<SEC-DOCUMENT>0001104659-22-025202.txt : 20220218
<SEC-HEADER>0001104659-22-025202.hdr.sgml : 20220218
<ACCEPTANCE-DATETIME>20220218163722
ACCESSION NUMBER:		0001104659-22-025202
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20220218
DATE AS OF CHANGE:		20220218

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LEE ENTERPRISES, Inc
		CENTRAL INDEX KEY:			0000058361
		STANDARD INDUSTRIAL CLASSIFICATION:	NEWSPAPERS:  PUBLISHING OR PUBLISHING & PRINTING [2711]
		IRS NUMBER:				420823980
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0926

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-06227
		FILM NUMBER:		22653400

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

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LEE ENTERPRISES INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>tm222792d15_defa14a.htm
<DESCRIPTION>DEFA14A
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

<!-- Field: Rule-Page --><DIV STYLE="width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE 14A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Proxy Statement Pursuant to Section 14(a) of
the</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Securities Exchange Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: -13pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Filed
by the Registrant&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Filed
by a Party other than the Registrant&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Check the appropriate box:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 24pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Preliminary Proxy Statement</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 24pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Confidential, for Use of the Commission Only
(as permitted by Rule 14a-6(e)(2))</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 24pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Definitive Proxy Statement</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 24pt"><FONT STYLE="font-family: Wingdings">&#120;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Definitive Additional Materials</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 24pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Soliciting Material Pursuant to &sect;240.14a-12</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>LEE ENTERPRISES, INCORPORATED</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Name of Registrant as Specified In Its Charter)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; width: 100%; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Name of Person(s) Filing Proxy Statement, if
other than the Registrant)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Payment of Filing Fee (Check the appropriate box):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 24pt"><FONT STYLE="font-family: Wingdings">&#120;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">No fee required.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 24pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Fee computed on table below per Exchange Act
Rules 14a-6(i)(1) and 0-11.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%; padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">1)</FONT></TD>
    <TD STYLE="width: 98%; border-bottom: Black 1pt solid; padding-right: 2pt; padding-left: 3pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Title of each class of securities to which transaction applies:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">2)</FONT></TD>
    <TD STYLE="padding-top: 2pt; border-bottom: Black 1pt solid; padding-right: 2pt; padding-left: 3pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Aggregate number of securities to which transaction applies:&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">3)</FONT></TD>
    <TD STYLE="padding-top: 2pt; border-bottom: Black 1pt solid; padding-right: 2pt; padding-left: 3pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Per unit price or other underlying value of transaction computed
pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">4)</FONT></TD>
    <TD STYLE="padding-top: 2pt; border-bottom: Black 1pt solid; padding-right: 2pt; padding-left: 3pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Proposed maximum aggregate value of transaction:&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">5)</FONT></TD>
    <TD STYLE="padding-top: 2pt; border-bottom: Black 1pt solid; padding-right: 2pt; padding-left: 3pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Total fee paid:&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-top: 10pt; width: 0"></TD><TD STYLE="padding-top: 10pt; width: 22.5pt; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="padding-top: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Fee
paid previously with preliminary materials.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22.5pt"><FONT STYLE="font-family: Wingdings">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Check box if any part of the fee is offset as
provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous
filing by registration statement number, or the Form or Schedule and the date of its filing.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%; padding-bottom: 2pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">1)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 98%; padding-right: 3pt; padding-left: 3pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Amount Previously Paid:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">2)</FONT></TD>
    <TD STYLE="padding-top: 2pt; border-bottom: Black 1pt solid; padding-right: 2pt; padding-left: 3pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Form, Schedule or Registration Statement No.:&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">3)</FONT></TD>
    <TD STYLE="padding-top: 2pt; border-bottom: Black 1pt solid; padding-right: 3pt; padding-left: 3pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Filing Party:&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">4)</FONT></TD>
    <TD STYLE="padding-top: 2pt; border-bottom: Black 1pt solid; padding-right: 3pt; padding-left: 3pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Date Filed:&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Rule-Page --><DIV STYLE="width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 2pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">On February 18, 2022, the Board of Directors of
Lee Enterprises, Incorporated sent the following letter to Strategic Investment Opportunities LLC, an affiliate of Alden Global
Capital, LLC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><IMG SRC="tm222792d15_defa14aimg001.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="padding-left: 0.375in; width: 33%">&nbsp;</TD>
  <TD STYLE="width: 27%">&nbsp;</TD>
  <TD STYLE="width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>C.
Dana Waterman III</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="padding-left: 0.375in">4600 E. 53<SUP>rd</SUP> St.</TD>
  <TD>&nbsp;</TD>
  <TD><B>Secretary and General Counsel</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="padding-left: 0.375in">Davenport, IA 52807</TD>
  <TD>&nbsp;</TD>
  <TD>563-333-6608</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="padding-left: 0.375in"><U>www.lee.net</U></TD>
  <TD>&nbsp;</TD>
  <TD><U>dwaterman@l-wlaw.com</U></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">February 18, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" TITLE="Delivery and Confidentiality" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: left; font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>VIA EMAIL</B></FONT></TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-size: 10pt; text-transform: uppercase; font-weight: bold">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" TITLE="Recipients" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">Marshall Anstandig <BR>
Strategic Investment Opportunities LLC<BR>
 5990 Washington St. <BR>
Denver, CO 80216</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">Re:</TD><TD STYLE="text-align: justify"><U>Request to Amend Bylaws</U></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dear Mr. Anstandig:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On behalf of the Board of
Directors (the &#8220;Board&#8221;) of Lee Enterprises, Incorporated (the &#8220;Company&#8221;), I am writing in response to your letter
to the Board sent to my attention on February 16, 2022, in which Strategic Investment Opportunities LLC (&#8220;Opportunities&#8221;)
requested that by 5:00 p.m. E.T. on February 18, 2022, &#8220;the Company has amended its Bylaws&#8221; to alter the voting standard for
director elections applicable at the forthcoming 2022 Annual Meeting of Stockholders (the &#8220;Annual Meeting&#8221;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">At a meeting today, the Board
evaluated your letter and has unanimously declined Opportunities&#8217; extraordinary request to amend the By-Laws to change the voting
standard in the midst of an active proxy solicitation. As set forth in the Company&#8217;s disclosure in its Preliminary Proxy Statement
filed with the Securities and Exchange Commission (the &#8220;Commission&#8221;) on January 14, 2022, and again in its Definitive Proxy
Statement filed with the Commission on January 24, 2022, and as required by the Bylaws, the Board has reaffirmed that plurality voting
is the applicable voting standard for the election of directors at the forthcoming Annual Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; width: 50%">&nbsp;</TD>
  <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; width: 50%">Sincerely,</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; width: 50%">&nbsp;</TD>
  <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; width: 50%">LEE ENTERPRISES, INCORPORATED</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; width: 50%">&nbsp;</TD>
  <TD STYLE="border-bottom: Black 1pt solid; text-align: left; padding-left: 10pt; text-indent: -10pt; width: 50%">/s/ C. Dana Waterman III</TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; width: 50%">&nbsp;</TD>
  <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; width: 50%">C. Dana Waterman III</TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; width: 50%">&nbsp;</TD>
  <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; width: 50%">Secretary and General Counsel</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif">cc:</FONT></TD>
  <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; width: 95%">Andrew Freedman</TD></TR>

<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
  <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt"><B>Olshan Frome Wolosky LLP&#9;</B></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>





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

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

<!-- Field: Page; Sequence: 2; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>tm222792d15_defa14aimg001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm222792d15_defa14aimg001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  [ 1D# 2(  A$! Q$!_\0
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MWOB&UD6PN+J6:T>*?:6W2L><'T(ZT^\^&-]X=\;Z+J7A**0VD;J;LRS!L+N
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A44 %%%% !1110 4444 %%%% !1110 4444 %%%% '__9

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