Company Overview First Quarter 2019

0 Disclaimers & Notes

FORWARD-LOOKING STATEMENTS. Certain items in this presentation may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding our ability to deliver on our investment thesis and execute on our operational strategy, our ability to achieve revenue trend targets and maximize synergies, the availability of future acquisitions and strategic opportunities and the expected benefits associated with such opportunities, our ability to continue to pay a dividend at the current level or to grow the dividend, our plan to diversify our revenue streams away from traditional print media, our ability to leverage our local media assets to organically grow the business, including in our UpCurve, promotions and events and commercial printing businesses. These statements are based on management's current expectations and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements, many of which are beyond our control. New Media (“NEWM”) can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from New Media’s expectations include, but are not limited to, continued declines in advertising and circulation revenues, economic conditions in the markets in which we operate, including natural disasters, tariffs and other factors affecting economic conditions generally, competition from other media companies, the possibility of insufficient interest in our digital and other businesses, technological developments in the media sector, an ability to source acquisition opportunities with an attractive risk-adjusted return profile, inadequate diligence of acquisition targets, and difficulties integrating and reducing expenses, including at our newly acquired businesses. Accordingly, you should not place undue reliance on any forward-looking statements contained in this Presentation. For a discussion of some of the risks and important factors that could cause actual results to differ from such forward-looking statements, see the risks and other factors detailed from time to time in the Company's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other filings with the Securities and Exchange Commission which are available on the Company’s website (www.newmediainv.com). In addition, new risks and uncertainties emerge from time to time, and it is not possible for the Company to predict or assess the impact of every factor that may cause its actual results to differ from those contained in any forward-looking statements. Such forward-looking statements speak only as of the date(s) indicated in this presentation. New Media expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with regard thereto or change in events, conditions or circumstances on which any statement is based.

Past performance. In all cases where historical performance is presented, please note that past performance is not a reliable indicator of future results and should not be relied upon as the basis for making an investment decision. See “No offer to purchase or sell securities.” below.

No reliance, no update and use of information. You should not rely exclusively on the presentation as the basis upon which to make an investment decision. The information in the presentation is provided to you as of the dates indicated and New Media does not intend to update the information after its distribution, even in the event that the information becomes materially inaccurate. Certain information contained in the presentation includes calculations or figures that have been prepared internally and have not been audited or verified by a third party. Use of different methods for preparing, calculating or presenting information may lead to different results and such differences may be material.

No offer to purchase or sell securities. The presentation does not constitute an offer to sell, or a solicitation of an offer to buy, any security and may not be relied upon in connection with the purchase or sale of any security. Any such offer would only be made by means of formal offering documents, the terms of which would govern in all respects. You are cautioned against using this information as the basis for making a decision to purchase any security.

No tax, legal, accounting or investment advice. The presentation is not intended to provide, and should not be relied upon for, tax, legal, accounting or investment advice. Any statements of federal tax consequences contained in the presentation were not intended to be used and cannot be used to avoid penalties under the Internal Revenue Code or to promote, market or recommend to another party any tax related matters addressed herein.

Distribution of this presentation. These materials are not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use is contrary to local law or regulation.

Same Store and Organic Same Store Revenues. Same store results take into account material acquisitions and divestitures of the Company by adjusting prior year performance to include or exclude financial results as if the Company had owned or divested a business for the comparable period. The results of several acquisitions (“tuck-in acquisitions”) were funded from the Company’s available cash and not considered material. Organic same store revenues are same store revenues adjusted to remove non-material acquisitions and non-material divestitures, and to adjust for Commercial Print revenues that are now intercompany.

Non-GAAP measures. This presentation includes non-GAAP measures, such as Adjusted EBITDA, As Adjusted EBITDA, Free Cash Flow, gross leverage, and net leverage. See “Appendix” in this presentation for information regarding these non-GAAP measures, including reconciliations to the most directly comparable GAAP financial measure.

1 Investment Highlights – Q1 2019 & Subsequent Events(1)

. Reported revenue was $387.6 million, an increase of 13.7% to prior year on a reported basis, and down 7.4% on an organic same store basis Continued Revenue . Digital revenue grew 23.8% over prior year to $47.7 million Diversification . Ongoing portfolio review to optimize long-term profitability of some traditional print revenue-generating products

. Continued UpCurve revenue of $26.0 million increased 34.0% vs. prior year Investment in . UpCurve revenue is now $102.4 million for the LTM period, up 35.8% over the prior LTM period Organic Growth . GateHouse Live and Promotions Q1 revenue combined increased 10.8% compared to prior year to $8.9 million

. Completed the acquisition of the publishing arm of for $30.0mm on January 31, 2019 Robust Acquisition . Near-term focus on integration of 2018/2019 acquisitions Strategy . Continuing to explore strategic acquisitions for both the newspaper and growth businesses

. Liquidity, consisting of cash on the balance sheet and undrawn revolver, as of March 31, 2019 of $56.1 million(2) Secure Capital . Declared a Q1 dividend of $0.38 per common share Structure . As of March 31, 2019, net leverage was 2.3x(3)

1) As of April 26, 2019. 2) Consisting of cash on the balance sheet of $24.6 million and undrawn revolver of $31.5 million as of March 31, 2019. 3) Net leverage ratio is calculated by subtracting cash on the balance sheet from total debt, and dividing it by Q1 2019 LTM As Adjusted EBITDA. 2 2019 Focus Areas – Q1 Update

News UpCurve GateHouse Live + Promotions

Consumer Marketing . Strong revenue growth while maintaining . Smallest quarter of the year (seasonally) . Q1 continued total subscriber growth low churn and high recurring revenue trend (second consecutive quarter) . Promotions was highlighted Industry . Digital-only grew 43.9% to 174K ThriveHive Active Innovator of the Year at the Mega (1) UpCurve Revenues Customers(2) Conference in February 2019 Portfolio Profitability . Ongoing portfolio review with a focus on 34.0% 4.2% . Launching several new concepts this year 11.7 long-term profitability – causing some 11.2 near-term revenue pressure $4,700 . Closure of niche publications, printing presses $3,200 . Migration of single-copy to in-store only, removal of coin racks $21,300 Infrastructure Investments $16,300 . Significant efforts underway to further streamline the business through centralization and technology to maximize synergies across the portfolio Q1 2018 Q1 2019 Q1 2018 Q1 2019 UpCurve Cloud ThriveHive Awards . Editor & Publisher “10 Newspapers that Do UpCurve Cloud It Right” . 2019 Goldsmith Prize Finalist – in partnership with ProPublica . NIH Management Foundation Print Journalism Award – Columbus Dispatch

1) Revenue, active customers, and top customer verticals are rounded and are as of Q1 2019. 2) Active customers excludes AdEnhance customers. 3 2019 Revenue Trend Targets

Q1 2019 Revenue 2019 Revenue Q1 2019 Revenue Trend vs. PY(1) Trend Target(2)

GateHouse Live + $8.9 million +10.9% +25-35% Promotions

$26.0 million +34.0% +25-35%

Commercial Printing $28.4 million +1.9%(3) +0-1%(3)

Circulation $152.2 million (5.5%)(3) (3%) – (4%)(3)

1) Growth rate from Q1 2018 to Q1 2019 calculated based on: GateHouse Live + Promotions Q1 2019 reported revenue of $8.9mm and Q1 2018 reported revenue of $8.0mm, UpCurve Q1 2019 reported revenue of $26.0mm and Q1 2018 reported revenue of $19.4mm, Commercial Printing Q1 2019 organic same store revenue of $25.8mm and Q1 2018 organic same store revenue of $25.3mm, and Circulation Q1 2019 organic same store revenue of $122.5mm and Q1 2018 organic same store revenue of $129.7mm. Small discrepancies may exist due to rounding of revenue figures. 2) Revenue growth targets are based on management’s views and estimates at the time reported. There can be no assurance of achieving any or all of the revenue targets, which are subject to a number of trends and uncertainties that could cause actual results to differ materially from the targets, many of which are beyond our control, including, but not limited to, our ability to execute on our planned sales strategies; with respect to GateHouse Live, cancellation of booked events; and with respect to Commercial Printing, our ability to realize revenue from contract wins. See “Disclaimers & Notes” at the beginning of the presentation. 3) Percentage based on organic same store performance. GateHouse Live + Promotions and UpCurve growth trends are calculated to prior year reported, as these are internally sponsored revenue initiatives not typically generated in acquisitions. Commercial Printing growth trends are on an organic same store basis, as these items materially change based on the timing of acquisitions. 4 Acquisition Update

. Completed the acquisition of the publishing arm of Schurz Communications for $30.0mm on January 31, 2019 . Purchased within stated acquisition range of 3.5x – 4.5x the Seller’s LTM As Adjusted EBITDA . 10 dailies, 9 weeklies and 17 other niche publications across Indiana, South Dakota, Michigan, Maryland and Pennsylvania with 105,000 daily circulation . Near-term focus on integration of 2018/2019 acquisitions . Continuing to explore strategic acquisitions for both our newspaper group and our growth businesses

Schurz Daily Newspaper Markets

. Michigan . The Petoskey News-Review . Indiana . South Bend Tribune

. Bloomington The Herald-Times . Pennsylvania . Spencer Evening World . South Dakota . Somerset The . Martinsville Reporter-Times . Watertown Public Opinion . Maryland . Bedford Times-Mail . . Aberdeen American News Hagerstown The Herald-Mail

5 Capital Allocation Update

. Announced a first quarter dividend of $0.38 per share, which annualizes to $1.52(1) . Liquidity of $56.1 million, consisting of cash on the balance sheet and undrawn revolver(2) . Capital allocation strategy focused on maximizing long-term shareholder value . Accelerate revenue growth and profitability in our growth businesses through strategic acquisitions . Expand market and product portfolio footprints to accelerate organic revenue and cash flow growth . Return cash flow to shareholders through a dividend; share buyback plan in place

Cumulative Common Dividend Since Spin-off(1)

Dividend raised 5x since inception

$1.50 $6.84 $1.44 $1.32 $1.36 $0.38 $0.37 $0.33 $0.35 $0.84 $0.37 $0.38 $0.33 $0.35 $0.30 $0.37 $0.33 $0.33 $0.35 $0.38 $0.27

$0.37 $0.38 $0.27 $0.33 $0.33 $0.35

2014 2015 2016 2017 2018 2019 Cumulative (1)

Q1 Q2 Q3 Q4

1) There can be no assurance that NEWM will continue to pay dividends at the current level or at all. See “Disclaimers & Notes” at the beginning of the presentation. 2) Consisting of cash on the balance sheet of $24.6 million and undrawn revolver of $31.5 million as of March 31, 2019. 6 New Media Overview

New Media supports small to mid-size communities by providing locally-focused print and digital content to its consumers and premier marketing and technology solutions to our small and medium business (SMB) partners

Community Focused Solutions SMB Solutions Provider

New Media Reach

Note: All figures are as of March 31, 2019. SMBs in our market based upon data from Hoover’s using newspaper asset zip codes. 7 Q1 2019 Financial Overview

8 Q1 2019 Results and Non-GAAP Highlights(1)

. Total revenues of $387.6 million were 13.7% ahead of prior year . Organic same store revenue decreased 7.4% vs. the prior year . As Adjusted EBITDA of $33.1 million, up 1.6% to prior year . Free Cash Flow of $21.0 million, down 7.1% to prior year . Net loss attributable to New Media of $9.1 million, burdened by over $8 million of one-time expenses . One-times include: $4.1 million from integration and reorganization, $4.2 million from write-downs and accelerated depreciation

GAAP Results Non-GAAP Actual Highlights(1)

($ in millions) Q1 2019 ($ in millions) Q1 2019

Revenues $ 387.6 Revenues $ 387.6 Traditional Print $149.9

Digital $47.7 Operating loss $ 1.4 Subscription & Other $190.1

As Adjusted EBITDA $ 33.1 Net loss attributable to New Media $ 9.1 Free Cash Flow $ 21.0

1) A reconciliation of non-GAAP highlights is located in the appendix of the presentation. 9 Appendix

10 New Media Diversified Revenue

($ in millions) Q1 2019 Q1 2019 $ %

Traditional Print Local $68.3 17.6% Classified $49.0 12.6% Preprints $32.6 8.4% Total Traditional Revenue $149.9 38.7% Digital Digital Advertising $22.2 5.7% UpCurve $26.0 6.7% Transactions & Other ($0.6) -0.2% Total Digital Revenue $47.7 12.3% Subscription & Other Circulation $152.2 39.3% Commercial Print, Distribution, $37.9 9.8% & Events Total Subscription & Other $190.0 49.0% Revenue

Total Revenue $387.6 100%

Note: Small discrepancies may exist due to rounding of revenue or percentage categories. 11 Debt & Leverage Overview

($ in millions) Ending Balance as of Rate March 31, 2019

Term Loan B Libor +6.25%, 1.0% floor $435.1

Revolver Libor + 5.25% $8.0

Advantage debt(1) 2% Fixed $8.0

Total Debt 8.61% Blended Rate $451.1

Q1 2019 LTM As Adjusted EBITDA $182.4

Cash on the Balance Sheet $24.6

Gross Leverage Ratio(2) 2.5x

Net Leverage Ratio(3) 2.3x

1) Advantage debt paid in full April 1, 2019. 2) Gross leverage ratio is calculated by dividing total debt by Q1 2019 LTM As Adjusted EBITDA. 3) Net leverage ratio is calculated by subtracting cash on the balance sheet from total debt, and dividing it by Q1 2019 LTM As Adjusted EBITDA.

12 Condensed Consolidated Balance Sheets

(In thousands, except share data) March 31, 2019 December 31, 2017

Assets Current assets: Cash and cash equivalents $ 24,597 $ 48,651 Restricted cash 4,054 4,119 Accounts receivable, net of allowance for doubtful accounts of $8,259 and $8,042 at March 31, 2019 and December 30, 2018, respectively 153,222 174,274 Inventory 24,972 25,022 Prepaid expenses 30,155 23,935 Other current assets 21,149 21,608 Total current assets 258,149 297,609 Property, plant, and equipment, net of accumulated depreciation of $229,268 and $219,256 at March 31, 2019 and December 30, 2018, respectively 347,766 339,608

Operating lease right-of-use assets 102,583 - Goodwill 316,208 310,737 Intangible assets, net of accumulated amortization of $110,877 and $101,543 at March 31, 2019 and December 30, 2018, respectively 485,026 486,054 Other assets 10,936 9,856 Total assets $ 1,520,668 $ 1,443,864 Liabilities and Stockholders' Equity Current liabilities: Current portion of long-term debt $ 11,296 $ 12,395 Current portion of operating lease liabilities 13,415 - Accounts payable 28,219 16,612 Accrued expenses 90,290 113,650 Deferred revenue 116,521 105,187 Total current liabilities 259,741 247,844 Long-term liabilities: - - Long-term debt 435,426 428,180 Long-term operating lease liabilities 96,248 - Deferred income taxes 7,665 8,282 Pension and other postretirement benefit obligations 24,094 24,326 Other long-term liabilities 10,498 16,462 Total liabilities 833,672 725,094 Redeemable noncontrolling interests 1,298 1,547 Stockholders’ equity: - - Common stock, $0.01 par value, 2,000,000,000 shares authorized; 60,806,451 shares issued and 60,529,861 shares outstanding at March 31, 2019; 60,508,249 shares issued and 60,306,286 shares 608 605 Additional paid-in capital 699,787 721,605 Accumulated other comprehensive loss (6,911) (6,881) (Accumulated deficit) retained earnings (5,224) 3,767 Treasury stock, at cost, 276,590 and 201,963 shares at March 31, 2019 and December 30, 2018, respectively (2,562) (1,873) TotalTotal stockholders' liabilities, equityredeemable noncontrolling interests and stockholders' 685,698 717,223 equity $ 1,520,668 $ 1,443,864

13 Unaudited Condensed Consolidated Income Statement

Three months ended (In thousands, except share data) March 31, 2019 April 1, 2018 Revenues: Advertising $ 178,694 $ 163,259 Circulation 152,165 129,991 Commercial printing and other 56,740 47,515 Total revenues 387,599 340,765 Operating costs and expenses: Operating costs 229,495 196,389 Selling, general, and administrative 131,508 118,819 Depreciation and amortization 20,923 19,247 Integration and reorganization costs 4,112 2,430 Impairment of long-lived assets 1,207 - Net loss (gain) on sale or disposal of assets 1,789 (3,171) Operating (loss) income (1,435) 7,051 Interest expense 10,134 8,352 Other income (260) (520) Loss before income taxes (11,309) (781) Income tax benefit (1,954) (116) Net loss (9,355) (665) Net loss attributable to redeemable noncontrolling interests (249) - Net loss attributable to New Media $ (9,106) $ (665)

Loss per share: Basic: Net loss attributable to New Media $ (0.15) $ (0.01) Diluted: Net loss attributable to New Media $ (0.15) $ (0.01) Dividends declared per share $ 0.38 $ 0.37

14 New Media Quarterly and Full Year Same Store and Organic Same Store Revenue

(In thousands) 3 months ended 3 months ended $ Variance % Variance March 31, 2019 April 1, 2018

Reported Revenues $387,599 $340,765 $46,834 13.7% Revenue adjustment for material – – – – acquisitions / divestitures

Same Store Revenue(1) $387,599 $340,765 $46,834 13.7%

Tuck-in Acquisitions(2) (73,059) (1,083) – –

53rd week – – – – Organic Same Store Revenue, Total $314,540 $339,682 ($25,142) -7.4% Company(3,4)

(In thousands) 12 months ended 12 months ended $ Variance % Variance March 31, 2019 April 1, 2018

Reported Revenues $1,572,858 $1,375,246 $197,612 14.4% Pro-forma adjustment for material – – – – acquisitions/divestitures

Pro-forma Revenue(5) $1,572,858 $1,375,246 $197,612 14.4%

Tuck-in Acquisitions(2) (307,341) (4,867) – –

53rd week – (19,438) – – Organic Same Store Revenue, Total $1,265,517 $1,350,941 ($85,424) -6.3% Company(3,4)

1) Same store revenues take into account material acquisitions and divestitures of the Company by adjusting prior year performance to include or exclude financial results as if the Company had owned or divested a business for the comparable period. The results of several acquisitions (“tuck-in acquisitions”) were funded from the Company’s available cash and not considered material. 2) Tuck-in acquisitions are adjusted for non-material acquisitions and non-material divestitures, and to adjust for Commercial Print revenues that are now intercompany. 3) Organic Same Store Revenues are same store revenues adjusted to remove non-material acquisitions and non-material divestitures, and to adjust for Commercial Print revenues that are now intercompany. 4) Revenue recognized during the twelve months ended March 31, 2019 was impacted by $4,602, as a result of applying the Accounting Standard Update to ASC Topic 606. For comparison purposes, for the twelve months ended March 31, 2019 to the prior year period, Organic Same Store Revenues, after excluding the impact of the Accounting Standard Update to ASC Topic 606, would have resulted in a decline of 6.0%. 5) Pro-forma revenues assumes ownership of material acquisitions and divestitures for the entire period of time. 15 Non-GAAP Reconciliation

A non-GAAP financial measure is generally defined as one that purports to measure historical or future financial performance, financial position or cash flows, but excludes or includes amounts that would not be so adjusted in the most comparable GAAP measure. This presentation includes non-GAAP measures used by New Media, such as Adjusted EBITDA, As Adjusted EBITDA, Free Cash Flow, gross leverage, and net leverage.

Adjusted EBITDA, As Adjusted EBITDA, Free Cash Flow, gross leverage, and net leverage are not measurements of financial performance under GAAP and should not be considered in isolation or as alternatives to income from operations, net income (loss), cash flow from continuing operating activities or any other measure of performance or liquidity derived in accordance with GAAP. These non-GAAP measures as calculated by New Media may differ from similar non- GAAP measures presented by other companies, so New Media’s measure may not be comparable to such other measures. We strongly urge you not to rely on any single financial measure to evaluate any business.

New Media defines Adjusted EBITDA as net income (loss) from continuing operations before income tax expense (benefit), interest/financing expense, depreciation and amortization, and non-cash impairments. New Media defines As Adjusted EBITDA as Adjusted EBITDA before transaction and project costs, merger and acquisition related costs, integration and reorganization costs, gain/loss on sale or disposal of assets, non-cash items such as non-cash compensation, and Adjusted EBITDA from non-wholly owned subsidiaries. The Company defines Free Cash Flow as As Adjusted EBITDA less capital expenditures, cash taxes, interest paid, and pension payments.

We believe these non-GAAP measures, as defined above, are useful to investors for the following reasons:

. Evaluating performance and identifying trends in day-to-day performance because the items excluded have little or no significance on the Company’s day-to- day operations; and

. Providing assessments of controllable expenses that afford management the ability to make decisions which are expected to facilitate meeting current financial goals as well as achieving optimal financial performance. We use Adjusted EBITDA, As Adjusted EBITDA, Free Cash Flow, gross leverage, and net leverage as measures of our deployed revenue generating assets between periods on a consistent basis. We believe As Adjusted EBITDA and Free Cash Flow measure our financial performance and help identify operational factors that management can impact in the short term, mainly our operating cost structure and expenses. We exclude mergers and acquisition, transaction, and project related costs such as diligence activities and new financing related costs because they represent costs unrelated to the day-to-day operating performance of the business that management can impact in the short term. We consider the loss on early extinguishment of debt to be financing related costs associated with interest expense or amortization of financing fees, which by definition are excluded from Adjusted EBITDA. Such charges are incidental to, but not reflective of our day-to-day operating performance of the business that management can impact in the short term.

The following tables include a reconciliation of Adjusted EBITDA, As Adjusted EBITDA, and Free Cash Flow to income (loss) from continuing operations.

16 New Media Non-GAAP Reconciliation – Quarterly and Full Year(1)

(in thousands) 12 months ended 3 months ended 3 months ended 3 months ended 3 months ended 3 months ended March 31, 2019 March 31, 2019 April 1, 2018 July 1 2018 September 30, 2018 December 30, 2018 Income (Loss) from continuing operations 9,417 (9,355) (665) 11,706 (5,873) 12,939 Income Tax (benefit) expense 74 (1,954) (116) 2,946 (239) (679) Interest Expense 37,854 10,134 8,352 8,999 9,115 9,606 Depreciation and amortization 86,467 20,923 19,247 19,935 25,094 20,515 Goodwill Impairment 417 - - - - 417 Impairment of long-term assets 2,328 1,207 - - 1,121 - Loss on extinguishment of Debt 2,886 - - - - 2,886 Adjusted EBITDA from continuing operations $139,443 $20,955 $26,818 $43,586 $29,218 $45,684 Non cash compensation and other expense 25,252 6,201 6,450 4,224 5,922 8,906 Integration and reorganization costs 16,693 4,112 2,430 1,749 9,064 1,768 (Gain)/loss on sale of assets 989 1,789 (3,171) (808) (72) 80 As Adjusted EBITDA - Actual Results $182,376 $33,057 $32,527 $48,751 $44,132 $56,438 Interest paid (36,301) (9,567) (7,680) (8,653) (8,697) (9,384) Net capital expenditures (11,952) (2,242) (1,929) (3,112) (2,988) (3,610) Pension Payments (2,482) (276) (369) (615) (1,177) (414) Cash taxes (1,285) (13) - (699) (243) (330) Free Cash Flow - Actual Results $130,357 $20,959 $22,549 $35,672 $31,027 $42,700

Basic Weighted Average Shares Outstanding 59,771 59,965

1) Small discrepancies may exist due to rounding. 2) Average interest paid for the three and twelve month period, respectively.

17