt; font-weight: bold; text-align: center;">9</div>
          </td>
          <td style="VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 76.38%">
            <div style="font-weight: bold; text-align: left;">SOLE DISPOSITIVE POWER</div>
          </td>
          <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
            <div style="text-align: left;">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
            <div style="text-align: left;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; PADDING-LEFT: 2pt; BORDER-LEFT: #000000 1pt solid; WIDTH: 76.38%" rowspan="2"> 402,671 </td>
          <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
            <div style="text-align: left;">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
            <div style="text-align: left;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
            <div style="text-align: left;">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
            <div style="text-align: left;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%" rowspan="3">
            <div style="font-size: 18pt; font-weight: bold; text-align: center;">10</div>
          </td>
          <td style="VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 76.38%">
            <div style="font-weight: bold; text-align: left;">SHARED DISPOSITIVE POWER</div>
          </td>
          <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
            <div style="text-align: left;">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
            <div style="text-align: left;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; PADDING-LEFT: 2pt; BORDER-LEFT: #000000 1pt solid; WIDTH: 76.38%" rowspan="2"> 0 </td>
          <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
            <div style="text-align: left;">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
            <div style="text-align: left;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
            <div style="text-align: left;">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
            <div style="text-align: left;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%" rowspan="3">
            <div style="font-size: 18pt; font-weight: bold; text-align: center;">11</div>
          </td>
          <td style="VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%" colspan="3">
            <div style="font-weight: bold; text-align: left;">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</div>
          </td>
          <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
            <div style="text-align: left;">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
            <div style="text-align: left;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; PADDING-LEFT: 2pt; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%" rowspan="2" colspan="3"> 402,671 </td>
          <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
            <div style="text-align: left;">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
            <div style="text-align: left;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
            <div style="text-align: left;">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
            <div style="text-align: left;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%" rowspan="3">
            <div style="font-size: 18pt; font-weight: bold; text-align: center;">12</div>
          </td>
          <td style="VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%" colspan="3">
            <div style="font-weight: bold; text-align: left;">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)</div>
          </td>
          <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
            <div style="text-align: left;">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: middle; PADDING-RIGHT: 2px; WIDTH: 5.01%">
            <div style="text-align: left;">&#9744;</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); border-left: 1pt solid rgb(0, 0, 0); width: 86.4%;" rowspan="2" colspan="3">&#160;</td>
          <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
            <div style="text-align: left;">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
            <div style="text-align: left;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
            <div style="text-align: left;">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
            <div style="text-align: left;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%" rowspan="3">
            <div style="font-size: 18pt; font-weight: bold; text-align: center;">13</div>
          </td>
          <td style="VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%" colspan="3">
            <div style="font-weight: bold; text-align: left;">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)</div>
          </td>
          <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
            <div style="text-align: left;">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
            <div style="text-align: left;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; PADDING-LEFT: 2pt; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%" rowspan="2" colspan="3"> 6.84%* </td>
          <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
            <div style="text-align: left;">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
            <div style="text-align: left;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
            <div style="text-align: left;">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
            <div style="text-align: left;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%" rowspan="3">
            <div style="font-size: 18pt; font-weight: bold; text-align: center;">14</div>
          </td>
          <td style="VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%" colspan="3">
            <div style="font-weight: bold; text-align: left;">TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)</div>
          </td>
          <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
            <div style="text-align: left;">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
            <div style="text-align: left;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; PADDING-LEFT: 2pt; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%" rowspan="2" colspan="3"> IN </td>
          <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
            <div style="text-align: left;">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
            <div style="text-align: left;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
            <div style="text-align: left;">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
            <div style="text-align: left;">&#160;</div>
          </td>
        </tr>

    </table>
  </div>
  <div> <br>
  </div>
  <p style="font: 10pt 'Times New Roman'; margin: 0px;">* Based on information set forth on the Form 10-Q of Company as filed with the Securities and Exchange Commission on August 6, 2021, there were 5,888,983 shares of Class A Common Stock par value $0.01
    per Share of Company issued and outstanding as of July 31, 2021. </p>
  <p style="margin: 0px 0px 0px; line-height: normal; font-style: normal; font-variant: normal; font-weight: normal;"> &#160;&#160;&#160;As of Reporting Date the Investment Vehicles held in the aggregate 402,671 Shares. </p>
  <div>&#160;</div>
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      <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
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    <table width="100%" id="z66a22cab970b4548b89a386d39d1934a">

        <tr style="font: 10pt/normal Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal;">
          <td style="font-family: 'Times New Roman';"><b>CUSIP No. 523768406</b></td>
          <td align="right" style="font-family: 'Times New Roman';"><b> Page 4 of 8 Pages</b></td>
        </tr>

    </table>
    <p style="font: 10pt 'Times New Roman'; margin-top: 0px; margin-bottom: 2px; text-align: left;"> &#160;</p>
    <p style="font: 10pt 'Times New Roman'; margin-top: 0px; margin-bottom: 2px; text-align: left;">&#160;&#160;Cannell Capital LLC acts as the investment adviser to to Tonga, Tristan, and Tristan Offshore. Mr. J. Carlo Cannell is the sole managing member of Cannell
      Capital LLC. The Reporting Person possesses the sole power to vote and to direct the disposition of the Shares held by the Investment Vehicles. </p>
    <table cellspacing="0" cellpadding="0" style="border: 1pt solid black; border-image: none; width: 100%; border-collapse: collapse;" id="z80444bddd06642668cd3363b2bc3de06">

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          <td style="border: 1pt solid black; border-image: none;" colspan="12"><font style="font-family: 'Times New Roman';"><b>Item 1.&#160;&#160;&#160;Security and Issuer</b></font> </td>
        </tr>
        <tr style="font: 10pt/normal Times New Roman, Times, Serif; vertical-align: top; font-size-adjust: none; font-stretch: normal;">
          <td style="font-family: 'Times New Roman';"><br>
          </td>
          <td style="font-family: 'Times New Roman';"><br>
          </td>
          <td style="font-family: 'Times New Roman';" colspan="10"> The title of the class of equity securities to which this Schedule 13D relates is the Common Stock par value $0.01 per share of Lee Enterprises, Inc., a Delaware corporation. <br>
            The address of the principal executive offices of the Company is 4600 E. 53rd Street, Davenport, IA 52807. </td>
        </tr>
        <tr style="font: 10pt/normal Times New Roman, Times, Serif; vertical-align: top; font-size-adjust: none; font-stretch: normal;">
          <td style="border: 1pt solid black; border-image: none;" colspan="12"><font style="font-family: 'Times New Roman';"><b>Item 2.&#160;&#160;&#160;Identity and Background</b></font> </td>
        </tr>
        <tr style="font: 10pt/normal Times New Roman, Times, Serif; vertical-align: top; font-size-adjust: none; font-stretch: normal;">
          <td style="font-family: 'Times New Roman';"><br>
          </td>
          <td style="font-family: 'Times New Roman';"> a) </td>
          <td colspan="10">
            <p style="font: 10pt 'Times New Roman'; margin: 0px; text-align: left;"> The name of the Reporting Person is J. Carlo Cannell (the &#8220;Reporting Person&#8221;). </p>
            <p style="font: 10pt 'Times New Roman'; margin: 0px 0px 2pt; text-align: left;">The Reporting Person is the sole managing member of Cannell Capital LLC and investment adviser to the following entities: </p>
            <p style="font: 10pt 'Times New Roman'; margin: 0px 0px 0px 10pt;"> Tonga Partners, L.P. </p>
            <p style="font: 10pt 'Times New Roman'; margin: 0px 0px 0px 10pt;"> Tristan Partners, L.P. </p>
            <p style="font: 10pt 'Times New Roman'; margin: 0px 0px 0px 10pt;"> Tristan Offshore Fund, Ltd. </p>
            <p style="font: 10pt 'Times New Roman'; margin: 2pt 0px 4pt;"> Set forth in the attached Annex "A" and incorporated herein by reference is a listing of the directors, general partners, managing members and controlling persons of the Reporting
              Person and the Investment Vehicles (collectively, the &#8220;Covered Persons&#8221;), and sets forth the principal occupation, citizenship and principal place of business of each Covered Person. </p>
          </td>
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          <td style="font-family: 'Times New Roman';"><br>
          </td>
          <td style="font-family: 'Times New Roman';"> b) </td>
          <td colspan="10">
            <p style="font: 10pt 'Times New Roman'; margin: 0px; text-align: left;"> The principal business address of the Reporting Person is: </p>
            <p style="font: 10pt 'Times New Roman'; margin: 0px 0px 0px 10pt;"> 245 Meriwether Circle </p>
            <p style="font: 10pt 'Times New Roman'; margin: 0px 0px 4pt 10pt;"> Alta, WY 83414 </p>
          </td>
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          <td style="font-family: 'Times New Roman';"><br>
          </td>
          <td style="font-family: 'Times New Roman';"> c) </td>
          <td style="font-family: 'Times New Roman';" colspan="10">
            <p style="font-style: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-feature-settings: normal; font-language-override: normal; font-kerning: auto; font-synthesis: weight style; font-variant: normal; margin: 0px 0px 2pt; text-align: left; font-size-adjust: none; font-stretch: normal;"> The principal business of the Reporting Person is the performance of investment management and advisory services. The principal business of the Investment Vehicles is
              investment in securities. </p>
          </td>
        </tr>
        <tr style="font: 10pt/normal Times New Roman, Times, Serif; vertical-align: top; font-size-adjust: none; font-stretch: normal;">
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          </td>
          <td style="font-family: 'Times New Roman';"> d) </td>
          <td style="font-family: 'Times New Roman';" colspan="10">
            <p style="font-style: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-feature-settings: normal; font-language-override: normal; font-kerning: auto; font-synthesis: weight style; font-variant: normal; margin: 0px 0px 4pt; text-align: left; font-size-adjust: none; font-stretch: normal;"> Neither the Reporting Person, nor to the best of its knowledge, any of the Investment Vehicles, has, in the last five years, been convicted in a criminal proceeding (excluding
              traffic violations or similar misdemeanors). </p>
          </td>
        </tr>
        <tr style="font: 10pt/normal Times New Roman, Times, Serif; vertical-align: top; font-size-adjust: none; font-stretch: normal;">
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          <td style="font-family: 'Times New Roman';"> e) </td>
          <td style="font-family: 'Times New Roman';" colspan="10">
            <p style="font-style: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-feature-settings: normal; font-language-override: normal; font-kerning: auto; font-synthesis: weight style; font-variant: normal; margin: 0px 0px 4pt; text-align: left; font-size-adjust: none; font-stretch: normal;"> Neither the Reporting Person, nor to the best of its knowledge, any of the Investment Vehicles, has, during the last five years, been a party to a civil proceeding of a
              judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgement, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or
              state securities laws or finding any violations with respect to such laws. </p>
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          <td style="font-family: 'Times New Roman';"> f) </td>
          <td colspan="10">
            <p style="font: 10pt 'Times New Roman'; margin: 0px 0px 2pt; text-align: left;"> The place of organization of the Reporting Person is as follows: </p>
            <p style="font: 10pt 'Times New Roman'; margin: 0px 0px 2pt; text-align: left;"> The citizenship of each Covered Person is set forth on the attached Annex A and incorporated herein by reference. </p>
            <p style="font: 10pt 'Times New Roman'; margin: 0px 0px 4pt; text-align: left;"> Mr. J. Carlo Cannell is the Managing Member of Cannell Capital LLC, a Wyoming limited liability company. </p>
          </td>
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          <td style="border: 1pt solid black; border-image: none;" colspan="12"><font style="font-family: 'Times New Roman';"><b>Item 3.&#160;&#160;&#160;Source and Amount of Funds or Other Consideration</b></font> </td>
        </tr>
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          </td>
          <td style="font-family: 'Times New Roman';"><br>
          </td>
          <td colspan="10">
            <p style="font: 10pt 'Times New Roman'; margin: 0px 0px 2pt; text-align: left;"> The securities to which this statement relates were acquired by the Reporting Person using the working capital of each Investment Vehicle as follows: </p>
            <p style="font: 10pt 'Times New Roman'; margin: 0px 0px 0pt 10pt; text-align: left;"> Tonga Partners, L.P.: $17,386 </p>
            <p style="font: 10pt 'Times New Roman'; margin: 0px 0px 0pt 10pt; text-align: left;"> Tristan Partners, L.P.: $6,530,756 </p>
            <p style="font: 10pt 'Times New Roman'; margin: 0px 0px 0pt 10pt; text-align: left;"> Tristan Offshore Fund, Ltd.: $2,904,662 </p>
            <p style="font: 10pt 'Times New Roman'; margin: 0px 0px 4pt 10pt; text-align: left;"> The Investment Vehicles have invested an aggregate amount of approximately $9,452,804 in the Shares. </p>
          </td>
        </tr>

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          <td style="font-family: 'Times New Roman';"><b> CUSIP No. 523768406</b></td>
          <td align="right" style="font-family: 'Times New Roman';"><b> Page 5 of 8 Pages</b></td>
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          <td style="border: 1pt solid black; border-image: none;" colspan="12"><font style="font-family: 'Times New Roman';"><b>Item 4.&#160;&#160;&#160;Purpose of Transaction</b></font> </td>
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            <p style="font-style: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-feature-settings: normal; font-language-override: normal; font-kerning: auto; font-synthesis: weight style; font-variant: normal; margin: 0px 0px 2pt; text-align: left; font-size-adjust: none; font-stretch: normal;"><br>
              Cannell Capital LLC, on behalf of the Investment Vehicles, identified the Company as an entity satisfying each of the Investment Vehicle's investment criteria. The Investment Vehicles acquired these shares in the ordinary course of business
              and not with the intent to change or influence control of the Company. The Investment Vehicles continue to hold the Shares as a long-term investment. <br>
              <br>
              Mr. Cannell makes this filing to share the three files enclosed as <a href="brhc10028575_ex97.htm">Exhibit 97</a>, <a href="brhc10028575_ex98.htm">98</a>, and <a href="brhc10028575_ex99.htm">99</a>.
              Other than the matters discussed in these exhibits, CC has no present plans or proposals to engage in any of the actions specified in Items 4(a) through 4(j) to the Schedule 13D general instructions with regards to the Company. </p>
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          <td style="font-family: 'Times New Roman';"><b> CUSIP No. 523768406</b></td>
          <td align="right" style="font-family: 'Times New Roman';"><b> Page 6 of 8 Pages</b></td>
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    <p style="font: bold 10pt 'Times New Roman'; margin: 0px 0px 12pt;"> </p>
    <p style="font: bold 10pt 'Times New Roman'; margin: 0px 0px 12pt;">SIGNATURE </p>
    <p style="font: 10pt 'Times New Roman'; margin: 0px 0px 12pt; text-align: left;"> After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. </p>
    <p style="font: 10pt 'Times New Roman'; margin: 0px 0px 12pt; text-align: left;"> </p>
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          <td rowspan="1" style="font-family: 'Times New Roman'; width: 50%;">Dated:&#160;&#160;August 31, 2021 </td>
          <td align="left" style="width: 20%;" rowspan="1">&#160;</td>
          <td align="left" style="width: 30%;" colspan="1" rowspan="1">&#160;</td>
        </tr>
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          <td rowspan="1" style="font-family: 'Times New Roman'; width: 50%;">&#160;</td>
          <td align="left" style="width: 20%;" rowspan="1">&#160;</td>
          <td align="left" style="width: 30%;" colspan="1" rowspan="1">&#160;</td>
        </tr>
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          <td rowspan="1" style="font-family: 'Times New Roman'; width: 50%;">&#160;</td>
          <td align="left" colspan="2" rowspan="1">
            <p style="margin: 0px 0px 0px; line-height: normal; font-family: 'Times New Roman'; font-variant: normal; font-weight: normal;"> Cannell Capital LLC </p>
          </td>
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        <tr style="font: 10pt/normal Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal;">
          <td rowspan="1" style="font-family: 'Times New Roman'; width: 50%;">&#160;</td>
          <td align="left" style="width: 20%;" rowspan="1">&#160;</td>
          <td align="left" style="width: 30%;" colspan="1" rowspan="1">&#160;</td>
        </tr>
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          <td rowspan="1" style="font-family: 'Times New Roman'; width: 50%; padding-bottom: 2px;">&#160;</td>
          <td align="left" style="width: 20%; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">
            <p style="margin: 0px 0px 0px; line-height: normal; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal;"><font style="font-family: 'Times New Roman';">By:&#160;&#160;/s/ J. Carlo
                Cannell</font> </p>
          </td>
          <td align="left" style="width: 30%; padding-bottom: 2px;" colspan="1" rowspan="1">&#160;</td>
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          <td rowspan="1" style="font-family: 'Times New Roman'; width: 50%;">&#160;</td>
          <td align="left" style="width: 20%;" rowspan="1">Name:&#160;&#160;J. Carlo Cannell </td>
          <td align="left" style="width: 30%;" colspan="1" rowspan="1">&#160;</td>
        </tr>
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          <td rowspan="1" style="font-family: 'Times New Roman'; width: 50%;">&#160;</td>
          <td align="left" style="width: 20%;" rowspan="1">Title:&#160;&#160;Managing Member </td>
          <td align="left" style="width: 30%;" colspan="1" rowspan="1">&#160;</td>
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            <div style="font-weight: bold;">CUSIP No. 523768406</div>
          </td>
          <td style="width: 43.84%; vertical-align: middle;">
            <div style="text-align: right; font-weight: bold;">Page 7 of 8 Pages</div>
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  <div style="text-align: center; font-weight: bold;"> <br>
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  <div style="text-align: center; font-weight: bold;">Annex "A"</div>
  <div>&#160;</div>
  <div style="font-weight: bold;">MANAGERS AND GENERAL PARTNERS OF THE REPORTING PERSON AND THE INVESTMENT VEHICLES</div>
  <div>&#160;</div>
  <div style="font-weight: bold;">The following sets forth the name, principal occupation, citizenship or jurisdiction of organization and principal place of business of the directors, general partners, managing members or controlling persons of the
    Reporting Person and the Investment Vehicles (the &#8220;Covered Persons&#8221;) indicated below:</div>
  <div>&#160;</div>
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        <td colspan="2" style="vertical-align: top;">
          <div style="font-weight: bold;">J. Carlo Cannell</div>
        </td>
        <td style="width: 50%; vertical-align: top;">&#160;</td>
      </tr>
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        <td colspan="2" style="vertical-align: top;">
          <div>Name:</div>
          <div>Title or Relationship with Reporting Person:</div>
          <div>Principal Occupation or Employment:</div>
          <div>Citizenship or Jurisdiction of Organization:</div>
          <div>Principal Place of Business:</div>
        </td>
        <td style="width: 50%; vertical-align: top;">
          <div>J. Carlo Cannell</div>
          <div>Managing Member</div>
          <div>Investment Management</div>
          <div>Wyoming, United States</div>
          <div>(1)</div>
        </td>
      </tr>
      <tr>
        <td colspan="2" style="vertical-align: top;">
          <div style="font-weight: bold;">Cannell Capital LLC</div>
        </td>
        <td style="width: 50%; vertical-align: top;">&#160;</td>
      </tr>
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        <td colspan="2" style="vertical-align: top;">
          <div>Name:</div>
          <div>Title or Relationship with Reporting Person:</div>
          <div>Principal Occupation or Employment:</div>
          <div>Citizenship or Jurisdiction of Organization:</div>
          <div>Principal Place of Business:</div>
        </td>
        <td style="width: 50%; vertical-align: top;">
          <div>J. Carlo Cannell</div>
          <div>Managing Member</div>
          <div>Investment Management</div>
          <div>Wyoming, United States</div>
          <div>(1)</div>
        </td>
      </tr>
      <tr>
        <td colspan="2" style="vertical-align: top;">
          <div style="font-weight: bold;">Tonga Partners, L.P.</div>
        </td>
        <td style="width: 50%; vertical-align: top;">&#160;</td>
      </tr>
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        <td colspan="2" style="vertical-align: top;">
          <div>Name:</div>
          <div>Title or Relationship with Reporting Person:</div>
          <div>Principal Occupation or Employment:</div>
          <div>Citizenship or Jurisdiction of Organization:</div>
          <div>Principal Place of Business:</div>
        </td>
        <td style="width: 50%; vertical-align: top;">
          <div>Cannell Capital LLC</div>
          <div>Investment Adviser and General Partner</div>
          <div>Investment Management</div>
          <div>Wyoming, United States</div>
          <div>(1)</div>
        </td>
      </tr>
      <tr>
        <td colspan="2" style="vertical-align: top;">
          <div style="font-weight: bold;">Tristan Partners, L.P.</div>
        </td>
        <td style="width: 50%; vertical-align: top;">&#160;</td>
      </tr>
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        <td colspan="2" style="vertical-align: top;">
          <div>Name:</div>
          <div>Title or Relationship with Reporting Person:</div>
          <div>Principal Occupation or Employment:</div>
          <div>Citizenship or Jurisdiction of Organization:</div>
          <div>Principal Place of Business:</div>
        </td>
        <td style="width: 50%; vertical-align: top;">
          <div>Cannell Capital LLC</div>
          <div>Investment Adviser and General Partner</div>
          <div>Investment Management</div>
          <div>Wyoming, United States</div>
          <div>(1)</div>
        </td>
      </tr>
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        <td colspan="2" style="vertical-align: top;">
          <div style="font-weight: bold;">Tristan Offshore Fund, Ltd.</div>
        </td>
        <td style="width: 50%; vertical-align: top;">&#160;</td>
      </tr>
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        <td colspan="2" style="vertical-align: top;">
          <div>Name:</div>
          <div>Title or Relationship with Reporting Person:</div>
          <div>Principal Occupation or Employment:</div>
          <div>Citizenship or Jurisdiction of Organization:</div>
          <div>Principal Place of Business:</div>
        </td>
        <td style="width: 50%; vertical-align: top;">
          <div>Cannell Capital LLC</div>
          <div>Investment Adviser</div>
          <div>Investment Management</div>
          <div>Cayman Islands</div>
          <div>(2)</div>
        </td>
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            <div style="font-weight: bold;">CUSIP No. 523768406</div>
          </td>
          <td colspan="2" style="width: 43.74%; vertical-align: middle;">
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  <div style="text-align: center; font-weight: bold;"> <br>
  </div>
  <div style="text-align: center; font-weight: bold;">Annex "B"</div>
  <div>&#160;</div>
  <div style="text-align: center; font-weight: bold;">Agreement Regarding the Joint Filing of Schedule 13D</div>
  <div>&#160;</div>
  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z0a03cb3da5274d5696159bab57fd237b">

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          <div>1)</div>
        </td>
        <td style="width: 97.72%; vertical-align: top;">
          <div>Each of them is individually eligible to use the Schedule 13D to which this Exhibit is attached, and such Schedule 13D is filed on behalf each of them;</div>
        </td>
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          <div>2)</div>
        </td>
        <td style="width: 97.72%; vertical-align: top;">
          <div>Each of them is responsible for the timely filing of such Schedule 13D and any amendments thereto, and for the completeness and accuracy of the information concerning such person contained therein; but none of them is responsible for the
            completeness or accuracy of the information concerning the other persons making the filing, unless such person knows or has reason to believe that such information is inaccurate.</div>
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  <div>&#160;</div>
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        <td rowspan="1" style="width: 50%; vertical-align: middle;">Dated:&#160;&#160;August 31, 2021</td>
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        <td rowspan="1" colspan="1" style="width: 25%; vertical-align: middle;">&#160;</td>
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          <div>By:&#160;&#160;/s/ J. Carlo Cannell&#160;&#160;&#160;&#160;&#160; <br>
          </div>
        </td>
        <td colspan="1" style="width: 25%; vertical-align: middle; padding-bottom: 2px;">&#160;</td>
      </tr>
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      </tr>
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        <td rowspan="1" style="width: 50%; vertical-align: middle;">&#160;</td>
        <td rowspan="1" style="width: 25%; vertical-align: middle;">
          <div>Name:&#160;&#160;J. Carlo Cannell</div>
        </td>
        <td rowspan="1" colspan="1" style="width: 25%; vertical-align: middle;">&#160;</td>
      </tr>
      <tr>
        <td rowspan="1" style="width: 50%; vertical-align: middle;">&#160;</td>
        <td rowspan="1" style="width: 25%; vertical-align: middle;">&#160;</td>
        <td rowspan="1" colspan="1" style="width: 25%; vertical-align: middle;">&#160;</td>
      </tr>
      <tr>
        <td rowspan="1" style="width: 50%; vertical-align: middle;">&#160;</td>
        <td rowspan="1" style="width: 25%; vertical-align: middle;">
          <div>Cannell Capital LLC</div>
        </td>
        <td rowspan="1" colspan="1" style="width: 25%; vertical-align: middle;">&#160;</td>
      </tr>
      <tr>
        <td rowspan="1" style="width: 50%; vertical-align: middle;">&#160;</td>
        <td rowspan="1" style="width: 25%; vertical-align: middle;">&#160;</td>
        <td rowspan="1" colspan="1" style="width: 25%; vertical-align: middle;">&#160;</td>
      </tr>
      <tr>
        <td rowspan="1" style="width: 50%; vertical-align: middle; padding-bottom: 2px;">&#160;</td>
        <td rowspan="1" style="width: 25%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">By:&#160;&#160;/s/ J. Carlo Cannell<br>
        </td>
        <td rowspan="1" colspan="1" style="width: 25%; vertical-align: middle; padding-bottom: 2px;">&#160;</td>
      </tr>
      <tr>
        <td rowspan="1" style="width: 50%; vertical-align: middle;">&#160;</td>
        <td rowspan="1" style="width: 25%; vertical-align: middle;">&#160;</td>
        <td rowspan="1" colspan="1" style="width: 25%; vertical-align: middle;">&#160;</td>
      </tr>
      <tr>
        <td rowspan="1" style="width: 50%; vertical-align: middle;">&#160;</td>
        <td rowspan="1" style="width: 25%; vertical-align: middle;">Name:&#160;&#160;J. Carlo Cannell</td>
        <td rowspan="1" colspan="1" style="width: 25%; vertical-align: middle;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 50%; vertical-align: middle;">&#160;</td>
        <td style="width: 25%; vertical-align: middle;">
          <div>Title:&#160;&#160;Managing Member</div>
        </td>
        <td colspan="1" style="width: 25%; vertical-align: middle;">&#160;</td>
      </tr>

  </table>
  <div><br>
  </div>
  <div>&#160;
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>brhc10028575_ex97.htm
<DESCRIPTION>EXHIBIT 97
<TEXT>
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  <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 97</font><br>
  </div>
  <div><br>
    <table cellspacing="0" cellpadding="0" id="zee77f907977e450286ef1a72597a9079" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

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            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;"><font style="font-variant: small-caps;">Cannell Capital</font> LLC</div>
            <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">_____________</div>
            <img width="230" border="0" height="40" src="image01.jpg"></td>
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    <div><br>
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          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">August 31, 2021</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="font-family: 'Times New Roman', Times, serif;">Ms. Mary Junck</div>
    <div style="font-family: 'Times New Roman', Times, serif;">Chairwoman</div>
    <div style="font-family: 'Times New Roman', Times, serif;">Lee Enterprises, Inc.</div>
    <div style="font-family: 'Times New Roman', Times, serif;">4600 E. 53rd Street</div>
    <div style="font-family: 'Times New Roman', Times, serif;">Davenport, IA 52807</div>
    <div><br>
    </div>
    <div style="font-family: 'Times New Roman', Times, serif;">Dear Mary,</div>
    <div><br>
    </div>
    <div style="font-family: 'Times New Roman', Times, serif;">Cannell Capital (&#8220;CC&#8221;), a beneficial owner of 6.84% of Lee Enterprises, Inc. (&#8220;LEE&#8221;) as of August 31, 2021, hereby amends its Schedule 13D filing.</div>
    <div><br>
    </div>
    <div style="font-family: 'Times New Roman', Times, serif;">After a near-fatal acquisition of the <font style="font-style: italic;">St. Louis Post-Dispatch</font> for $1.46 billion in 2005, LEE's stock has declined 93%. We believe the board and
      management have become "gun shy" &#8211; lacking the vicissitude necessary to compete in today's digital environment. Defense and half-measures will not, and cannot, work in 2021.</div>
    <div><br>
    </div>
    <div style="font-family: 'Times New Roman', Times, serif;">LEE may have the best local content, but its delivery and user interfaces are dated, and legacy costs are too high.&#160; The failure of the current board to recognize and take immediate and
      aggressive action is a large part of the justification for significant change. Anything short of a total commitment to creating the best digital experience for their readers is unacceptable to this owner.</div>
    <div><br>
    </div>
    <div style="font-family: 'Times New Roman', Times, serif;">Digital transition is inevitable. CC calls upon all owners to infuse the LEE board with more forward-thinking people to accomplish this mission and increase value for all shareholders.&#160; Time is
      not an ally in the digital world. It is for these reasons we will vote against all incumbent directors and encourage other owners to do the same.</div>
    <div><br>
    </div>
    <div style="font-family: 'Times New Roman', Times, serif;">We have included two attachments: our thesis, which values Lee's current shares at $205 per share <font style="font-style: italic;">assuming</font> (and a very important assumption) new
      stewardship, and a list of questions for LEE.</div>
    <div><br>
    </div>
    <div style="font-family: 'Times New Roman', Times, serif;">CC reiterates the morality and benevolent intent of LEE&#8217;s management and the BOD. Since July 2013, the stock has been flat, however. The market values LEE equity at 0.16 times sales versus at
      6.25x and 3.75x for <font style="font-style: italic;">Politico</font> and <font style="font-style: italic;">BuzzFeed</font>, respectively. While perhaps not apples to apples, CC would argue these comparisons are lemons to limes. Regardless, the
      valuation gap is so great that if the stock does not appreciate materially then CC forecasts that a third party will move &#8211; collaboratively or rapaciously &#8211; to transfer the value from the current owners for their own exclusive benefit.</div>
    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageFooter"></div>
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    </div>
    <div style="font-family: 'Times New Roman', Times, serif;">Sincerely,</div>
    <div style="font-family: 'Times New Roman', Times, serif;"> <br>
    </div>
    <div style="font-family: 'Times New Roman', Times, serif;">/s/</div>
    <div style="font-family: 'Times New Roman', Times, serif;">J. Carlo Cannell</div>
    <div style="font-family: 'Times New Roman', Times, serif;">Managing Member</div>
    <div style="font-family: 'Times New Roman', Times, serif;">Cannell Capital LLC</div>
    <div><br>
    </div>
    <div><font style="font-family: 'Times New Roman', Times, serif;">Cc:</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman', Times, serif;">Steven Fletcher</font></div>
    <div style="text-indent: 36pt; font-family: 'Times New Roman', Times, serif;">Margaret (Megan) R. Liberman</div>
    <div style="text-indent: 36pt; font-family: 'Times New Roman', Times, serif;">Brent Magid</div>
    <div style="text-indent: 36pt; font-family: 'Times New Roman', Times, serif;">Herbert W. Moloney III</div>
    <div style="text-indent: 36pt; font-family: 'Times New Roman', Times, serif;">Kevin D. Mowbray</div>
    <div style="text-indent: 36pt; font-family: 'Times New Roman', Times, serif;">David Pearson</div>
    <div style="text-indent: 36pt; font-family: 'Times New Roman', Times, serif;">Gregory P. Schermer</div>
    <div style="text-indent: 36pt; font-family: 'Times New Roman', Times, serif;">C.D. Waterman III</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div>
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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>brhc10028575_ex98.htm
<DESCRIPTION>EXHIBIT 98
<TEXT>
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  <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 98</font><br>
  </div>
  <div><font style="font-weight: bold;"> <br>
    </font></div>
  <div>
    <div style="font-family: 'Times New Roman', Times, serif;">LEE is the second largest provider of original local content in the U.S. with 77 media <font style="color: #000000;">properties, most of which are the &#8220;only game in town&#8221; in small cities &#8211; a
        hot place in which to do business now because of the pandemic.</font><sup style="color: #000000; vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup></div>
    <div>&#160;</div>
    <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">We believe the gap between its economic and the accounting value is enormous. The stock is $25 today. Our Blue Sky is $250 under the right management.</div>
    <div>&#160;</div>
    <div style="font-family: 'Times New Roman', Times, serif;"><font style="color: #000000;">Digital media thrives as print newspapers wane as LEE grows digital. We expect the digital segment to eclipse print shortly leading to </font>positive <font style="color: #000000;">consolidated </font>revenue growth in 2021 and beyond. Meanwhile, LEE reduces debt (held exclusively by Berkshire Hathaway) by ~$60 million per annum.</div>
    <div>&#160;</div>
    <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">In June 2021, LEE enjoyed 49 million unique visitors per month but only 337,000 paid. The conversion opportunity is massive.</div>
    <div>&#160;</div>
    <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">There has been progress. For the quarter ended June 31, 2021 digital sales (advertising + subscription) grew 55% or 7x the growth rate seen in 2019. Monthly page views were 400
      million. Digital-only subscriptions increased 50% year-over-year, higher than the high teens growth of Gannett Co. and The New York Times Co.</div>
    <div>&#160;</div>
    <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">There is still room to improve, however. By 2026, LEE's management expects to more than triple paid digital-only subscribers to 900,000 without cannibalizing the total number of
      its full access (print + digital) subscriptions. The plan is to increase niche content, focus on video and podcasting, and enhance content layout. A few examples include the &#8220;Best Podcast in Baseball&#8221; and LEE&#8217;s Nebraska Sports platform. LEE already
      offers 90 podcasts sporting 85,000 downloads a quarter.</div>
    <div>&#160;</div>
    <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">LEE now tracks usage across all its platforms and then sells inventory/space programmatically (i.e., by displaying digital banners and video clips in real time).<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup>
      LEE&#8217;s new and growing video and podcasting content carries ~10x the CPMs of its traditional display advertising.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3</sup></div>
    <div>&#160;</div>
    <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">LEE's advertising division has a unique but hard to value asset &#8211; thousands of trusting relationships with local businesses built over decades. LEE continues to try to
      capitalize on these relationships by expanding services to offer a full suite of digital marketing solutions (e.g., consulting, media-buying and analytics) via its Amplified Digital Agency subsidiary where revenue grew 90% year-over-year during the
      quarter ended June 2021. Management expects Amplified Digital Agency revenue to reach $100 million by 2023.</div>
    <div>&#160;</div>
    <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">LEE is changing and adopting but few notice. No brokers follow LEE.</div>
    <div>&#160;</div>
    <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">LEE enjoys an 83% stake in TownNews.com which manages digital content for its newspapers and 2,000 other media publishing companies and broadcast firms. It grew 9% in 2020 to
      $25 million of annual sales and pre-pandemic had been growing around 20% annually with 44% adjusted EBITDA margins. This is a hidden gem. At $25.46 per share LEE&#8217;s current market capitalization represents less than 10 times the 2021 EBITDA of
      TownNews.</div>
    <div>&#160;</div>
    <div> <br>
    </div>
    <div>
      <hr noshade="noshade" align="left" style="background-color: #000000; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto 0px 0px; height: 2px; width: 20%; color: #000000;"> </div>
    <div style="font-family: 'Times New Roman', Times, serif; font-size: 8pt;"><sup style="font-family: Calibri, sans-serif; vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;Due to COVID-19 many people are fleeing big cities. https://www.mymove.com/moving/covid-19/coronavirus-moving-trends/</div>
    <div style="font-family: 'Times New Roman', Times, serif; font-size: 8pt;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2 </sup>See illustrations on Slide 11 to 13 of the Lee Enterprises April 2021 Investor Presentation.</div>
    <div style="font-family: 'Times New Roman', Times, serif; font-size: 8pt;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3 </sup>CPM is cost per mille (1,000 impressions). An impression occurs every time digital advertising is played for a unique viewer. In 2020 the CPMs for video and
      podcasting were $12-30 versus $2-5 for traditional internet banner advertisement.</div>
    <div style="font-family: 'Times New Roman', Times, serif; font-size: 8pt;"> <br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageFooter"></div>
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    </div>
    <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">In June 2021, LEE had 337,000 digital subscribers each generating about $7 per month. LEE also had ~49 million unique visitors but only ~$600 million enterprise value.&#160; That
      same month, Buzzfeed announced its intention to go public via SPAC transaction valuing it at $1.5 billion. Buzzfeed has ~10 million <font style="font-style: italic;">fewer</font> unique visitors than LEE.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;"> 4</sup>&#160; On March 25, 2021 News Corp.
      agreed to buy <font style="font-style: italic;">Investor&#8217;s Business Daily</font> for $275 million or ~$2,570 per subscriber. Applying half this value to LEE&#8217;s 900,000 subscriber target yields a $1.2 billion valuation.</div>
    <div>&#160;</div>
    <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Table 1. Valuation</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" border="0" align="left" style="width: 50%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;" id="zee483bef7cbb4de2b992a6a8200ac01f" class="cfttable">

        <tr>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid black; width: 19%;">
            <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">$ million, FY SEP</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
            <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">2025 Value</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid black; width: 19%;">
            <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">Valuation Rationale</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 19%; background-color: rgb(204, 238, 255);">
            <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">Amplified Digital Agency</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">150</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 19%; background-color: rgb(204, 238, 255);">
            <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">1x 2025E Sales of $150 million</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 19%;">
            <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">TownNews.com</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">581</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 19%;">
            <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">25x 2025E EBITDA of $28 million (83% stake)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 19%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">
            <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">Digital Subscriptions</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">1,157</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 19%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">
            <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">900,000 subscribers for $1,285 each</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 19%;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', Times, serif;">&#160;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">1,887</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 19%;">
            <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 19%; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', Times, serif;">&#160;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 19%; background-color: rgb(204, 238, 255);">
            <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">&#160;&#160;&#160;</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 19%;">
            <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">Net Debt</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">189</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 19%;">
            <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 19%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">Mkt Cap</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">1,698</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 19%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 19%;">
            <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">Per Share</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
            <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">$</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">250</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 19%;">
            <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">&#160;</div>
          </td>
        </tr>

    </table>
    <div style="clear: both;"><br>
    </div>
    <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">&#160;The target above <font style="font-style: italic;">ignores</font> the value of LEE&#8217;s other advertising assets <font style="font-style: italic;">and</font> full access
      subscriptions, however.</div>
    <div>&#160;</div>
    <div style="font-family: 'Times New Roman', Times, serif;">On <font style="color: #000000;">January 29, 2020, LEE announced a deal to acquire Berkshire Hathaway&#8217;s BH Media group&#8217;s 31 newspapers for $140 million &#8211; 3x 2019 EBITDA.</font></div>
    <div>&#160;</div>
    <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">As part of this transaction, LEE refinanced all its debt by issuing a 25-year $576 million 9% note to Berkshire. The rates and terms are accretive to LEE&#8217;s equity. Warren Buffet
      removed LEE from the brambles of toxic debt and accelerated its digital transformation.</div>
    <div>&#160;</div>
    <div style="font-family: 'Times New Roman', Times, serif;">Pro-forma we reckon that LEE will decrease net leverage from 4.2x at December 2020 to at least 2.5x by December 2023. We are one year ahead of management&#8217;s target.</div>
    <div>&#160;</div>
    <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">The COVID-19 pandemic was not good for LEE, however. National advertising suffered the most. LEE&#8217;s organic pro-forma EBITDA declined ~32% in 2020. The silver lining is that
      COVID-19 has also accelerated the adoption of digital media and forced LEE to cut costs. Since the February 2020 refinancing, LEE still managed to pay down $91 million of debt despite COVID 19.</div>
    <div>&#160;</div>
    <div>
      <div> <br>
      </div>
      <div>
        <hr noshade="noshade" align="left" style="background-color: #000000; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto 0px 0px; height: 2px; width: 20%; color: #000000;"> </div>
      <div style="font-family: 'Times New Roman', Times, serif; font-size: 8pt;"><br>
      </div>
    </div>
    <div>
      <div style="font-family: 'Times New Roman', Times, serif; font-size: 8pt;"><sup style="font-family: Calibri, sans-serif; vertical-align: text-top; line-height: 1; font-size: smaller;">4 </sup>Buzzfeed Investor Presentation June 2021:</div>
      <div style="font-family: 'Times New Roman', Times, serif; font-size: 8pt;">https://static1.squarespace.com/static/60cbbb36879f9269a9b2c1e5/t/60d46000058c421e525ff0d2/1624530951725/BuzzFeed+Investor+Presentation.pdf</div>
      <div>&#160;</div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Figure 1. Let the Sunshine In<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">5</sup></div>
    <div>&#160;</div>
    <div><img src="image02.jpg"></div>
    <div>&#160;</div>
    <div style="color: #000000; font-family: 'Times New Roman', Times, serif;"><u>Activism Provides Backstop</u></div>
    <div>&#160;</div>
    <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">On December 27, 2018, Cannell Capital filed a 13D suggesting that LEE (1) expand and enhance their digital content, (2) broaden revenue channels with local businesses, (3) make
      strategic acquisitions and (4) improve corporate governance.</div>
    <div>&#160;</div>
    <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">LEE later acquiesced by (1) optimizing paywall pricing and content; (2) acquiring a digital CMS business, GTxcel, in August 2019; (3) amending bylaws to require a majority vote
      for directors; and (4) adding a director with news and digital experience in 2019 [Megan Liberman] and two more for 2020 [Steve Fletcher and David Pearson].</div>
    <div>&#160;</div>
    <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">In November 2019, Gannett acquired New Media Investment Group [NYSE: NIWM] for $1.4 billion or 8x 2019 EBITDA. In February 2021, Alden Global Capital (LEE&#8217;s second-largest
      shareholder) offered to buy Tribune Publishing Company [NYSE: TPCO] for ~$670 million or 7x 2021 EBITDA. Both companies have lower digital penetration and margins than LEE which traded at roughly five times Last Twelve-Month EBITDA on August 31,
      2021.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">6</sup></div>
    <div>&#160;</div>
    <div> <br>
    </div>
    <div>
      <hr noshade="noshade" align="left" style="background-color: #000000; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto 0px 0px; height: 2px; width: 20%; color: #000000;"> </div>
    <div style="font-family: 'Times New Roman', Times, serif; font-size: 8pt;"><sup style="font-family: Calibri, sans-serif; vertical-align: text-top; line-height: 1; font-size: smaller;"></sup><br>
    </div>
    <div style="font-family: 'Times New Roman', Times, serif;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">5</sup><font style="font-size: 8pt;"> Aquarius (Let the Sunshine In) By: The Fifth Dimension - </font><u><font style="font-size: 8pt;">https://www.youtube.com/watch?v=06X5HYynP5E</font></u></div>
    <div style="font-family: 'Times New Roman', Times, serif; font-size: 8pt;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">6</sup> See Slides 9 and 10 of the Lee Enterprises 2020 Meeting of Stockholders Presentation</div>
    <div style="font-family: 'Times New Roman', Times, serif; font-size: 8pt;"> <br>
    </div>
    <div style="font-family: 'Times New Roman', Times, serif; font-size: 8pt;"> <br>
    </div>
    <div style="font-family: 'Times New Roman', Times, serif; font-size: 8pt;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"> </div>
    <font style="font-weight: bold;"> </font></div>
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<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>brhc10028575_ex99.htm
<DESCRIPTION>EXHIBIT 99
<TEXT>
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  <hr noshade="noshade" align="center" style="height: 4px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;">
  <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 99</font><br>
    </div>
  <div><font style="font-weight: bold;"> </font><br>
    <div style="color: rgb(0, 0, 0); font-weight: bold;">Problems at LEE. Fixable with tweak to BOD and Management.</div>
    <div>&#160;</div>
    <div style="color: rgb(0, 0, 0);">1. Paid subscriptions lag stalwart competitors. At LEE such is 45% of total revenue versus 69% and 85% (estimated) at <font style="font-style: italic;">The New York Times</font> and <font style="font-style: italic;">International Herald Tribune, </font>respectively, for example.</div>
    <div>&#160;</div>
    <div style="color: rgb(0, 0, 0);">2. LEE has been slow to strip costs. Margins are deteriorating.</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" border="0" align="left" id="z60cde329427c43209f4ceb51e2c650a4" style="border-collapse: collapse; width: 50%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;">

        <tr>
          <td nowrap="nowrap" style="width: 30%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="color: rgb(0, 0, 0);">(FY SEP; $ Million)</div>
          </td>
          <td nowrap="nowrap" style="width: 5%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-weight: bold;">2018</div>
          </td>
          <td nowrap="nowrap" style="width: 5%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-weight: bold;">2019</div>
          </td>
          <td nowrap="nowrap" style="width: 5%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-weight: bold;">2020</div>
          </td>
          <td nowrap="nowrap" style="width: 5%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-weight: bold;">2021 YTD</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 30%; vertical-align: bottom;">
            <div style="color: rgb(0, 0, 0);">EBITDA Margin</div>
          </td>
          <td nowrap="nowrap" style="width: 5%; vertical-align: bottom;">
            <div style="text-align: right; color: rgb(0, 0, 0);">24.7%</div>
          </td>
          <td nowrap="nowrap" style="width: 5%; vertical-align: bottom;">
            <div style="text-align: right; color: rgb(0, 0, 0);">24.2%</div>
          </td>
          <td nowrap="nowrap" style="width: 5%; vertical-align: bottom;">
            <div style="text-align: right; color: rgb(0, 0, 0);">15.7%</div>
          </td>
          <td nowrap="nowrap" style="width: 5%; vertical-align: bottom;">
            <div style="text-align: right; color: rgb(0, 0, 0);">15.1%</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 30%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="color: rgb(0, 0, 0);">FCF Margin</div>
          </td>
          <td nowrap="nowrap" style="width: 5%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: rgb(0, 0, 0);">9.4%</div>
          </td>
          <td nowrap="nowrap" style="width: 5%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: rgb(0, 0, 0);">9.7%</div>
          </td>
          <td nowrap="nowrap" style="width: 5%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: rgb(0, 0, 0);">6.8%</div>
          </td>
          <td nowrap="nowrap" style="width: 5%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: rgb(0, 0, 0);">6.2%</div>
          </td>
        </tr>

    </table>
    <div style="clear: both;"><br>
    </div>
    <div style="color: rgb(0, 0, 0);">The fact that it took so long to reform pension obligations is one example which speaks to the lethargy at LEE and need for a refreshed BOD.</div>
    <div>&#160;</div>
    <div>3. The management and board of Gannett Co., Inc. and The New York Times Company enjoy robust digital media and advertising experience. Until 2020, the average age
      of the LEE BOD was 67.&#160; LEE&#8217;s management and BOD may think they know what to do but there is a big difference between <font style="font-style: italic;">knowing </font>what to do and <font style="font-style: italic;">doing</font> it.</div>
    <div>&#160;</div>
    <div>4. Thin disclosure.&#160; Unlike many of its competitors, LEE does not adequately disclose metrics which allow owners to fully comprehend what they own -- metrics like
      customer acquisition costs, churn and retention, average revenue per subscriber, lifetime value of subscribers, and breakdown of expense items across segments.</div>
    <div>&#160;</div>
    <div>5. Since 2011 no insider has ever purchased shares on the open market. Management and BOD do not eat what they bake. Even adding in free stock (a dilutive expense
      to owners) they still have little skin in the game.</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" border="0" id="z1c939bb69c4b4671a3b7384e9f168df6" style="border-collapse: collapse; width: 40%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;">

        <tr>
          <td nowrap="nowrap" style="width: 30%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-weight: bold;">Lee Enterprises Insider Ownership</div>
          </td>
          <td nowrap="nowrap" style="width: 10%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-weight: bold;">% Out</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 30%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="color: rgb(0, 0, 0);">Mary E Junck</div>
          </td>
          <td nowrap="nowrap" style="width: 10%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: rgb(0, 0, 0);">2.9%</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 30%; vertical-align: bottom;">
            <div style="color: rgb(0, 0, 0);">Herbert W Moloney</div>
          </td>
          <td nowrap="nowrap" style="width: 10%; vertical-align: bottom;">
            <div style="text-align: right; color: rgb(0, 0, 0);">2.4%</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 30%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="color: rgb(0, 0, 0);">Gregory P Schermer</div>
          </td>
          <td nowrap="nowrap" style="width: 10%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: rgb(0, 0, 0);">2.4%</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 30%; vertical-align: bottom;">
            <div style="color: rgb(0, 0, 0);">Kevin D Mowbray</div>
          </td>
          <td nowrap="nowrap" style="width: 10%; vertical-align: bottom;">
            <div style="text-align: right; color: rgb(0, 0, 0);">1.6%</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 30%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="color: rgb(0, 0, 0);">Brent M Magid</div>
          </td>
          <td nowrap="nowrap" style="width: 10%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: rgb(0, 0, 0);">0.3%</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 30%; vertical-align: bottom;">
            <div style="color: rgb(0, 0, 0);">Steven C Fletcher</div>
          </td>
          <td nowrap="nowrap" style="width: 10%; vertical-align: bottom;">
            <div style="text-align: right; color: rgb(0, 0, 0);">0.1%</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 30%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="color: rgb(0, 0, 0);">David T Pearson</div>
          </td>
          <td nowrap="nowrap" style="width: 10%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: rgb(0, 0, 0);">0.1%</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div>7. Current proxy access precludes petitioners who have previously sought change at the Company. What&#8217;s the use of proxy access for shareholders if only sycophants
      qualify? How does this help owners?</div>
    <div>&#160;</div>
    <div>
      <div>8. LEE lacks scale. Seven-cow dairy farms are not competitive. LEE needs to expand partnerships or more likely conduct an orderly auction process of the entire
        Company.&#160; Some specific areas where LEE is lacking in scale include national news, connected TV, social media video marketing, sports media, and consumer reviews.</div>
      <div> <br>
      </div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div>9. LEE has been about to sell $30 million of real estate for two years. Since such was announced LEE&#8217;s pro-forma revenue has shrunk by almost $200 million.</div>
    <div>&#160;</div>
    <div>10. Since the June 2005 acquisition of Pulitzer, Inc., LEE&#8217;s stock price has declined 93% and it is flat since mid-July 2013. On August 26, 2021, Axel Springer
      announced its intention to acquire <font style="font-style: italic;">Politico</font> for $1 billion or ~6 x 2020 sales.</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" border="0" align="left" style="width: 50%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;" id="z2525561b6fdf44198afc652570829f8f" class="cfttable">

        <tr>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 14%;">
            <div style="color: rgb(0, 0, 0); font-weight: bold;">(FY SEP, 2021E, $ Million)</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
            <div style="text-align: right; color: rgb(0, 0, 0); font-weight: bold;">LEE</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
            <div style="text-align: right; color: rgb(0, 0, 0); font-weight: bold;">BZFD</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
            <div style="text-align: right; color: rgb(0, 0, 0); font-weight: bold;">NYT</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 14%; background-color: rgb(204, 238, 255);">
            <div style="color: rgb(0, 0, 0);">Sales</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
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            <div style="color: rgb(0, 0, 0);">$</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">
            <div style="color: rgb(0, 0, 0);">$</div>
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            <div style="color: rgb(0, 0, 0);">521</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">
            <div style="color: rgb(0, 0, 0);">$</div>
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            <div style="color: rgb(0, 0, 0);">2,033</div>
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        <tr>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 14%;">
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
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            <div style="color: rgb(0, 0, 0); font-style: italic;">0.4</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div style="color: rgb(0, 0, 0); font-style: italic;">%</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
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            <div style="color: rgb(0, 0, 0); font-style: italic;">14.0</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
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        <tr>
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            <div style="color: rgb(0, 0, 0);">EBITDA</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div style="color: rgb(0, 0, 0);">118</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div style="color: rgb(0, 0, 0);">57</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div style="color: rgb(0, 0, 0);">206</div>
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        <tr>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 14%;">
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="color: rgb(0, 0, 0); font-style: italic;">14</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="color: rgb(0, 0, 0); font-style: italic;">11</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div style="color: rgb(0, 0, 0); font-style: italic;">%</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="color: rgb(0, 0, 0); font-style: italic;">10</div>
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            <div style="color: rgb(0, 0, 0); font-style: italic;">%</div>
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        <tr>
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            <div style="color: rgb(0, 0, 0);">Unique Visitors (million)</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div style="color: rgb(0, 0, 0);">49</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div style="color: rgb(0, 0, 0);">38</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div style="color: rgb(0, 0, 0);">166</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 14%;">
            <div style="color: rgb(0, 0, 0);">Market Capitalization</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="color: rgb(0, 0, 0);">130</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="color: rgb(0, 0, 0);">1,702</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="color: rgb(0, 0, 0);">8,518</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
        </tr>

    </table>
    <div style="clear: both;"><br>
    </div>
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        <tr>
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            <div style="color: rgb(0, 0, 0); font-weight: bold;">Market Cap / Unique Visitor</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
            <div style="color: rgb(0, 0, 0); font-weight: bold;">2.7</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
            <div style="color: rgb(0, 0, 0); font-weight: bold;">44.8</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
            <div style="color: rgb(0, 0, 0); font-weight: bold;">51.3</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 14%;">
            <div style="color: rgb(0, 0, 0); font-weight: bold;">EV / Sales</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="color: rgb(0, 0, 0); font-weight: bold;">0.7</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="color: rgb(0, 0, 0); font-weight: bold;">2.9</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="color: rgb(0, 0, 0); font-weight: bold;">3.7</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 14%; background-color: rgb(204, 238, 255);">
            <div style="color: rgb(0, 0, 0); font-weight: bold;">EV / EBITDA</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
            <div style="color: rgb(0, 0, 0); font-weight: bold;">5.0</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
            <div style="color: rgb(0, 0, 0); font-weight: bold;">26.7</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
            <div style="color: rgb(0, 0, 0); font-weight: bold;">23.8</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 14%;">
            <div style="color: rgb(0, 0, 0); font-weight: bold;">Market Cap / EBITDA</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="color: rgb(0, 0, 0); font-weight: bold;">1.1</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="color: rgb(0, 0, 0); font-weight: bold;">29.7</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="color: rgb(0, 0, 0); font-weight: bold;">41.3</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
        </tr>

    </table>
    <div> <br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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    <div style="font-weight: bold;">Questions for Lee Enterprises Inc.</div>
    <div style="font-weight: bold;"> <br>
    </div>
    <div>1. If LEE wanted to march towards 75% of revenues coming from digital subscriptions, how would they do it? How long would it take?</div>
    <div>&#160;</div>
    <div>2. Is this BOD capable of evaluating the accretion of each property and closing some, namely the ones which consume capital? Can they overcome foundation bias?</div>
    <div>&#160;</div>
    <div>3. How does LEE re-align content in response to customer feedback? When was the last time the Company surveyed what its younger digital audience wants to see?</div>
    <div>&#160;</div>
    <div>4. What percent of content is original journalism and premium content a year ago versus today?</div>
    <div>&#160;</div>
    <div>5. How does LEE offer customer service &#8211; through a centralized service center or does this remain regional?</div>
    <div>&#160;</div>
    <div>6. What loyalty programs and subscriber-only offerings does LEE consider?</div>
    <div>&#160;</div>
    <div>7. LEE has $330m of Goodwill and $163m of other intangible assets. Can it provide projections and valuations to support these balances?</div>
    <div>&#160;</div>
    <div>8. Can it provide data detailing digital subscriptions versus print? What is the Company&#8217;s plan for increasing subscription revenue as a percentage of total
      revenue over time?</div>
    <div>&#160;</div>
    <div>9. Five-year quarterly history in chart format as follows:</div>
    <div>&#160;</div>
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          <td style="width: 18pt; vertical-align: top;">a.</td>
          <td style="width: auto; vertical-align: top;">
            <div>Breakdown of revenue and expenses by print/digital/other;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
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          <td style="width: 18pt; vertical-align: top;">b.</td>
          <td style="width: auto; vertical-align: top;">
            <div>Print advertising revenue and volume and rate;</div>
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    <div>&#160;</div>
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          <td style="width: 18pt; vertical-align: top;">c.</td>
          <td style="width: auto; vertical-align: top;">
            <div>Online advertising with volume and rate history;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
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          <td style="width: 18pt; vertical-align: top;">d.</td>
          <td style="width: auto; vertical-align: top;">
            <div>Print circulation revenue with volume and rate;</div>
          </td>
        </tr>

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    <div>&#160;</div>
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          <td style="width: 18pt; vertical-align: top;">e.</td>
          <td style="width: auto; vertical-align: top;">
            <div>Digital subscription revenue with volume and rate; and</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="zdee2c928e39c4d3bad09af2f4bfa5526" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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          </td>
          <td style="width: 18pt; vertical-align: top;">f.</td>
          <td style="width: auto; vertical-align: top;">
            <div>Newsprint - tons used, rate per ton and waste.</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div>
      <div>10. Subscriber acquisition cost for digital? Lifetime value and churn for digital?</div>
      <div>&#160;</div>
      <div>11. Breakdown of spending on R&amp;D, Marketing and G&amp;A on corporate and BHM/LEE level?</div>
      <div>&#160;</div>
      <div>12. There is a working capital deficiency. Reason and how to address?</div>
      <div>&#160;</div>
      <div>13. Discuss deploying capital to scale up digital via partnerships or acquisitions. Discuss areas of investment including National News Media, Connected TV,
        Social Media Video Marketing, Sports Media, and Consumer Reviews?</div>
      <div> <br>
      </div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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    14. What newspapers&#8217; recommendation engine does it use? Which engine does it partner with for e-commerce?
    <div>&#160;</div>
    <div>15. What is it doing to mitigate the Apple IDFA phase-out and Google cookie deprecation initiatives?</div>
    <div>&#160;</div>
    <div> <br>
    </div>
    <div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
