<SEC-DOCUMENT>0001193805-22-000371.txt : 20220222
<SEC-HEADER>0001193805-22-000371.hdr.sgml : 20220222
<ACCEPTANCE-DATETIME>20220222122402
ACCESSION NUMBER:		0001193805-22-000371
CONFORMED SUBMISSION TYPE:	PRRN14A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20220222
DATE AS OF CHANGE:		20220222

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:		PRRN14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-06227
		FILM NUMBER:		22656756

	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:			MNG Enterprises, Inc.
		CENTRAL INDEX KEY:			0001688152
		IRS NUMBER:				814140550
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PRRN14A

	BUSINESS ADDRESS:	
		STREET 1:		101 W. COLFAX AVENUE
		STREET 2:		SUITE 1100
		CITY:			DENVER
		STATE:			CO
		ZIP:			80202
		BUSINESS PHONE:		214-969-2831

	MAIL ADDRESS:	
		STREET 1:		101 W. COLFAX AVENUE
		STREET 2:		SUITE 1100
		CITY:			DENVER
		STATE:			CO
		ZIP:			80202
</SEC-HEADER>
<DOCUMENT>
<TYPE>PRRN14A
<SEQUENCE>1
<FILENAME>e621373_prrn14a-lei.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

<P STYLE="font: 10pt 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: center">&nbsp;</P>

<P STYLE="font: 10pt 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: center">(Rule 14a-101)</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"><FONT STYLE="text-transform: uppercase">Information
Required in Proxy Statement</FONT></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"><FONT STYLE="text-transform: uppercase">Schedule
14a Information</FONT></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">Proxy Statement Pursuant to Section 14(a) of the
Securities Exchange Act of 1934</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"> (Amendment No. 3) </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">Filed by the Registrant &#9744;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Filed by a Party other than the Registrant &#9746;</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9746;</TD><TD>Preliminary Proxy Statement</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9744;</TD><TD>Confidential, for Use of the Commission Only (as permitted
by Rule 14a-6(e)(2))</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9744;</TD><TD>Definitive Proxy Statement</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9744;</TD><TD>Definitive Additional Materials</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9744;</TD><TD>Soliciting Material Under Rule 14a-12</TD>
</TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">LEE ENTERPRISES,
INCORPORATED</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">(Name of Registrant as Specified in Its Charter)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
<DIV STYLE="padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid">

    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">MNG
    ENTERPRISES, INC.</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">MNG
    INVESTMENT HOLDINGS, LLC</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">STRATEGIC
    INVESTMENT OPPORTUNITIES LLC</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">ALDEN
    GLOBAL CAPITAL LLC</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">HEATH
    FREEMAN</FONT></P>
</DIV></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">(Name of Persons(s) Filing Proxy Statement, if Other Than the Registrant)</FONT></TD></TR>
  </TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9746;</TD><TD>No fee required.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9744;</TD><TD>Fee computed on table below per Exchange Act Rules 14a-6(i)(1)
and 0-11.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">(1)</TD><TD>Title of each class of securities to which transaction applies:</TD>
</TR></TABLE>

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 0.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">(2)</TD><TD>Aggregate number of securities to which transaction applies:</TD>
</TR></TABLE>

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 0.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">(3)</TD><TD>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):</TD>
</TR></TABLE>

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 0.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">(4)</TD><TD>Proposed maximum aggregate value of transaction:</TD>
</TR></TABLE>

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 0.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">(5)</TD><TD>Total fee paid:</TD>
</TR></TABLE>

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 0.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9744;</TD><TD>Fee paid previously with preliminary materials:</TD>
</TR></TABLE>

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 0.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#9744;&nbsp;&nbsp;&nbsp;&nbsp;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.</P>

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 0.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">(1)</TD><TD>Amount previously paid:</TD>
</TR></TABLE>

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 0.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">(2)</TD><TD>Form, Schedule or Registration Statement No.:</TD>
</TR></TABLE>

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 0.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">(3)</TD><TD>Filing Party:</TD>
</TR></TABLE>

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 0.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">(4)</TD><TD>Date Filed:</TD>
</TR></TABLE>

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 0.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: red">REVISED PRELIMINARY
COPY SUBJECT TO COMPLETION<BR>
DATED FEBRUARY 22, 2022 </FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;<FONT STYLE="color: red"><BR>
</FONT><BR>
STRATEGIC INVESTMENT OPPORTUNITIES LLC<BR>
<BR>
__________________, 2022</P>

<P STYLE="font: bold 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">Dear Fellow Lee Stockholders:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-weight: normal">Strategic
Investment Opportunities LLC (&ldquo;Opportunities&rdquo;), an affiliate of Alden Global Capital LLC (&ldquo;Alden&rdquo;), and the other
participants in this solicitation (collectively, the &ldquo;Stockholder Group&rdquo; or &ldquo;we&rdquo;) are significant stockholders
of Lee Enterprises, Incorporated, a Delaware corporation (&ldquo;Lee&rdquo; or the &ldquo;Company&rdquo;), and beneficially own in the
aggregate 371,117 shares of common stock, $0.01 par value per share (the &ldquo;Common Stock&rdquo;), of the Company, constituting approximately
6.2% of the shares of Common Stock outstanding. </FONT></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">As a significant investor
in American newspapers, with platforms including MediaNews Group, Inc. and Tribune Publishing Company, and as a long-term investor in
the Company, we have demonstrated a long-standing commitment to investment in the local newspaper business and serving communities with
robust independent journalism over the long term. We believe the Company and its news and information platform have untapped potential
and, with the right enhanced strategy and improved leadership, can provide significant value for stockholders while improving the quality
of journalism for readers and subscribers. Unfortunately, the current Board of Directors&rsquo; (the &ldquo;Board&rdquo;) decision to
prioritize their own interests over the interests of the Company and its stockholders by invalidating our highly qualified director nominees
confirms our belief that the current Board lacks the commitment to good corporate governance and has very little, if any, regard for
the stockholder franchise.</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"> Fortunately, we, as stockholders,
have another voting platform at the Annual Meeting to demonstrate our severe dissatisfaction with the current Board and the highly problematic
and value destructive status quo at Lee. Accordingly, we are seeking your support to vote <B>WITHHOLD</B> on the re-election of Mary
E. Junck and Herbert W. Moloney III as directors at the Annual Meeting, the two directors whom we believe are most responsible for the
Company&rsquo;s history of poor performance and poor governance. By voting <B>WITHHOLD</B> on Ms. Junck&rsquo;s and Mr. Moloney&rsquo;s
re-election, stockholders will be sending a strong message to the Board that they are dissatisfied with the status quo and that meaningful
Board and leadership changes are required at the Company. </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"> Your <B>WITHHOLD</B> vote
on the election of these two incumbent directors will serve as a referendum on directors Junck and Moloney for their poor stewardship
of stockholder value and unfair enrichment at our expense. Importantly, despite the Board&rsquo;s best efforts to eliminate corporate
democracy at this year&rsquo;s Annual Meeting, we still have an important opportunity to have our voices heard. </P>

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

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

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<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"><FONT STYLE="font-weight: normal">We
are seeking stockholder support to compel the resignations of Ms. Junck and Mr. Moloney for their lead roles in overseeing Lee&rsquo;s
poor corporate governance practices and the Company&rsquo;s significant underperformance since the acquisition of Berkshire Hathaway's
BH Media Group publications. Ms. Junck and Mr. Moloney have each served on the Board for extremely long tenures of over 20 years, and
have both been re-nominated by the Board in apparent contravention of the Company&rsquo;s own director retirement policy set forth in
its Corporate Governance Guidelines. In addition, on top of currently serving as Chair of the Board, Ms. Junck previously served as CEO
and Executive Chair of the Company, while Mr. Moloney currently serves as lead independent director and as a member or Chair of each
of the Board&rsquo;s four main committees. Further, Ms. Junck also serves as Chair of the Executive Committee of the Board, which includes
Mr. Moloney and President and CEO Kevin D. Mowbray. Given their positions on the Board and its committees, Ms. Junck and Mr. Moloney
exercise a high degree of control over the Board and, when coupled with their excessively lengthy tenures, we believe Ms. Junck and Mr.
Moloney should bear much of the responsibility for the Company&rsquo;s underperformance and entrenched governance practices. </FONT></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"><FONT STYLE="font-weight: normal">We
note that the Company&rsquo;s Corporate Governance Guidelines include a director retirement policy effective if a director would be age
70 or older at the time of the election, subject to waiver in &ldquo;extraordinary circumstances&rdquo;. Both Ms. Junck and Mr. Moloney
will be at or past the retirement age at the time of the Annual Meeting, however, despite their re-nomination being in clear contravention
of the Company&rsquo;s own policies, the Company has decided to re-nominate both of these directors and has not provided a clear explanation
as to what &ldquo;extraordinary circumstances&rdquo; warrant their continued service on the Board. This appears to be yet another tool
for this entrenched Board to maintain the status quo in defiance of the stockholder franchise and we question the Board&rsquo;s decision
to re-nominate Ms. Junck and Mr. Moloney given the clear retirement policy set forth in the Company&rsquo;s Corporate Governance Guidelines.
We further question the ability of the Board to genuinely and independently review the merits of Ms. Junck&rsquo;s and Mr. Moloney&rsquo;s
continued service given their high degree of control over the Board relating to their lengthy tenures and current positions on the Board&rsquo;s
key committees, and as Chairman and Lead Independent Director, respectively. </FONT></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">Further, we note that,
based on publicly available information, neither Ms. Junck nor Mr. Moloney has personally purchased a single share of the Company for
more than a decade, since 2011 and 2008, respectively. Instead, the vast majority of their LEE holdings were acquired via equity awards
granted during their service as directors and/or employees. Accordingly, we question their continued personal commitment to the Company
and whether their economic interests are truly aligned with and acting in the best interest of stockholders.</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"> <FONT STYLE="font-weight: normal">With
long-tenured directors, like Ms. Junck and Mr. Moloney, occupying almost all of the leadership positions in the boardroom, we do not
believe the Board is capable of providing appropriate independent oversight of management and serving its critical accountability function.
For these reasons, among others, we believe stockholders should send a message to the Board by voting withhold on Ms. Junck and Mr. Moloney
at the Annual Meeting. </FONT> </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">Under Lee&rsquo;s Second
Amended and Restated By-laws (the &ldquo;Bylaws&rdquo;), in an uncontested election of directors, each director&rsquo;s election requires
the vote of a majority of the votes cast with respect to that director. <B>Of note, the Bylaws also contain a director resignation policy
for uncontested elections, whereby any incumbent director up for re-election that doesn&rsquo;t receive a majority of votes cast for
their re-election must submit their resignation to the Board</B>. The Nominating and Corporate Governance Committee will make a recommendation
to the Board on whether to accept or reject the resignation, or whether other action should be taken. The Board will act on the Nominating
and Corporate Governance Committee&rsquo;s recommendation and publicly disclose its decision and the rationale behind it within 90 days
from the date of the certification of the election results.</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"></P>

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<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"> Opportunities previously
nominated director candidates in November 2021, which the Company invalidated in December 2021 and, following a lawsuit, in February
2022, the Delaware Court of Chancery ruled in favor of the Company. However, in yet another attempt to further entrench the Board, the
Company has taken the position that, even though its nominees are running unopposed, the election of directors at the Annual Meeting
is &ldquo;contested,&rdquo; meaning directors are elected by a plurality of the votes cast and the director resignation policy does not
apply. We cannot understand how the Company could make this determination that the election of directors is &ldquo;contested&rdquo; when
the Company invalidated our director nominees more than two months ago on December 3, 2021. Under the current plurality vote standard,
with no opposition, Ms. Junck and Mr. Moloney will be re-elected to the Board even if they are to receive <B><I><U>just one vote each</U></I></B>.
This flies in the face of best governance practices and corporate democracy and disenfranchises all of Lee&rsquo;s stockholders. </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"> If any of the Company&rsquo;s
nominees are re-elected under the current plurality vote standard, but fail to receive a majority of the votes cast for his or her election,
then we believe it would clearly be inappropriate for any such director to continue to serve on the Board. In our view, such director&rsquo;s
continued service on the Board would be an egregious violation of best governance practices, and in direct opposition to the will of
the stockholders. However, if any of the Company&rsquo;s nominees are elected under the current plurality voting standard, the determination
whether to resign ultimately rests with them alone. Accordingly, there is no guarantee that any of the Company&rsquo;s nominees would
resign if they fail to receive a majority of the votes cast at the Annual Meeting. </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"> We have filed a lawsuit
in the Delaware Court of Chancery to litigate the plurality voting standard currently applicable at the Annual Meeting (in favor of a
majority voting standard) and moved to expedite to determine what the proper voting standard at the Annual Meeting should be. The outcome
of this litigation may affect certain disclosure in this Proxy Statement. As part of our lawsuit, we have asked the Court to order the
Company to delay the Annual Meeting to allow both the Company and us to make the necessary edits to our proxy materials to reflect the
proper voting standard for the election of directors. Accordingly, we intend to update or supplement our proxy materials and proxy card
as necessary to inform stockholders on the outcome of the litigation so that stockholders will have sufficient time to submit a new proxy
card should the voting standard of the election of director&rsquo;s change prior to the Annual Meeting. </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"> We urge you to carefully
consider the information contained in the accompanying Proxy Statement and support our efforts by signing, dating and returning the enclosed
<B>BLUE</B> proxy card today to <B>WITHHOLD</B> your vote on the re-election of Ms. Junck and Mr. Moloney. The accompanying Proxy Statement
and the enclosed <B>BLUE</B> proxy card are first being mailed to stockholders on or about ______, 2022. </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">If you have already voted
for the Company&rsquo;s nominees, you have every right to change your vote by signing, dating and returning a later dated <B>BLUE</B>
proxy card or by voting in person at the Annual Meeting.</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">If you have any questions
or require any assistance with your vote, please contact <FONT STYLE="font-size: 10pt">Innisfree M&amp;A Incorporated (&ldquo;Innisfree&rdquo;)</FONT>,
which is assisting us, at its address and toll-free numbers listed below.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"></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="width: 50%">&nbsp;</TD>
  <TD STYLE="width: 50%"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Thank you for your support,<BR>
<BR>
<BR>
</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Strategic Investment Opportunities LLC</P>
</TD></TR>
</TABLE>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<DIV STYLE="border: Black 1pt solid; padding: 0in">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>If you have any questions, require assistance
in voting your <B>BLUE</B> proxy card,</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>or need additional copies of our proxy materials,</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>please contact Innisfree at the phone numbers
listed below.</I></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"><FONT STYLE="font-size: 10pt"><I><IMG SRC="image_001.jpg" ALT="rId10" STYLE="height: 48px; width: 204px"></I></FONT></P>

<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"><I>Innisfree M&amp;A Incorporated</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>501 Madison Avenue, 20th floor</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>New York, New York 10022</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>Stockholders may call toll free: (866) 239-1762</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>Banks and Brokers may call collect: (212) 750-5833</I></P>

</DIV>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: red">REVISED PRELIMINARY
COPY SUBJECT TO COMPLETION<BR>
DATED FEBRUARY 22, 2022 </FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;<FONT STYLE="color: red"><BR>
</FONT><BR>
2022 ANNUAL MEETING OF STOCKHOLDERS<BR>
OF<BR>
LEE ENTERPRISES, INCORPORATED<BR>
_________________________<BR>
<BR>
PROXY STATEMENT<BR>
OF<BR>
STRATEGIC INVESTMENT OPPORTUNITIES LLC<BR>
_________________________<BR>
<BR>
PLEASE SIGN, DATE AND MAIL THE ENCLOSED PROXY CARD TODAY</P>

<P STYLE="font: bold 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: justify; text-indent: 0.5in"><FONT STYLE="font-weight: normal">Strategic
Investment Opportunities LLC (&ldquo;Opportunities&rdquo;), an affiliate of Alden Global Capital, LLC (&ldquo;Alden&rdquo;) and the other
participants in this solicitation (collectively, the &ldquo;Stockholder Group&rdquo; or &ldquo;we&rdquo;) are significant stockholders
of Lee Enterprises, Incorporated, a Delaware corporation (&ldquo;Lee&rdquo; or the &ldquo;Company&rdquo;), and beneficially own in the
aggregate 371,117 shares of common stock, $0.01 par value per share (the &ldquo;Common Stock&rdquo;), of the Company, constituting approximately
6.2% of the shares of Common Stock outstanding.</FONT></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">This Proxy Statement and the
enclosed <B>BLUE</B> proxy card are first being mailed to stockholders on or about ____________, 2022.</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">As a significant investor
in American newspapers, with platforms including MediaNews Group, Inc. and Tribune Publishing Company, and as a long-term investor in
the Company, we have demonstrated a long-standing commitment to investment in the local newspaper business and serving communities with
robust independent journalism over the long term. We believe the Company and its news and information platform have untapped potential
and, with <I>the right</I> enhanced strategy and improved leadership, can provide significant value for stockholders while improving
the quality of journalism for readers and subscribers. Unfortunately, the current Board of Directors&rsquo; (the &ldquo;Board&rdquo;)
decision to prioritize their own interests over the interests of the Company and its stockholders by invalidating our highly qualified
director nominees confirms our belief that the current Board lacks the commitment to good corporate governance and has very little, if
any, regard for the stockholder franchise. <FONT STYLE="background-color: white">Accordingly, we believe that meaningful change to the
composition of the Board is necessary to ensure that the Company is run in a manner consistent with the best interests of Lee&rsquo;s
stockholders.</FONT></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"> We are therefore seeking
your support at the Company&rsquo;s 2022 annual meeting of stockholders scheduled to be held on March 10, 2022, at 9:00 a.m., central
time, at 4620 E. 53<SUP>rd</SUP> Street, Room 120, Davenport, Iowa 52807 (including any adjournments, postponements or continuations
thereof and any meeting which may be called in lieu thereof, the &ldquo;Annual Meeting&rdquo;), to vote <B>WITHHOLD</B> on the election
of directors Mary E. Junck and Herbert W. Moloney III (the &ldquo;Lee Withhold Nominees&rdquo;) to the Board. </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"></P>

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<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">Our <B>BLUE</B> proxy
card will also allow stockholders to vote on the following proposals under consideration at the 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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The
                                            Company&rsquo;s proposal to ratify the selection of BDO USA, LLP (&ldquo;BDO&rdquo;) as the
                                            Company&rsquo;s independent registered public accounting firm for the fiscal year ending
                                            September 25, 2022; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Such
                                            other business that is properly brought before the Annual Meeting.</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; text-indent: 0.5in"> The Company has a classified
Board that is currently composed of eight directors divided into three classes, with directors elected for staggered terms of three years.
Based on publicly available information, the terms of three directors currently serving on the Board will expire at the Annual Meeting.
Through this Proxy Statement, we are soliciting proxies to vote <B>WITHHOLD</B> on the Lee Withhold Nominees. The names, backgrounds
and qualifications of the Company&rsquo;s nominees, and other information about them, can be found in the Company&rsquo;s proxy statement. </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"> As of the date of this
Proxy Statement, the Participants (as defined below) collectively beneficially own 371,117 shares of Common Stock (the &ldquo;Stockholder
Group Shares&rdquo;). The Participants intend to vote the Stockholder Group Shares to <B>WITHHOLD</B> on the election of the Lee Withhold
Nominees and <B>FOR</B> the Company&rsquo;s proposal to ratify the selection of BDO as the Company&rsquo;s independent registered public
accounting firm for fiscal year 2022. Stockholders should understand, however, that all shares of Common Stock represented by the enclosed
<B>BLUE</B> proxy card will be voted at the Annual Meeting as marked and, in the absence of specific instructions, will be voted in accordance
with Opportunities&rsquo; recommendations and voting instructions specified herein and in accordance with the discretion of the persons
named on the <B>BLUE</B> proxy card with respect to any other matters that may be voted upon at the Annual Meeting. Please see the &ldquo;Voting
and Proxy Procedures&rdquo; section of this Proxy Statement and the <B>BLUE</B> proxy card for additional detail. </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"> Please note that the Lee
Withhold Nominees are not the nominees of Opportunities and have not consented to be named in this Proxy Statement. Because the Lee Withhold
Nominees are not Opportunities&rsquo; nominees and have not consented to be named in this Proxy Statement, they are not participants
in this solicitation. We can provide no assurance that any of the Lee Withhold Nominees will serve as directors if elected or that any
of the Lee Withhold Nominees will submit their resignations if they are elected by a plurality of the votes cast, but fail to receive
a majority. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">According to the Company&rsquo;s
proxy statement, the Company has set the close of business on January 12, 2022 as the record date for determining stockholders entitled
to notice of and to vote at the Annual Meeting (the &ldquo;Record Date&rdquo;). The mailing address of the principal executive offices
of the Company is 4600 E 53<SUP>rd</SUP> Street, Davenport, Iowa, 52807. Stockholders of record at the close of business on the Record
Date will be entitled to vote at the Annual Meeting. According to the Company, as of the Record Date, there were 5,874,189 shares of Common
Stock outstanding.</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">MNG Enterprises, Inc. (&ldquo;MNG
Enterprises&rdquo;), an affiliate of Alden, and certain of its and Alden&rsquo;s other affiliates, operate in the same business sector
as the Company. However, we do not believe that any of MNG Enterprises, Alden, or any of their respective subsidiaries is a competitor
of the Company, as none of the foregoing operates in the same local or regional markets as the Company for subscribers and/or advertisement
sales.</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"></P>

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<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">As discussed in more detail
elsewhere in this Proxy Statement, Alden, which, together with certain affiliates, collectively beneficially owns 6.2% of the Company&rsquo;s
common stock, previously submitted a non-binding proposal to acquire the Company. The proposal was rejected by the Board (without any
engagement with Alden) and there is no other offer currently pending from Alden or its affiliates. Since the Board has rejected the offer,
no Participant nor any of their respective affiliates or associates has a material interest in the matters to be acted upon at the Annual
Meeting (other than in their capacities as stockholders of the Company). However, depending on various factors, including, without limitation,
Lee&rsquo;s financial position and strategic direction, actions taken by the Board, price levels of Lee&rsquo;s securities, conditions
in the securities market and general economic and industry conditions, Alden or its affiliates may consider submitting a revised non-binding
proposal to acquire the Company on such terms as it deems advisable based on, among other things, the foregoing factors.</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">THIS SOLICITATION IS BEING
MADE BY THE STOCKHOLDER GROUP AND NOT ON BEHALF OF THE BOARD OR MANAGEMENT OF THE COMPANY. WE ARE NOT AWARE OF ANY OTHER MATTERS TO BE
BROUGHT BEFORE THE ANNUAL MEETING OTHER THAN AS SET FORTH IN THIS PROXY STATEMENT. SHOULD OTHER MATTERS, WHICH WE ARE NOT AWARE OF A REASONABLE
TIME BEFORE THIS SOLICITATION, BE BROUGHT BEFORE THE ANNUAL MEETING, THE PERSONS NAMED AS PROXIES IN THE ENCLOSED <B>BLUE</B> PROXY CARD
WILL VOTE ON SUCH MATTERS IN THEIR DISCRETION.</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"> WE URGE YOU TO SIGN, DATE
AND RETURN THE ENCLOSED PROXY CARD TO VOTE <B>WITHHOLD</B> ON THE ELECTION OF <B>MARY E. JUNCK AND HERBERT W. MOLONEY III</B> TO THE
BOARD AT THE ANNUAL MEETING. </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">IF YOU HAVE ALREADY SENT A
PROXY CARD FURNISHED BY THE COMPANY, YOU MAY REVOKE THAT PROXY AND VOTE ON EACH OF THE PROPOSALS DESCRIBED IN THIS PROXY STATEMENT BY
SIGNING, DATING AND RETURNING THE ENCLOSED <B>BLUE</B> PROXY CARD. THE LATEST DATED PROXY IS THE ONLY ONE THAT COUNTS. ANY PROXY MAY BE
REVOKED AT ANY TIME PRIOR TO THE ANNUAL MEETING BY DELIVERING A WRITTEN NOTICE OF REVOCATION OR A LATER DATED PROXY FOR THE ANNUAL MEETING
OR BY VOTING AT THE ANNUAL MEETING.</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: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Important Notice Regarding the Availability
of Proxy Materials for the Annual Meeting&mdash;This Proxy Statement and our proxy card are available at</P>

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

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

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

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

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

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

<P STYLE="font: bold 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: justify; text-indent: 0.5in"> <B>Your vote is important,
no matter how few shares of Common Stock you own. We urge you to sign, date, and return the enclosed BLUE proxy card today to vote WITHHOLD
on the election of Mary E. Junck and Herbert W. Moloney III and in accordance with our recommendations on the other proposal(s) on the
agenda for the Annual Meeting.</B> </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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">If your shares of Common Stock are registered in your own name, please sign and date the enclosed <B>BLUE
</B>proxy card and return it to us, <FONT STYLE="font-size: 10pt">c/o Innisfree M&amp;A Incorporated (&ldquo;Innisfree&rdquo;)</FONT>,
in the enclosed postage-paid envelope today.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">If your shares of Common Stock are held in a brokerage account or bank, you are considered the beneficial
owner of the shares of Common Stock, and these proxy materials, together with a <B>BLUE</B> voting form, are being forwarded to you by
your broker or bank. As a beneficial owner, if you wish to vote, you must instruct your broker, trustee or other representative how to
vote. Your broker cannot vote your shares of Common Stock on your behalf without your instructions. As a beneficial owner, you may vote
the shares at the Annual Meeting only if you obtain a legal proxy from the broker or bank giving you the rights to vote the shares.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Depending upon your broker or custodian, you may be able to vote either by toll-free telephone or by the
Internet. Please refer to the enclosed voting form for instructions on how to vote electronically. You may also vote by signing, dating
and returning the enclosed voting form.</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; text-indent: 0.5in">Since only your latest
dated proxy card will count, we urge you not to return any proxy card you receive from the Company. Even if you return the Company proxy
card marked &ldquo;withhold&rdquo; as a protest against the incumbent directors, it will revoke any proxy card you may have previously
sent to us. So please make certain that the latest dated proxy card you return is the <B>BLUE</B> proxy card.</P>

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

<DIV STYLE="border: Black 1pt solid; padding: 0in">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>If you have any questions, require assistance
in voting your <B>BLUE </B>proxy card, </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>or need additional copies of our proxy materials,
</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>please contact Innisfree at the phone numbers
listed below.</I></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"><FONT STYLE="font-size: 10pt"><I><IMG SRC="image_001.jpg" ALT="rId10" STYLE="height: 48px; width: 204px"></I></FONT></P>

<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"><I>Innisfree M&amp;A Incorporated</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>501 Madison Avenue, 20th floor</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>New York, New York 10022</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>Stockholders may call toll free: (866) 239-1762</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>Banks and Brokers may call collect: (212) 750-5833</I></P>

</DIV>

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

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

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

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

<P STYLE="font: bold 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: justify; text-indent: 0in">The following is a chronology
of material events leading up to this proxy solicitation:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">On
                                            January 29, 2020, Opportunities, a Delaware limited liability company, MNG Enterprises, a
                                            Delaware corporation, MNG Investment Holdings, LLC, a Delaware limited liability company
                                            (&ldquo;MNG Holdings&rdquo;), Alden, a Delaware limited liability company, and Heath Freeman
                                            (collectively, &ldquo;MNG&rdquo;), filed an initial Schedule 13D, disclosing its ownership
                                            of 5.9% of the outstanding Common Stock.</P></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">On June 10, 2020, MNG filed Amendment No. 1 to its Schedule 13D, disclosing its ownership of 7.2% of the
outstanding Common Stock.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">On November 22, 2021, Alden delivered a letter to the Board including a non-binding proposal to acquire
the Company for $24.00 per share in cash (the &ldquo;Alden Proposal&rdquo;), representing a 30% premium over the closing share price for
the Common Stock of $18.49 on Friday, November 19, 2021 (the last trading day prior to the public announcement of Alden&rsquo;s non-binding
proposal). On the same date, Alden also issued a press release including a copy of the Alden Proposal.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">On November 22, 2021, the Company issued a press release confirming its receipt of the Alden Proposal.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">On
                                            November 22, 2021, Opportunities delivered a letter to the Company&rsquo;s Secretary and
                                            General Counsel requesting the form of questionnaire and written representation and agreement
                                            (collectively, the &ldquo;Nominee Forms&rdquo;) purportedly required under the Bylaws in
                                            connection with a stockholder nomination of candidates for election to the Board.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">On November 23, 2021, the Company sent a letter to our counsel denying our request for the Nominee Forms
on the grounds that we were not a stockholder of record of the Company.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">On November 23, 2021, MNG filed Amendment No. 2 to its Schedule 13D, disclosing its ownership of 6.1%
of the outstanding Common Stock and the delivery of the Alden Proposal to the Company.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">On November 24, 2021, the Company implemented a shareholder rights plan (commonly referred to as a &ldquo;poison
pill&rdquo;) designed to deter any stockholder from acquiring beneficial ownership of 10% or more of the Common Stock outstanding (subject
to certain exceptions), with a term expiring on November 23, 2022. The Company also issued a press release announcing the adoption of
the poison pill and stating that the poison pill was adopted in response to the Alden Proposal.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">On November 26, 2021, Opportunities delivered a nomination notice to the Company, nominating three candidates
for election to the Board (the &ldquo;Nomination Notice&rdquo;). Alden also issued a press release announcing its delivery of the Nomination
Notice, and expressing its hope that the Board would engage meaningfully and expeditiously with Alden regarding the Alden Proposal and
that a proxy contest at the Annual Meeting would prove unnecessary.</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-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">On
                                            November 29, 2021, MNG filed Amendment No. 3 to its Schedule 13D, disclosing its ownership
                                            of 6.3% of the outstanding Common Stock and the delivery of the Nomination Notice to the
                                            Company by Opportunities.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">On November 29, 2021, the Company issued a press release acknowledging its receipt of the Nomination Notice.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">On December 3, 2021, counsel to the Company delivered a letter to Opportunities stating that the Nomination
Notice and the director candidate nominations made thereunder were invalid. The letter stated that the purported grounds for the invalidation
of the Nomination Notice included that (1) the record holder of the shares beneficially owned by Opportunities, Cede &amp; Co. (the name
used by The Depository Trust Company when it holds the shares on behalf of banks and brokers, which in turn hold shares on behalf of their
clients), allegedly did not comply with certain of the Company&rsquo;s nomination notice requirements, and (2) the Nomination Notice did
not include the Nominee Forms, which the Company had refused to provide upon our request. The Company also issued a press release announcing
that it had determined that the Nomination Notice was invalid.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">On December 9, 2021, the Company issued a press release announcing that the Board rejected the Alden Proposal.
The Company did not engage with us in any manner regarding the Alden Proposal prior to such announcement, or since such announcement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">On December 15, 2021, Opportunities filed a complaint against the Company in the Court of Chancery of
the State of Delaware seeking, among other things, a finding that the Nomination Notice complies with the nomination notice requirements
set forth in Bylaws (to the extent they are valid and enforceable) and a declaration that the nominees included in the Nomination Notice
are permitted to stand for election at the Annual Meeting (the &ldquo;Opportunities Complaint&rdquo;).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">On
                                            December 16, 2021, MNG filed Amendment No. 4 to its Schedule 13D disclosing its ownership
                                            of 6.3% of the outstanding Common Stock and the filing of the Opportunities Complaint.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">On January 14, 2022, the Company filed its preliminary proxy statement with respect to the Annual Meeting
with the SEC.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">On January 24, 2022, the Company filed its definitive proxy statement with respect to the Annual Meeting
with the SEC.</TD></TR></TABLE>

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

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">On
                                            January 27, 2022, Opportunities delivered a letter to the Company withdrawing the nomination
                                            of Carlos Salas, one of its original Board candidates, in light of the decision by Opportunities
                                            to focus its proxy contest efforts on the replacement of two of the Company&#8217;s director
                                            nominees, Ms. Junck and Mr. Moloney, both of whom are extremely long-tenured and have been
                                            re-nominated in apparent contravention of the Company&#8217;s director retirement policy,
                                            and whom Opportunities believes should be held accountable for the Company&#8217;s poor corporate
                                            governance practices and significant underperformance since the acquisition of Berkshire
                                            Hathaway's BH Media Group publications in March 2020.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">On
                                            January 27, 2022, the Stockholder Group filed its preliminary proxy statement.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"> On
                                            February 8, 2022, the Stockholder Group filed a revised preliminary proxy statement. </TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"> On
                                            the evening of February 14, 2022, the Delaware Court of Chancery ruled that Opportunities
                                            did not meet the requirements under the Bylaws to nominate director candidates at the Annual
                                            Meeting and, therefore, Opportunities&rsquo; nominees could not stand for election at the
                                            Annual Meeting. </TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"> On
                                            February 16, 2022, following the Delaware Court of Chancery&rsquo;s ruling that Opportunities&rsquo;
                                            nominees could not stand for election at the Annual Meeting, the Stockholder Group filed
                                            a revised preliminary proxy statement with the intention of, upon the filing of a definitive
                                            proxy statement, soliciting votes from the Company&rsquo;s stockholders in opposition to
                                            the election of Mary E. Junck and Herbert W. Moloney III. </TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.25in"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Symbol">&middot;</FONT> </TD><TD STYLE="text-align: justify"> Also
                                            on February 16, 2022, Opportunities delivered a letter to the Company&rsquo;s Board highlighting
                                            there serious concerns regarding the plurality vote standard at the Annual Meeting. Specifically,
                                            Opportunities stated that it was equally concerned and confused by the Company&rsquo;s determination
                                            that the election of directors at the annual meeting was &ldquo;contested&rdquo; despite
                                            its December 3, 2021 rejection and invalidation of Opportunities&rsquo; nominees and, further,
                                            the Company&rsquo;s failure to revisit the voting standard in light of the Delaware Court&rsquo;s
                                            decision confirming the invalidity of Opportunities&rsquo; nominees. </TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.25in"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Symbol">&middot;</FONT> </TD><TD STYLE="text-align: justify"> On
                                            February 18, 2022, in a letter delivered to Opportunities, the Company stated that the Board
                                            had evaluated Opportunities&rsquo; letter and reaffirmed that the plurality voting standard
                                            was applicable at the Annual Meeting. </TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.25in"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Symbol">&middot;</FONT> </TD><TD STYLE="text-align: justify"> On
                                            February 21, 2022, Opportunities filed a complaint against the Company in the Court of Chancery
                                            of the State of Delaware seeking, among other things, a finding that the Board breached its
                                            fiduciary duties in determining that the election of directors at the Annual Meeting is &ldquo;contested&rdquo;
                                            and subject to a plurality vote standard as well as a Court order that the meeting is &ldquo;uncontested&rdquo;
                                            a majority vote standard applies to the election of directors. </TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.25in"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Symbol">&middot;</FONT> </TD><TD STYLE="text-align: justify"> On
                                            February 22, 2022, the Stockholder Group filed this revised preliminary proxy statement. </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-top: 0pt; margin-bottom: 0pt"></P>

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

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

<P STYLE="font: bold 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"><B><I>The Stockholder Group Believes That Immediate
Change Is Needed to Refresh the Company&rsquo;s Entrenched, Staggered Board</I></B></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: justify; text-indent: 0.5in"> Opportunities, is a significant
long-term stockholder of the Company, owning approximately 6.2% of the Company&rsquo;s outstanding shares of Common Stock. We believe
the Company and its news and information platform have untapped potential and, with <I>the right</I> enhanced strategy and improved leadership,
can provide significant value for stockholders while improving the quality of journalism for readers and subscribers. <I>Unfortunately,
</I>the current Board of Directors&rsquo; (the &ldquo;Board&rdquo;) apparent decision to prioritize their own interests over the interests
of the Company and its stockholders confirms our belief <FONT STYLE="background-color: white">that the current Board lacks the experience
and commitment to good corporate governance needed to achieve that end.</FONT> We believe that a vote to withhold on the election of
the Lee Withhold Nominees at the Annual Meeting is necessary to send a strong message to the Board that change is urgently needed on
the Board in order to improve the Company&rsquo;s corporate governance, and put the Company on a path toward enhancing value for all
stockholders. </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">The Company has markedly
poor corporate governance in our view. The Company has a classified Board divided into three classes, meaning its directors are only
subject to re-election by stockholders once every three years. The inability of stockholders to elect all directors each year insulates
the Board from appropriate accountability to stockholders and, we believe, has enabled the Board to take actions to further entrench
itself. This includes the Board&rsquo;s recent adoption of a defensive poison pill and its concerning actions that prevented us from
exercising our fundamental rights as a stockholder to nominate and seek the election of candidates to the Board at the Annual Meeting.</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">The Board includes three directors
who have served on the Board for more than 20 years, and a fourth director who has served for over 10 years, each of whom serves in leadership
positions on the Board: Mary Junck, current non-independent Chair, former Company CEO and Chair of the Executive Committee; Herbert Moloney
III, current Lead Director, Chair of the Executive Compensation Committee and member of the Audit Committee, the Nominating and Corporate
Governance Committee and the Executive Committee; Gregory Schermer, former Company employee and Chair of the Nominating and Corporate
Governance Committee; and Brent Magid, Chair of the Audit Committee and member of the Executive Compensation Committee. We believe these
long-tenured directors have significant influence over the Board and the Company through their leadership positions, and their length
of service and prior relationships with the Company outside of their Board service, particularly the three directors who have served for
over 20 years, bring into question the ability of these directors to act in a manner truly independent of management.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">In addition, as shown
in the following table, these directors have presided over years of poor operational and financial performance by the Company.</P>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: #00416A">
    <TD COLSPAN="6" STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white"><B>Cumulative
    Total Stockholder Returns&sup1;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 30%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 16%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 18%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 10%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 14%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 12%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EAEAEA">
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A6A6A6 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Howard
    <BR>
    Acquisition<SUP>2</SUP></B></FONT></TD>
    <TD STYLE="border-bottom: #A6A6A6 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Pulitzer
    <BR>
    Acquisition<SUP>3</SUP></B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>5YR</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>3YR</B></FONT></TD>
    <TD STYLE="border-bottom: #A6A6A6 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Berkshire
    <BR>
    Acquisition<SUP>4</SUP></B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Proxy peer group Average<SUP>5</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">159%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">287%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">40%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(9%)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(6%)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">S&amp;P 500 Index</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">506%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">449%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">136%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">84%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">48%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Russell 2000 Index</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">502%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">371%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">90%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">63%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">45%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #DDEAED">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>LEE</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(94%)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(95%)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(39%)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(20%)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(12%)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-top: #A6A6A6 1pt solid; border-left: #A6A6A6 1pt solid"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>LEE
                                            underperformance </I></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>relative to:</I></P></TD>
    <TD STYLE="white-space: nowrap; border-top: #A6A6A6 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #A6A6A6 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #A6A6A6 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #A6A6A6 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #A6A6A6 1pt solid; border-right: #A6A6A6 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-left: #A6A6A6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Proxy
    peer group&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(253%)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(382%)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(79%)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(12%)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #A6A6A6 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(7%)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-left: #A6A6A6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">S&amp;P
    500 Index</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(600%)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(544%)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(175%)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(106%)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #A6A6A6 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(60%)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; border-left: #A6A6A6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Russell
    2000 Index</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(596%)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(465%)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(128%)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(84%)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #A6A6A6 1pt solid; border-bottom: #A6A6A6 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(57%)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 8pt">(1) Total returns
for all periods include dividends, and performance is measured as of November 19, 2021. November 19, 2021 is last trading day prior to
the public disclosure of Alden&rsquo;s non-binding proposal to acquire LEE.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 8pt">(2) Performance measured
since LEE completed acquisition of Howard Publications as of April 1, 2002; Excludes Gannett from Proxy peer group average as it spun
off from TEGNA on June 29, 2015 and excludes DallasNews Corporation formerly known as A. H. Belo Corporation from Proxy peer group average
as it started trading in the public markets on February 11, 2008.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 8pt">(3) Performance measured
since LEE completed acquisition of Pulitzer as of June 3, 2005; Excludes Gannett from Proxy peer group average as it spun off from TEGNA
on June 29, 2015 and excludes DallasNews Corporation formerly known as A. H. Belo Corporation from Proxy peer group average as it started
trading in the public markets on February 11, 2008.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 8pt">(4) Performance measured
since LEE announced acquisition of Berkshire Hathaway Newspaper Operations as of January 29, 2020.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 8pt">(5) Proxy peers include
DallasNews Corporation, Gannett Co. Inc., The New York Times Company, and Sinclair Broadcast Group Inc., as disclosed in LEE's 2020 Proxy
Statement; Excludes McClatchy, Meredith Corp. and Tribune, Inc., as they are privately held companies.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 8pt">Source: S&amp;P Capital
IQ</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Meanwhile, based on publicly
available information, neither Ms. Junck nor Mr. Moloney has personally purchased a single share of the Company for more than a decade,
since 2011 and 2008, respectively. Instead, the vast majority of their LEE holdings were acquired via equity awards granted during their
service as directors and/or employees. Accordingly, we question their continued personal commitment to the Company and whether their
economic interests are truly aligned with and acting in the best interest of stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Further,
the Company&rsquo;s Corporate Governance Guidelines include a director retirement policy effective if a director would be age 70 or older
at the time of the election, subject to waiver in &ldquo;extraordinary circumstances&rdquo;. Both Ms. Junck and Mr. Moloney will be at
or past the retirement age at the time of the Annual Meeting, however, despite their re-nomination being in contravention of the Company&rsquo;s
own policies, the Company has decided to re-nominate both of these directors and has not provided a clear explanation as to what &ldquo;extraordinary
circumstances&rdquo; warrant their continued service on the Board. This appears to be yet another tool for this entrenched Board to maintain
the status quo in defiance of the stockholder franchise and we question the Board&rsquo;s decision to re-nominate Ms. Junck and Mr. Moloney
given the clear retirement policy set forth in the Company&rsquo;s Corporate Governance Guidelines. We further question the ability of
the Board to genuinely and independently review the merits of Ms. Junck&rsquo;s and Mr. Moloney&rsquo;s continued service given their
high degree of control over the Board relating to their lengthy tenures and current positions on the Board&rsquo;s key committees and
as Chairman and Lead Independent Director, respectively.</P>

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

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

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<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">With Ms. Junck and Mr.
Moloney up for election at the Annual Meeting, the Annual Meeting presents the Company&rsquo;s stockholders with a critical opportunity
to signal to the Board that stockholders are incredibly dissatisfied with the status quo and instill a greater sense of accountability
on the Board. The Annual Meeting also presents an opportunity for stockholders to demonstrate their concerns regarding the Company&rsquo;s
operational and financial underperformance. We believe that the Company&rsquo;s subpar performance can, in large part, be directly attributed
to the Company&rsquo;s poor corporate governance practices and the entrenched mindset of the Board, whose efforts to maintain the status
quo have seemed to stand in the way of the Company unlocking its full potential.</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">As stockholders owning approximately
6.2% of the outstanding Common Stock, we have a vested interest in making certain that the right Board is in place &ndash; a Board that
will keep stockholders&rsquo; best interests at the forefront of Boardroom deliberations; a Board that is willing to explore all potential
avenues for maximizing stockholder value; and a Board that is willing to evaluate all strategic alternatives available to the Company
that may deliver value to the stockholders.</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">The Company&rsquo;s Bylaws
contain a director resignation policy in place for uncontested elections, whereby any incumbent director up for re-election that does
not receive a majority of votes cast for their re-election must submit their resignation to the Board. The Nominating and Corporate Governance
Committee will make a recommendation to the Board on whether to accept or reject the resignation, or whether other action should be taken.
The Board will act on the Nominating and Corporate Governance Committee&rsquo;s recommendation and publicly disclose its decision and
the rationale behind it within 90 days from the date of the certification of the election results.</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"> In yet another attempt
to further entrench the Board, the Company has taken the position that, even though its nominees are running unopposed, the election
of directors at the Annual Meeting is &ldquo;contested,&rdquo; meaning directors are elected by a plurality of the votes cast and the
director resignation policy does not apply. We cannot understand how the Company could make this determination that the election of directors
is &ldquo;contested&rdquo; when the Company invalidated our director nominees more than two months ago on December 3, 2021. Under the
current plurality vote standard, with no opposition, Ms. Junck and Mr. Moloney will be re-elected to the Board even if they are to receive
<B><I><U>just one vote each</U></I></B>. This flies in the face of best  governance practices and corporate democracy and disenfranchises all of Lee&rsquo;s stockholders. </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"> Irrespective of the voting
standard actually employed for this year&rsquo;s election of directors, if any of the Company&rsquo;s nominees are re-elected under the
current plurality vote standard, but fail to receive a majority of the votes cast for his or her election, then we believe it would clearly
be inappropriate for any such director to continue to serve on the Board. While we cannot guarantee that any such director would, in
fact, resign, in our view, his or her continued service on the Board would be an egregious violation of best governance practices, and
in direct opposition to the will of the stockholders. To that end, we believe that a vote to <B>WITHHOLD</B> on the election of the Lee
Withhold Nominees is appropriate now more than ever. </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: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PROPOSAL 1<BR>
<BR>
ELECTION OF DIRECTORS</P>

<P STYLE="font: bold 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: justify; text-indent: 0.5in">The Company has a classified
Board that is currently composed of eight directors divided into three classes, with directors elected for staggered terms of three years.
According to the Company&rsquo;s proxy statement for the Annual Meeting, the terms of three directors currently serving on the Board will
expire at the Annual Meeting, and the Company intends to nominate three candidates for election as directors at the Annual Meeting.</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"> For the reasons stated
above, we are seeking your support at the Annual Meeting to vote <B>WITHHOLD</B> on the election of <B>Mary E. Junck and Herbert W. Moloney
III.</B> </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">The Company claims that
the election of directors at the Annual Meeting is a &ldquo;contested election&rdquo; under its Bylaws and, accordingly the Company has
adopted a plurality vote standard for the election of directors at the Annual Meeting. Under the plurality voting provisions of the Bylaws,
directors will be elected by the vote of a plurality of the shares represented in person or by proxy at the Annual Meeting and entitled
to vote on the election of directors. Therefore, the three nominees for director who receive the most votes cast by the shares represented
in person or by proxy at the Annual Meeting and entitled to vote in the election will be elected at the Annual Meeting.</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">Please note that the Lee
Withhold Nominees are not the nominees of the Stockholder Group, have not consented to be named in these proxy materials, and are the
nominees of Lee. Because the Lee Withhold Nominees are not the Stockholder Group&rsquo;s nominees and have not consented to be named
in this proxy statement, they are not participants in this solicitation. We can provide no assurance that any of the Lee Withhold Nominees
will serve as directors if elected. The names, backgrounds and qualifications of the Company&rsquo;s nominees, and other information
about them, can be found in the Company&rsquo;s proxy statement.</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: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> WE STRONGLY URGE YOU TO VOTE &ldquo;WITHHOLD&rdquo;
ON THE ELECTION OF MARY E. JUNCK AND HERBERT W. MOLONEY III ON THE ENCLOSED BLUE PROXY CARD. </P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PROPOSAL 2<BR>
<BR>
RATIFICATION OF SELECTION OF BDO USA, LLP AS THE COMPANY&rsquo;S INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</P>

<P STYLE="font: bold 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: justify; text-indent: 0.5in">As discussed in further detail
in the Company&rsquo;s proxy statement, the Audit Committee of the Board (the &ldquo;Audit Committee&rdquo;) has appointed BDO as the
Company&rsquo;s independent registered public accounting firm for the Company&rsquo;s fiscal year 2022.</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">According to the Company&rsquo;s
proxy statement, the Bylaws do not require that the Company&rsquo;s stockholders ratify the appointment of BDO as the Company&rsquo;s
independent registered public accounting firm, but the Board is requesting the stockholders to ratify this appointment as a means of soliciting
stockholders&rsquo; opinions and as a matter of good corporate practice. According to the Company&rsquo;s proxy statement, if the stockholders
do not ratify the appointment, the Audit Committee will consider any information submitted by the stockholders in determining whether
to retain BDO as the Company&rsquo;s independent registered public accounting firm for 2022. Even if the appointment is ratified, the
Audit Committee, in its discretion, may change the appointment at any time during the year if it determines that a change would be in
the best interests of the Company and its stockholders.</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: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">WE MAKE NO RECOMMENDATION WITH RESPECT TO
THE RATIFICATION OF THE SELECTION OF BDO AS THE COMPANY&rsquo;S INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM FOR FISCAL YEAR 2022, AND
INTEND TO VOTE OUR SHARES &ldquo;FOR&rdquo; THIS PROPOSAL.</P>

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

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

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

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

<P STYLE="font: bold 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: justify; text-indent: 0.5in">Only stockholders of record
on the Record Date will be entitled to notice of and to vote at the Annual Meeting. Stockholders who sell their shares of Common Stock
before the Record Date (or acquire them without voting rights after the Record Date) may not vote such shares. Stockholders of record
on the Record Date will retain their voting rights in connection with the Annual Meeting even if they sell such shares after the Record
Date. According to the Company&rsquo;s proxy statement, each share of our Common Stock has one vote on each proposal at the Annual Meeting.</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"> Shares of Common Stock
represented by properly executed <B>BLUE</B> proxy cards will be voted at the Annual Meeting as marked and, in the absence of specific
instructions, will be voted <B>WITHHOLD</B> on the election of the Lee Withhold Nominees and <B>FOR </B>the ratification of BDO as the
Company&rsquo;s independent registered public accounting firm for fiscal year 2022. </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">According to the Company&rsquo;s
proxy statement for the Annual Meeting, the terms of three directors currently serving on the Board will expire at the Annual Meeting,
and the Company intends to nominate three candidates for election as directors at the Annual Meeting. This Proxy Statement does not include
authority to vote for the Lee Withhold Nominees. Should you choose to vote in favor of either of Ms. Junck or Mr. Moloney you must use
the Company&rsquo;s proxy card. Please note that the Lee Withhold Nominees are not the nominees of the Stockholder Group, have not consented
to be named in this Proxy Statement, and are the nominees of Lee. The names, backgrounds and qualifications of the Company&rsquo;s nominees,
and other information about them, can be found in the Company&rsquo;s proxy statement. We can provide no assurance that any of the Lee
Withhold Nominees will serve as directors if elected.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">QUORUM; BROKER NON-VOTES; DISCRETIONARY VOTING</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A quorum is the minimum number
of shares of Common Stock that must be represented at a duly called meeting in person or by proxy in order to legally conduct business
at the meeting. According to the Company&rsquo;s proxy statement, the presence, in person or by proxy, of the holders of at least a majority
of the shares entitled to vote at the Annual Meeting will be considered a quorum for the transaction of business.</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">According to the Company&rsquo;s
proxy statement, abstentions and broker non-votes (if any) are counted as present for purposes of establishing a quorum at the Annual
Meeting. However, if you hold your shares in street name and do not provide voting instructions to your broker, your shares will not be
voted on any proposal on which your broker does not have discretionary authority to vote (a &ldquo;broker non-vote&rdquo;). Under applicable
rules, your broker will not have discretionary authority to vote your shares at the Annual Meeting on any of the proposals.</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">If you are a stockholder of
record or hold your shares in street name, such as in a stock brokerage account or through a bank or other nominee, you may vote in the
following ways: by phone; by internet; by mail or by attending the meeting and voting.</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: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">VOTES REQUIRED FOR APPROVAL</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Election
                                            of Directors</I> &boxh; Under the Bylaws, the Company has adopted a plurality vote standard
                                            for contested director elections and majority vote standard for uncontested director elections.
                                            According to the Company&rsquo;s proxy statement, directors will be elected by the vote of
                                            a plurality of the shares represented in person or by proxy at the Annual Meeting and entitled
                                            to vote on the election of directors. Therefore, the three nominees for director who receive
                                            the most votes cast by the shares represented in person or by proxy at the Annual Meeting
                                            and entitled to vote in the election will be elected at the Annual Meeting.</P>

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

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

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<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"> We have filed a lawsuit
in the Delaware Court of Chancery to litigate the plurality voting standard currently applicable at the Annual Meeting (in favor of a
majority voting standard) and moved to expedite to determine what the proper voting standard at the Annual Meeting should be. The outcome
of this litigation may affect certain disclosure in this Proxy Statement. As part of our lawsuit, we have asked the Court to order the
Company to delay the Annual Meeting to allow both the Company and us to make the necessary edits to our proxy materials to reflect the
proper voting standard for the election of directors. Accordingly, we intend to update or supplement our proxy materials and proxy card
as necessary to inform stockholders on the outcome of the litigation so that stockholders will have sufficient time to submit a new proxy
card should the voting standard of the election of director&rsquo;s change prior to the Annual Meeting. </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"><I>Ratification of the
Selection of Accounting Firm</I> &boxh; According to the Company&rsquo;s proxy statement, the affirmative vote of a majority of the shares
of Common Stock, represented in person or by proxy at the Annual Meeting and entitled to vote on the matter, is required to ratify the
selection of BDO.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under applicable Delaware
law, none of the holders of Common Stock is entitled to appraisal rights in connection with any matter to be acted on at the Annual Meeting.
If you sign and submit your <B>BLUE</B> proxy card without specifying how you would like your shares voted, your shares will be voted
in accordance with Opportunities&rsquo; recommendations specified herein and in accordance with the discretion of the persons named on
the <B>BLUE</B> proxy card with respect to any other matters that may be voted upon at the Annual Meeting.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">REVOCATION OF PROXIES</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> Stockholders of the Company
may revoke their proxies at any time prior to exercise by attending the Annual Meeting and voting (although attendance at the Annual
Meeting will not in and of itself constitute revocation of a proxy) or by delivering a written notice of revocation. The delivery of
a subsequently dated proxy which is properly completed will constitute a revocation of any earlier proxy. The revocation may be delivered
either to Opportunities in care of <FONT STYLE="font-size: 10pt">Innisfree</FONT> at the address set forth on the back cover of this
Proxy Statement or to the Company at 4600 E 53rd Street, Davenport, Iowa, 52807 or any other address provided by the Company. Although
a revocation is effective if delivered to the Company, we request that either the original or photostatic copies of all revocations be
mailed to Opportunities in care of Innisfree at the address set forth on the back cover of this Proxy Statement so that we will be aware
of all revocations and can more accurately determine if and when proxies have been received from the holders of record on the Record
Date of a majority of the shares entitled to be voted at the Annual Meeting. Additionally, <FONT STYLE="font-size: 10pt">Innisfree</FONT>
may use this information to contact stockholders who have revoked their proxies in order to solicit later dated proxies for a vote to
withhold on the Lee Withhold Nominees. </P>

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

<P STYLE="text-align: center; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt"> <B>IF YOU WISH TO VOTE
WITHHOLD ON THE ELECTION OF MARY E. JUNCK AND HERBERT W. MOLONEY III TO THE BOARD, PLEASE SIGN, DATE AND RETURN PROMPTLY THE ENCLOSED
<U>BLUE </U>PROXY CARD IN THE POSTAGE-PAID ENVELOPE PROVIDED.</B> </P>

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

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

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

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

<P STYLE="font: bold 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: justify; text-indent: 0.5in">Proxies may be solicited
by mail, facsimile, telephone, electronic mail, in person and by advertisements. Solicitations may also be made by certain of the respective
directors, officers, members and employees of the Stockholder Group (as applicable), none of whom will, except as described elsewhere
in this Proxy Statement, receive additional compensation for such solicitation.</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"> Opportunities has entered
into an agreement with Innisfree for solicitation and advisory services in connection with this solicitation, for which Innisfree will
receive a fee not to exceed $300,000, together with reimbursement for its reasonable out-of-pocket expenses, and will be indemnified
against certain liabilities and expenses, including certain liabilities under the federal securities laws. Innisfree will solicit proxies
from individuals, brokers, banks, bank nominees and other institutional holders. Opportunities has requested banks, brokerage houses
and other custodians, nominees and fiduciaries to forward all solicitation materials to the beneficial owners of the shares of Common
Stock on whose behalf they hold shares. Opportunities will reimburse these record holders for their reasonable out-of-pocket expenses
in so doing. It is anticipated that Innisfree will employ approximately 20 persons to solicit stockholders for the Annual Meeting. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The entire expense of soliciting
proxies is being borne by Opportunities. Costs of this solicitation of proxies are currently estimated to be approximately $___________
(including, but not limited to, fees for attorneys, solicitors and other advisors, and other costs incidental to the solicitation). Opportunities
estimates that through the date of this Proxy Statement its expenses in connection with this solicitation are approximately $___________.
To the extent legally permissible, if Opportunities is successful in its proxy solicitation, Opportunities intends to seek reimbursement
from the Company for the expenses it incurs in connection with this solicitation. Opportunities does not intend to submit the question
of such reimbursement to a vote of security holders of the Company.</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: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ADDITIONAL PARTICIPANT INFORMATION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The
                                            participants in the solicitation are anticipated to be Opportunities, MNG Enterprises, MNG
                                            Holdings, Alden and Heath Freeman (each, a &ldquo;Participant&rdquo; and collectively, the
                                            &ldquo;Participants&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The principal business of
Opportunities is investing in securities and related instruments. The principal business of MNG Enterprises is to serve as the parent
company and manager of MediaNews Group, Inc., a leading newspaper publisher in local, multi-platform news and information. The principal
business of MNG Holdings is to serve as the managing member of Opportunities. The principal business of Alden is investment management.
The principal occupation of Mr. Freeman is serving as the President of Alden.</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">The principal business address
of each of Opportunities, MNG Enterprises and MNG Holdings is 5990 Washington Street, Denver, Colorado 80216. The principal business address
of each of Alden and Mr. Freeman is 777 South Flagler Drive, Suite 800W, West Palm Beach, Florida 33401.</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"></P>

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<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">Mr. Freeman is a citizen of
the United States of America.</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">See Schedule III for information
regarding the executive officers and directors of MNG Enterprises, MNG Holdings, Opportunities and Alden.</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">As of the date of this Proxy
Statement, Opportunities directly beneficially owns 371,117 shares of Common Stock. MNG Holdings, as the managing member of Opportunities,
may be deemed the beneficial owner of the 371,117 shares of Common Stock owned directly by Opportunities. MNG Enterprises, as the sole
member of MNG Holdings, may be deemed the beneficial holder of the 371,117 shares of Common Stock owned directly by Opportunities. Alden,
as the investment manager of funds that collectively hold a majority voting interest in MNG Enterprises, may be deemed the beneficial
owner of the 371,117 shares of Common Stock owned directly by Opportunities. Mr. Freeman, as the President of Alden, may be deemed the
beneficial owner of the 371,117 shares of Common Stock owned directly by Opportunities.</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">The members of MNG may be
deemed to be a member of a &ldquo;group&rdquo; with the other respective members therein for the purposes of Section 13(d)(3) of the Exchange
Act, and such group may be deemed to beneficially own the 371,117 shares of Common Stock beneficially owned in the aggregate by all of
the Participants. Each of the Participants disclaims beneficial ownership of shares of Common Stock that he, she or it does not directly
own. For information regarding transactions in the securities of the Company during the past two years by the Participants, please see
<U>Schedule I</U>.</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">The shares of Common Stock
purchased by Opportunities were purchased with working capital.</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">Except as set forth in this
Proxy Statement (including the Schedules hereto), (i) during the past 10 years, no Participant has been convicted in a criminal proceeding
(excluding traffic violations or similar misdemeanors); (ii) no Participant directly or indirectly beneficially owns any securities of
the Company; (iii) no Participant owns any securities of the Company which are owned of record but not beneficially; (iv) no Participant
has purchased or sold any securities of the Company during the past two years; (v) no part of the purchase price or market value of the
securities of the Company owned by any Participant is represented by funds borrowed or otherwise obtained for the purpose of acquiring
or holding such securities; (vi) no Participant is, or within the past year was, a party to any contract, arrangements or understandings
with any person with respect to any securities of the Company, including, but not limited to, joint ventures, loan or option arrangements,
puts or calls, guarantees against loss or guarantees of profit, division of losses or profits, or the giving or withholding of proxies;
(vii) no associate of any Participant owns beneficially, directly or indirectly, any securities of the Company; (viii) no Participant
owns beneficially, directly or indirectly, any securities of any parent or subsidiary of the Company; (ix) no Participant or any of his,
her or its associates was a party to any transaction, or series of similar transactions, since the beginning of the Company&rsquo;s last
fiscal year, or is a party to any currently proposed transaction, or series of similar transactions, to which the Company or any of its
subsidiaries was or is to be a party, in which the amount involved exceeds $120,000; (x) no Participant or any of his, her or its associates
has any arrangement or understanding with any person with respect to any future employment by the Company or its affiliates, or with respect
to any future transactions to which the Company or any of its affiliates will or may be a party; (xi) no Participant has a substantial
interest, direct or indirect, by securities holdings or otherwise, in any matter to be acted on at the Annual Meeting; (xii) no Participant
holds any positions or offices with the Company; (xiii) no Participant has a family relationship with any director, executive officer,
or person nominated or chosen by the Company to become a director or executive officer; and (xiv) no companies or organizations, with
which any of the Participants has been employed in the past five years, is a parent, subsidiary or other affiliate of the Company. There
are no material proceedings to which any Participant or any of his, her or its associates is a party adverse to the Company or any of
its subsidiaries or has a material interest adverse to the Company or any of its subsidiaries. With respect to each of the Participants,
none of the events enumerated in Item 401(f)(1)-(8) of Regulation S-K of the Exchange Act occurred during the past 10 years.</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"></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">OTHER MATTERS AND ADDITIONAL INFORMATION</P>

<P STYLE="font: bold 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: justify; text-indent: 0.5in">We are unaware of any other
matters to be considered at the Annual Meeting. However, should other matters, which we are not aware of at a reasonable time before this
solicitation, be brought before the Annual Meeting, the persons named as proxies on the enclosed <B>BLUE</B> proxy card will vote on such
matters in their discretion.</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">Some banks, brokers and other
nominee record holders may be participating in the practice of &ldquo;householding&rdquo; proxy statements and annual reports. This means
that only one copy of this Proxy Statement may have been sent to multiple stockholders in your household. We will promptly deliver a separate
copy of the document to you if you write to our proxy solicitor, Innisfree, at the address set forth on the back cover of this Proxy Statement,
or call toll free at (866) 239-1762. If you want to receive separate copies of our proxy materials in the future, or if you are receiving
multiple copies and would like to receive only one copy for your household, you should contact your bank, broker or other nominee record
holder, or you may contact our proxy solicitor at the above address and phone number.</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">The information concerning
the Company and the proposals in the Company&rsquo;s proxy statement contained in this Proxy Statement has been taken from, or is based
upon, publicly available documents on file with the SEC and other publicly available information. Although we have no knowledge that would
indicate that statements relating to the Company contained in this Proxy Statement, in reliance upon publicly available information, are
inaccurate or incomplete, to date we have not had access to the books and records of the Company, were not involved in the preparation
of such information and statements and are not in a position to verify such information and statements. All information relating to any
person other than the Participants is given only to our knowledge.</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">This Proxy Statement is dated
____________, 2022. You should not assume that the information contained in this Proxy Statement is accurate as of any date other than
such date, and the mailing of this Proxy Statement to stockholders shall not create any implication to the contrary.</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: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">STOCKHOLDER PROPOSALS</P>

<P STYLE="font: bold 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: justify; text-indent: 0.5in">According to the Company&rsquo;s proxy statement, proposals of stockholders
in accordance with Rule 14a-8 of the Exchange Act to be presented at the Company&rsquo;s 2023 annual meeting of stockholders (the &ldquo;2023
Annual Meeting&rdquo;) must be submitted to the Company, at the address shown on the cover of the Company&rsquo;s proxy statement, sent
by registered, certified or express mail, to be considered for inclusion in the Company&rsquo;s proxy statement and form of proxy relating
to that meeting by no later than September 26, 2022.</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"></P>

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<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">According to the Company&rsquo;s
proxy statement, under the proxy access provision in the Bylaws, an eligible stockholder or group of up to 20 stockholders owning at least
3% of the Common Stock continuously for three years to nominate up to two individuals or 20% of the Board, whichever is greater, for election
at the 2023 Annual Meeting, and to have those individuals included in the Company&rsquo;s proxy statement for that meeting. If a stockholder
or group of stockholders wishes to nominate one or more director candidates to be included in the Company&rsquo;s proxy statement for
the 2023 Annual Meeting pursuant to these proxy access provisions in Article II, Section 12 of the Bylaws, notice must be received by
the Secretary of the Company at the Company&rsquo;s principal executive offices no earlier than August 26, 2022 and no later than September
26, 2022, and the nomination must otherwise comply with the Bylaws.</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">According to the Company&rsquo;s
proxy statement, stockholders who want to nominate individuals to serve as directors or to bring business before the 2023 Annual Meeting
(other than nominations pursuant to the Company&rsquo;s proxy access bylaw or a stockholder proposal in accordance with Rule 14a-8),
must notify the Secretary of the Company in writing and provide the information required by Article II, Section 2 of the Bylaws. The
notice must be delivered to, or mailed and received at the address of the Company shown on the cover of the Company&rsquo;s proxy statement,
between November 10, 2022 and December 9, 2022.</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">The information set forth
above regarding the procedures for submitting stockholder proposals for consideration at the 2023 Annual Meeting is based on information
contained in the Company&rsquo;s proxy statement and the Bylaws. The incorporation of this information in this Proxy Statement should
not be construed as an admission that such procedures are legal, valid or binding.</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: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CERTAIN ADDITIONAL INFORMATION</P>

<P STYLE="font: bold 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: justify; text-indent: 0.5in">WE HAVE OMITTED FROM THIS
PROXY STATEMENT CERTAIN DISCLOSURE REQUIRED BY APPLICABLE LAW THAT IS EXPECTED TO BE INCLUDED IN THE COMPANY&rsquo;S PROXY STATEMENT RELATING
TO THE ANNUAL MEETING BASED ON OUR RELIANCE ON RULE 14A-5(C) UNDER THE EXCHANGE ACT. THIS DISCLOSURE IS EXPECTED TO INCLUDE, AMONG OTHER
THINGS, CURRENT BIOGRAPHICAL INFORMATION ON THE COMPANY&rsquo;S DIRECTORS AND EXECUTIVE OFFICERS, INFORMATION CONCERNING EXECUTIVE COMPENSATION
AND DIRECTOR COMPENSATION, INFORMATION CONCERNING THE COMMITTEES OF THE BOARD AND OTHER INFORMATION CONCERNING THE BOARD, INFORMATION
CONCERNING CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS, INFORMATION ABOUT THE COMPANY&rsquo;S INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM AND OTHER IMPORTANT INFORMATION. SEE SCHEDULE II FOR INFORMATION REGARDING PERSONS WHO BENEFICIALLY OWN MORE THAN 5% OF THE SHARES
AND THE OWNERSHIP OF THE SHARES BY THE DIRECTORS AND MANAGEMENT OF THE COMPANY</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"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt">&nbsp;</P></DIV>
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<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">The information concerning
the Company contained in this Proxy Statement and the Schedules attached hereto has been taken from, or is based upon, publicly available
information.</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: center; text-indent: 0in">________________</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"> <B>Your vote is important.
No matter how many or how few shares you own, please vote withhold on the Lee Withhold Nominees by marking, signing, dating and mailing
the enclosed BLUE proxy card promptly.</B> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 175.5pt"><B>Strategic Investment Opportunities LLC<BR>
<BR>
_________________, 2022</B></P>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">TRANSACTIONS IN SECURITIES OF THE COMPANY
DURING THE PAST TWO YEARS</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; font-size: 10pt; text-align: center"><U>Nature of the Transaction</U></TD>
    <TD STYLE="width: 33%; font-size: 10pt; text-align: center"><U>Amount of Securities Purchased/(Sold)<SUP>1</SUP></U></TD>
    <TD STYLE="width: 33%; font-size: 10pt; text-align: center"><U>Date of Purchase / Sale</U></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"><B><U>STRATEGIC INVESTMENT OPPORTUNITIES LLC</U></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="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; width: 34%">Purchase of Common Stock</TD>
    <TD STYLE="white-space: nowrap; text-align: center; width: 33%">350,000</TD>
    <TD STYLE="white-space: nowrap; text-align: center; width: 33%">06/05/2020</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="white-space: nowrap">Purchase of Common Stock</TD>
    <TD STYLE="white-space: nowrap; text-align: center">81,700</TD>
    <TD STYLE="white-space: nowrap; text-align: center">06/08/2020</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap">Purchase of Common Stock</TD>
    <TD STYLE="white-space: nowrap; text-align: center">10,700</TD>
    <TD STYLE="white-space: nowrap; text-align: center">06/09/2020</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="white-space: nowrap">Purchase of Common Stock</TD>
    <TD STYLE="white-space: nowrap; text-align: center">80,000</TD>
    <TD STYLE="white-space: nowrap; text-align: center">06/10/2020</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap">Sale of Common Stock</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center">(200)</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center">06/23/2021</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="white-space: nowrap">Sale of Common Stock</TD>
    <TD STYLE="white-space: nowrap; text-align: center">(863)</TD>
    <TD STYLE="white-space: nowrap; text-align: center">06/25/2021</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap">Sale of Common Stock</TD>
    <TD STYLE="white-space: nowrap; text-align: center">(993)</TD>
    <TD STYLE="white-space: nowrap; text-align: center">08/05/2021</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="white-space: nowrap">Sale of Common Stock</TD>
    <TD STYLE="white-space: nowrap; text-align: center">(4,200)</TD>
    <TD STYLE="white-space: nowrap; text-align: center">08/06/2021</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap">Sale of Common Stock</TD>
    <TD STYLE="white-space: nowrap; text-align: center">(1,756)</TD>
    <TD STYLE="white-space: nowrap; text-align: center">08/09/2021</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="white-space: nowrap">Sale of Common Stock</TD>
    <TD STYLE="white-space: nowrap; text-align: center">(1,200)</TD>
    <TD STYLE="white-space: nowrap; text-align: center">08/10/2021</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap">Sale of Common Stock</TD>
    <TD STYLE="white-space: nowrap; text-align: center">(1,700)</TD>
    <TD STYLE="white-space: nowrap; text-align: center">08/11/2021</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="white-space: nowrap">Sale of Common Stock</TD>
    <TD STYLE="white-space: nowrap; text-align: center">(2,880)</TD>
    <TD STYLE="white-space: nowrap; text-align: center">09/14/2021</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap">Sale of Common Stock</TD>
    <TD STYLE="white-space: nowrap; text-align: center">(5,087)</TD>
    <TD STYLE="white-space: nowrap; text-align: center">09/15/2021</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="white-space: nowrap">Sale of Common Stock</TD>
    <TD STYLE="white-space: nowrap; text-align: center">(879)</TD>
    <TD STYLE="white-space: nowrap; text-align: center">09/16/2021</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap">Sale of Common Stock</TD>
    <TD STYLE="white-space: nowrap; text-align: center">(3,000)</TD>
    <TD STYLE="white-space: nowrap; text-align: center">09/20/2021</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="white-space: nowrap">Sale of Common Stock</TD>
    <TD STYLE="white-space: nowrap; text-align: center">(3,923)</TD>
    <TD STYLE="white-space: nowrap; text-align: center">09/21/2021</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap">Sale of Common Stock</TD>
    <TD STYLE="white-space: nowrap; text-align: center">(10,186)</TD>
    <TD STYLE="white-space: nowrap; text-align: center">09/22/2021</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="white-space: nowrap">Sale of Common Stock</TD>
    <TD STYLE="white-space: nowrap; text-align: center">(4,531)</TD>
    <TD STYLE="white-space: nowrap; text-align: center">09/23/2021</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap">Sale of Common Stock</TD>
    <TD STYLE="white-space: nowrap; text-align: center">(2,546)</TD>
    <TD STYLE="white-space: nowrap; text-align: center">09/24/2021</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="white-space: nowrap">Sale of Common Stock</TD>
    <TD STYLE="white-space: nowrap; text-align: center">(7,006)</TD>
    <TD STYLE="white-space: nowrap; text-align: center">09/27/2021</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap">Purchase of Common Stock</TD>
    <TD STYLE="white-space: nowrap; text-align: center">12,097</TD>
    <TD STYLE="white-space: nowrap; text-align: center">11/23/2021</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 3pt; text-align: justify; text-indent: 0in"><B>_____________________________</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><SUP>1</SUP> Transactions set
forth herein occurring prior to March 15, 2021, were effected prior to the Company&rsquo;s 10-1 reverse stock split.</P>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

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

<P STYLE="font: bold 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: justify; text-indent: 0.5in"><B><I>The following table
is reprinted from the Company&rsquo;s definitive proxy statement filed with the Securities and Exchange Commission on January 24, 2022.</I></B></P>

<P STYLE="font: italic bold 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>VOTING SECURITIES AND PRINCIPAL HOLDERS THEREOF</B></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: justify; text-indent: 0.5in">The following table sets forth
information as of January 12, 2022, except as set forth below, as to each person known by us to own beneficially more than 5% of our Common
Stock.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; width: 23%"><B>Name and Address of Beneficial Owner</B></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 23%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; width: 15%"><P STYLE="margin-top: 0; margin-bottom: 0"><B>Title of</B></P>
                                               <P STYLE="margin-top: 0; margin-bottom: 0"><B>Class</B></P></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; width: 15%"><P STYLE="margin-top: 0; margin-bottom: 0"><B>Shares of</B></P>
                                               <P STYLE="margin-top: 0; margin-bottom: 0"><B>Common Stock</B></P></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; width: 15%"><P STYLE="margin-top: 0; margin-bottom: 0"><B>Percent of</B></P>
                                               <P STYLE="margin-top: 0; margin-bottom: 0"><B>Class</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Cannell Capital, LLC(1)</TD>
    <TD>&nbsp;</TD>
    <TD><P STYLE="margin-top: 0; margin-bottom: 0">245 Meriwether Circle,</P>
        <P STYLE="margin-top: 0; margin-bottom: 0">Alta, WY 83414</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Common Stock</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">483,267</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">8.23%</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Praetorian Capital Management LLC(2)</TD>
    <TD>&nbsp;</TD>
    <TD><P STYLE="margin-top: 0; margin-bottom: 0">330 Mangrove Thicket Blvd.,</P>
        <P STYLE="margin-top: 0; margin-bottom: 0">Ponte Vedra,FL 32081</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Common Stock</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">430,000</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">7.32%</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Strategic Investment Opportunities LLC(3)</TD>
    <TD>&nbsp;</TD>
    <TD><P STYLE="margin-top: 0; margin-bottom: 0">5990 Washington St.,</P>
        <P STYLE="margin-top: 0; margin-bottom: 0">Denver, CO 80202</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Common Stock</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">371,117</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">6.32%</TD></TR>
  </TABLE>

<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">(1) Information is based solely on a report on
Schedule&nbsp;13D/A filed jointly by Cannell Capital LLC and J. Carlo Cannell with the SEC on September&nbsp;23, 2021. According to the
Schedule&nbsp;13D/A, Mr.&nbsp;Cannell is the sole managing member of Cannell Capital LLC, which possesses the sole power to vote and
to direct the disposition of the 483,267 reported shares held by certain investment vehicles (of which Mr.&nbsp;Cannell is the investment
adviser).&NegativeThickSpace;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(2) Information is based solely on a report on
Schedule&nbsp;13D, filed jointly by Praetorian Capital Fund&nbsp;LLC and Praetorian Capital Management LLC with the SEC on December&nbsp;8,
2021. According to the Schedule&nbsp;13D, (i)&nbsp;Praetorian Capital Fund&nbsp;LLC has shared voting and dispositive power with respect
to 353,721 of the reported shares; and (ii)&nbsp;Praetorian Capital Management LLC, the investment adviser to Praetorian Capital Fund&nbsp;LLC,
has (x)&nbsp;sole voting and dispositive power with respect to 353,721 of the reported shares and (y)&nbsp;shared voting and dispositive
power with a private third-party pursuant to an arrangement with respect to 76,279 of the reported shares.</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">(3) Information is based solely on a report on
Schedule&nbsp;13D/A filed jointly by MNG Enterprises, Inc., MNG Investment Holdings, LLC, Strategic Investment Opportunities LLC, Alden
Global Capital, LLC, and Heath Freeman with the SEC on December&nbsp;16, 2021. According to the Schedule&nbsp;13D/A, each reporting person
may be deemed to share voting and dispositive power for all 371,117 of the reported shares.</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"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt">&nbsp;</P></DIV>
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<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">The following table sets forth
information as to our Common Stock beneficially owned as of January 12, 2022, by each director and nominee, each of the NEOs listed in
the Summary Compensation Table, and by all of our current directors (including the directors up for election at the Annual Meeting) and
executive officers as a group:</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" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">Beneficial Owner(1)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold"><P STYLE="margin-top: 0; margin-bottom: 0">Shares of</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">Common Stock</P></TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold"><P STYLE="margin-top: 0; margin-bottom: 0">Percent of</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">Class</P></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 70%; font-size: 10pt; text-align: left">Ray G. Farris(2)</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; font-size: 10pt; text-align: right">22,716</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; font-size: 10pt; text-align: right">*</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Steven C. Fletcher</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">6,804</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">*</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Mary E. Junck(3)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">175,664</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">3.0</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Margaret R. Liberman</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">5,804</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">*</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Brent M. Magid</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">14,641</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Timothy R. Millage</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">21,817</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Kevin D. Mowbray(2)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">110,316</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1.9</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Herbert W. Moloney III</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">15,978</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">*</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">David T. Pearson</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">4,804</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">*</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Gregory P. Schermer(4)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">140,781</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2.4</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">All current directors and executive officers as a group (15 persons)(2)(3)(4)(5)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">602,443</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">10.2</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">* &nbsp;Less than one&nbsp;percent of the class.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1) Unless otherwise indicated in Appendix&nbsp;A,
the business address of each Beneficial Owner is c/o&nbsp;Lee Enterprises, Incorporated, 4600 E. 53rd St., Davenport, Iowa 52807.</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">(2) The table includes the following shares of
Common Stock subject to acquisition within 60&nbsp;days by the exercise of outstanding stock options: Mr.&nbsp;Mowbray&thinsp;&mdash;&thinsp;8,000
and all current directors and executive officers as a group (15 persons)&thinsp;&mdash;&thinsp;15,825.</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">(3) 84,500 shares of Common Stock beneficially
owned by Ms.&nbsp;Junck are held in joint tenancy with her spouse.</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">(4) Mr.&nbsp;Schermer disclaims beneficial ownership
of the following shares, included above&thinsp;&mdash;&thinsp;3,182 shares of Common Stock held by a trust for the benefit of his son,
2,782 shares of Common Stock held by a trust for the benefit of a daughter and 4,764 shares of Common Stock held by separate trusts for
the benefit of two other daughters as to which Mr.&nbsp;Schermer shares voting and investment authority.</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">(5) None of the shares shown in the table as beneficially
owned by current directors and executive officers is hedged or pledged as security for any obligation. The Board has not adopted, and
the Company does not have, any specific practices or policies regarding the ability of the officers and directors of the Company, as well
as employees of the Company, or any of their designees, to purchase financial instruments (including prepaid variable forward contracts,
equity swaps, collars, and exchange funds), or otherwise engage in transactions, that hedge or offset, or are designed to hedge or offset,
any decrease in the market value of the Company&rsquo;s equity securities.</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"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt">&nbsp;</P></DIV>
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<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"><B>Equity Compensation Plan&nbsp;Information</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Information as of September&nbsp;26, 2021 with
respect to equity compensation plans is as follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">Plan&nbsp;Category</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Number of Securities to be<BR> Issued Upon<BR> Exercise of Outstanding<BR> Options, Warrants<BR> and Rights (A)(1)</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Weighted Average<BR> Exercise Price of<BR> Outstanding<BR> Options,<BR> Warrants and<BR> Rights (Dollars) (B)</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Number of Securities<BR> Remaining Available for<BR> Future Issuance<BR> Under Equity<BR> Compensation<BR> Plans<BR> (Excluding Shares in<BR> column A)(2)(3)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 46%; font-size: 10pt; text-align: left">Equity compensation plans approved by shareholders</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; font-size: 10pt; text-align: center">35,735</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; font-size: 10pt; text-align: center">11.40</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; font-size: 10pt; text-align: center">332,360</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1) LTIP.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(2) Includes the number of securities remaining available for future
issuance under our LTIP.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(3) Those securities not issued as a result of
cancellation, forfeiture, or surrender of previously outstanding options or adjustment of target restricted stock awards remain available
for issuance, at the discretion of the Executive Compensation Committee, under the LTIP. Such shares are excluded from the total presented
as the amount cannot be ascertained. Unvested restricted stock awards are not included in the number of shares presented as they are
no longer available for future issuance once granted.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Additional information is
set forth under the captions &ldquo;Grants of Plan-Based Awards&rdquo;, &ldquo;Outstanding Equity Awards at September&nbsp;26, 2021,&rdquo;
and &ldquo;Option Exercises and Stock Vested&rdquo;.</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: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt">&nbsp;</P></DIV>
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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: bold 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: justify; text-indent: 0.5in">Set forth below is the name
and present principal business, occupation or employment, and the name, principal business and address of any corporation or other organization
in which such employment is conducted, of the executive officers and directors of the MNG Enterprises, MNG Holdings, Opportunities and
Alden. To the best of Opportunities&rsquo; knowledge, except as set forth herein, none of the persons listed below beneficially owns any
securities of the Company or is a party to any contract, agreement or understanding required to be disclosed herein.</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"><B>Directors and Officers of MNG Enterprises</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; text-indent: 0.5in">Unless otherwise indicated
below: (i) each occupation set forth opposite an individual&rsquo;s name refers to employment with MNG Enterprises, and (ii) for each
person, the business address is 5990 Washington St., Denver, CO 80216.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top; background-color: #BFBFBF">
    <TD STYLE="width: 25%; border: black 1pt solid; text-align: center"><B>Name</B></TD>
    <TD STYLE="width: 35%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"><B>Present Position with MNG</B></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><B>Enterprises (or Other Principal</B></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><B>Occupation or Employment)</B></P></TD>
    <TD STYLE="width: 40%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"><B>Address of Employer if other</B></P>
                                                                                                                                           <P STYLE="margin-top: 0; margin-bottom: 0"><B>than MNG Enterprises</B></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><B>&nbsp;</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">Maz Akram</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Director</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">Heath Freeman</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Director</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">c/o Alden Global Capital LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">777 South Flagler Drive</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Suite 800W</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">West Palm Beach, Florida 33401</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">R. Joseph Fuchs</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Director</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">98 Herrick Road</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Southhampton, NY 11968</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">Christopher Minnetian</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Director</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">1 Engle Street, Suite 201</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Englewood, NJ 07631</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">Martin Wade</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Director</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0">422 Berkley Road<BR> Stone Harbor, NJ 08247</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">Guy Gilmore</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Chief Operating Officer</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0">5990 Washington St.<BR> Denver, CO 80216</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">Michael Koren</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Senior Vice President, Chief Financial Officer</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0">5990 Washington St.<BR> Denver, CO 80216</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">Marshall Anstandig</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Senior Vice President, General Counsel and Secretary</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">4 North 2<SUP>nd</SUP> Street, Suite 700</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">San Jose, CA 95113</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD></TR>
  </TABLE>
<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"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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"><B>Directors and Officers of MNG Holdings</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; text-indent: 0.5in">Unless otherwise indicated
below: (i) each occupation set forth opposite an individual&rsquo;s name refers to employment with MNG Holdings, and (ii) for each person,
the business address is 101 W. Colfax Avenue, Denver, CO 80202.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top; background-color: #BFBFBF">
    <TD STYLE="width: 25%; border: black 1pt solid; text-align: center"><B>Name</B></TD>
    <TD STYLE="width: 35%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"><B>Present Position with MNG</B></P>
                                                                                                                                           <P STYLE="margin-top: 0; margin-bottom: 0"><B>Holdings (or Other Principal</B></P>
                                                                                                                                           <P STYLE="margin-top: 0; margin-bottom: 0"><B>Occupation or Employment)</B></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><B>&nbsp;</B></P></TD>
    <TD STYLE="width: 40%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"><B>Address of Employer if other</B></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><B>than MNG Holdings</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">Michael Koren</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Chief Financial Officer</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0">5990 Washington St.<BR> Denver, CO 80216</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">Marshall Anstandig</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">General Counsel and Secretary</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">4 North 2<SUP>nd</SUP> Street, Suite 700</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">San Jose, CA 95113</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD></TR>
  </TABLE>
<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"><B>Directors and Officers of Opportunities</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; text-indent: 0.5in">Unless otherwise indicated
below: (i) each occupation set forth opposite an individual&rsquo;s name refers to employment with Opportunities, and (ii) for each person,
the business address is 5990 Washington St., Denver, CO 80216.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top; background-color: #BFBFBF">
    <TD STYLE="width: 25%; border: black 1pt solid; text-align: center"><B>Name</B></TD>
    <TD STYLE="width: 35%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"><B>Present Position with</B></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><B>Opportunities (or Other</B></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><B>Principal Occupation or</B></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><B>Employment)</B></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><B>&nbsp;</B></P></TD>
    <TD STYLE="width: 40%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"><B>Address of Employer if other</B></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><B>than Opportunities</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">Michael Koren</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Senior Vice President, Chief Financial Officer</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0">5990 Washington St.<BR> Denver, CO 80216</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">Marshall Anstandig</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Senior Vice President, General Counsel and Secretary</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">4 North 2<SUP>nd</SUP> Street, Suite 700</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">San Jose, CA 95113</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Directors and Officers of Alden </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; text-indent: 0.5in">Unless otherwise indicated
below: (i) each occupation set forth opposite an individual&rsquo;s name refers to employment with Alden, and (ii) for each person, the
business address is 777 South Flagler Drive, Suite 800W, West Palm Beach, FL 33401.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top; background-color: #BFBFBF">
    <TD STYLE="width: 25%; border: black 1pt solid; text-align: center"><B>Name</B></TD>
    <TD STYLE="width: 35%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"><B>Present Position with Alden (or</B></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><B>Other Principal Occupation or</B></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><B>Employment)</B></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><B>&nbsp;</B></P></TD>
    <TD STYLE="width: 40%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"><B>Address of Employer if other</B></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><B>than Alden</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">Heath Freeman</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0">President</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">Joshua Kleban</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0">Chief Financial Officer&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">Michael Monticciolo</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Chief Legal Officer and Chief Compliance Officer</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> Tell the Board what you
think! Your vote is important. No matter how many shares of Common Stock you own, please give Opportunities your proxy to vote <B>WITHHOLD
</B>on the election of the Lee Withhold Nominees and in accordance with Opportunities&rsquo; recommendations on the other proposal(s)
on the agenda for the Annual Meeting by taking three steps: </P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;&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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">SIGNING the enclosed <B>BLUE</B> proxy card;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">DATING the enclosed <B>BLUE</B> proxy card; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">MAILING the enclosed <B>BLUE</B> proxy card TODAY in the envelope provided (no postage is required if mailed
in the United States).</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; text-indent: 0.5in"><B>If any of your shares of
Common Stock are held in the name of a brokerage firm, bank, bank nominee or other institution, only it can vote such shares of Common
Stock and only upon receipt of your specific instructions.</B> Depending upon your broker or custodian, you may be able to vote either
by toll-free telephone or by the Internet. Please refer to the enclosed voting form for instructions on how to vote electronically. You
may also vote by signing, dating and returning the enclosed <B>BLUE</B> voting form.</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">If you have any questions
or require any additional information concerning this Proxy Statement, please contact <FONT STYLE="font-size: 10pt">Innisfree</FONT> at
the address set forth below.</P>

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

<DIV STYLE="border: Black 1pt solid; padding: 0in">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>If you have any questions, require assistance
in voting your <B>BLUE </B>proxy card, </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>or need additional copies of our proxy materials,
</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>please contact Innisfree at the phone numbers
listed below.</I></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"><FONT STYLE="font-size: 10pt"><I><IMG SRC="image_001.jpg" ALT="rId10" STYLE="height: 48px; width: 204px"></I></FONT></P>

<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"><I>Innisfree M&amp;A Incorporated</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>501 Madison Avenue, 20th floor</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>New York, New York 10022</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>Stockholders may call toll free: (866) 239-1762</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>Banks and Brokers may call collect: (212) 750-5833</I></P>

</DIV>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: red">REVISED PRELIMINARY
COPY SUBJECT TO COMPLETION<BR>
DATED FEBRUARY 22, 2022 </FONT><BR>
<BR>
LEE ENTERPRISES, INCORPORATED<BR>
<BR>
2022 ANNUAL MEETING OF STOCKHOLDERS<BR>
<BR>
THIS PROXY IS SOLICITED ON BEHALF OF STRATEGIC INVESTMENT OPPORTUNITIES LLC AND THE OTHER PARTICIPANTS IN ITS PROXY SOLICITATION<BR>
<BR>
THE BOARD OF DIRECTORS OF LEE ENTERPRISES, INCORPORATED<BR>
IS NOT SOLICITING THIS PROXY</P>

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

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

<P STYLE="font: bold 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: justify; text-indent: 0.5in">The undersigned appoints
Heath Freeman, Scott Winter, Jonathan Salzberger and Andrew M. Freedman, and each of them, attorneys and agents with full power of substitution
to vote all shares of common stock of Lee Enterprises, Incorporated (the &ldquo;Company&rdquo;) which the undersigned would be entitled
to vote if personally present at the 2022 annual meeting of stockholders of the Company scheduled to be held on March 10, 2022, at 9:00
a.m., local time, at 4620 E. 53<SUP>rd</SUP> Street, Room 120, Davenport, Iowa 52807 (including any adjournments or postponements thereof
and any meeting called in lieu thereof, the &ldquo;Annual Meeting&rdquo;).</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">The undersigned hereby
revokes any other proxy or proxies heretofore given to vote or act with respect to the shares of common stock of the Company held by
the undersigned, and hereby ratifies and confirms all action the herein named attorneys and proxies, their substitutes, or any of them
may lawfully take by virtue hereof. If properly executed, this Proxy will be voted as directed on the reverse and in the discretion of
the herein named attorneys and proxies or their substitutes with respect to any other matters as may properly come before the Annual
Meeting that are unknown to Strategic Investment Opportunities LLC (&ldquo;Opportunities&rdquo;) a reasonable time before this solicitation.
<B>STOCKHOLDERS ARE ADVISED THAT THE COMPANY NOMINEES ARE NOT THE NOMINEES OF OPPORTUNITIES, HAVE NOT CONSENTED TO BE NAMED IN THESE
PROXY MATERIALS, AND ARE THE NOMINEES OF THE COMPANY. BECAUSE THE COMPANY NOMINEES ARE NOT OPPORTUNITIES&rsquo;S NOMINEES AND HAVE NOT
CONSENTED TO BE NAMED IN THIS PROXY STATEMENT, THEY ARE NOT PARTICIPANTS IN THIS SOLICITATION.</B></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"> <B>THIS PROXY WILL BE
VOTED AS DIRECTED. IF NO DIRECTION IS INDICATED WITH RESPECT TO THE PROPOSALS ON THE REVERSE, THIS PROXY WILL BE VOTED &ldquo;WITHHOLD&rdquo;
ON THE ELECTION OF MARY E. JUNCK AND HERBERT W. MOLONEY III, &ldquo;FOR&rdquo; THE OTHER COMPANY NOMINEE, AND &ldquo;FOR&rdquo; PROPOSAL
2.</B> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Proxy will be valid until
the completion of the Annual Meeting. This Proxy will only be valid in connection with Opportunities&rsquo; solicitation of proxies for
the Annual Meeting.</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: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">IMPORTANT: PLEASE SIGN, DATE AND MAIL THIS
PROXY CARD PROMPTLY!<BR>
<BR>
CONTINUED AND TO BE SIGNED ON REVERSE SIDE</P>

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

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

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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><B>BLUE
</B>PROXY CARD</P>


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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">[X] Please mark vote as in this example</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> OPPORTUNITIES
                                            STRONGLY RECOMMENDS THAT STOCKHOLDERS VOTE &ldquo;WITHHOLD&rdquo; ON THE ELECTION OF MARY
                                            E. JUNCK AND HERBERT W. MOLONEY III LISTED BELOW IN PROPOSAL 1. OPPORTUNITIES MAKES NO RECOMMENDATION
                                            WITH RESPECT TO THE ELECTION OF THE OTHER COMPANY NOMINEE OR PROPOSAL 2. </P>


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&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: 0.5in">1.</TD><TD STYLE="text-align: justify">Election of Directors.</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-size: 10pt; width: 100%; border-collapse: collapse">
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <B>WITHHOLD
                                    ON MARY E JUNCK AND HERBERT W MOLONEY III AND FOR THE OTHER COMPANY NOMINEE</B> </P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="vertical-align: top"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <B>WITHHOLD</B> </P>
                                    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <B>ON ALL</B> </P>
                                    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <B>COMPANY
                                    NOMINEES</B> </P></TD>
    <TD STYLE="vertical-align: top"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <B>WITHHOLD
                                    ON ALL</B> </P>
                                    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <B>COMPANY</B> </P>
                                    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <B>NOMINEES
                                    EXCEPT NOMINEE(S)</B> </P>
                                    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <B>WRITTEN
                                    BELOW</B> </P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 13%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Nominees:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="width: 25%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mary E. Junck</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Herbert W. Moloney III</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Kevin D. Mowbray</P></TD>
    <TD STYLE="width: 16%; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD>
    <TD STYLE="width: 18%; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD>
    <TD STYLE="width: 28%">
    <P STYLE="font: 10pt Wingdings; margin: 0pt 0; text-align: center">&uml;</P>
    <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">________________</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD></TR>
  </TABLE>
<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"> Opportunities intends
to use this proxy to vote &ldquo;WITHHOLD&rdquo; on Ms. Junck and Mr. Moloney. The names, backgrounds and qualifications of the candidates
who have been nominated by the Company, and other information about them, can be found in the Company&rsquo;s proxy statement. </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"> <B>INSTRUCTIONS: If you
do not wish for your shares to be voted &ldquo;WITHHOLD&rdquo; on a particular nominee, mark the &ldquo;WITHHOLD ON ALL COMPANY NOMINEES
EXCEPT NOMINEE(S) WRITTEN BELOW&rdquo; box and write the name(s) of the nominee(s) you do support on the line(s) above. Your shares of
common stock will be voted withhold on the remaining nominee(s).</B> </P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&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: 0.5in">2.</TD><TD STYLE="text-align: justify">The Company&rsquo;s proposal to ratify the selection of BDO USA, LLP as the Company&rsquo;s independent
registered public accounting firm for fiscal year 2022.</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-size: 10pt; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 7%; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 25%; font-size: 10pt">FOR</TD>
    <TD STYLE="vertical-align: bottom; width: 7%; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 25%; font-size: 10pt">AGAINST</TD>
    <TD STYLE="vertical-align: bottom; width: 7%; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 25%; font-size: 10pt">ABSTAIN</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">DATED: ____________________________, 2022<BR>
<BR>
____________________________________<BR>
(Signature)<BR>
<BR>
____________________________________<BR>
(Signature, if held jointly)<BR>
<BR>
____________________________________<BR>
(Title)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">WHEN SHARES ARE HELD JOINTLY, JOINT OWNERS SHOULD
EACH SIGN. EXECUTORS, ADMINISTRATORS, TRUSTEES, ETC., SHOULD INDICATE THE CAPACITY IN WHICH SIGNING. PLEASE SIGN EXACTLY AS NAME APPEARS
ON THIS PROXY.</P>

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

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