Average Units (1) Newspaper Primary Website Location Daily (2) Sunday Helena/Butte Group Independent Record helenair.com Helena, MT 12,016 12,428 The Montana Standard mtstandard.com Butte, MT 9,995 10,146 The Sentinel cumberlink.com Carlisle, PA 11,566 9,107 Globe Gazette globegazette.com Mason City, IA 11,444 14,381 Mid-Valley News Group Albany Democrat-Herald democratherald.com Albany, OR 10,514 10,835 Corvallis Gazette-Times gazettetimes.com Corvallis, OR 8,176 8,217 Napa Valley Register (3) napavalleyregister.com Napa, CA 10,000 10,441 Central Coast Newspapers Santa Maria Times (3) santamariatimes.com Santa Maria, CA 10,780 14,504 The Lompoc Record (3) lompocrecord.com Lompoc, CA 2,687 2,665 The Times and Democrat thetandd.com Orangeburg, SC 7,948 8,749 Arizona Daily Sun (3) azdailysun.com Flagstaff, AZ 8,443 8,827 The World (3) theworldlink.com Coos Bay, OR 6,082 — The Sentinel (3) hanfordsentinel.com Hanford, CA 6,209 — The Citizen auburnpub.com Auburn, NY 6,403 7,994 The Ledger Independent maysville-online.com Maysville, KY 4,864 — Daily Journal (3) dailyjournalonline.com Park Hills, MO 4,731 — 943,706 1,325,439

(1) Source: AAM: September 2015 Quarterly Data Report, unless otherwise noted. (2) Not all newspapers are published Monday through Saturday (3) Owned by Pulitzer, Inc. (4) Owned by MNI. (5) Owned by Star Publishing and published through TNI. (6) Source: Company statistics.

NEWSPRINT

The basic raw material of newspapers, and our other print publications, is newsprint. We purchase newsprint from U.S. and Canadian producers. We believe we will continue to receive a supply of newsprint adequate for our needs and consider our relationships with newsprint producers to be good. Newsprint purchase prices can be volatile and fluctuate based upon factors that include foreign currency exchange rates and both foreign and domestic production capacity and consumption. Price fluctuations can have a significant effect on our results of operations. We have not entered into derivative contracts for newsprint. For the quantitative impacts of these fluctuations, see Item 7A, “Quantitative and Qualitative Disclosures about Market Risk”, included herein.

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