GANNETT CO., INC. • GANNETT CO., INC. 2010 ANNUAL REPORT 7950 Jones Branch Dr. McLean, VA 22107 www.gannett.com 2010 ANNUAL REPORT 00075988 TABLE OF CONTENTS SHAREHOLDER SERVICES 2010 Financial Summary . 1 GANNETT STOCK THIS REPORT WAS WRITTEN AND PRODUCED BY EMPLOYEES Letter to Shareholders . 2 Gannett Co., Inc. shares are traded on the New York Stock Exchange with the symbol GCI. The company’s transfer agent and registrar is Wells Fargo Bank, N.A. General inquiries and OF GANNETT. Board of Directors . 7 requests for enrollment materials for the programs described below should be directed to Vice President and Controller Company and Divisional Officers . 8 Wells Fargo Shareowner Services, P.O. Box 64854, St. Paul, MN 55164-0854 or by telephone George Gavagan at 1-800-778-3299 or at www.wellsfargo.com/contactshareownerservices. Director of Consolidations Form 10-K DIVIDEND REINVESTMENT PLAN and Financial Reporting The Dividend Reinvestment Plan (DRP) provides Gannett shareholders the opportunity to Cam McClelland purchase additional shares of the company’s common stock free of brokerage fees or service Vice President/Corporate charges through automatic reinvestment of dividends and optional cash payments. Cash Communications payments may range from a minimum of $10 to a maximum of $5,000 per month. Robin Pence AUTOMATIC CASH INVESTMENT SERVICE FOR THE DRP Senior Manager/Publications This service provides a convenient, no-cost method of having money automatically Laura Dalton withdrawn from your checking or savings account each month and invested in Gannett stock through your DRP account. Creative Director/Designer Michael Abernethy DIRECT DEPOSIT SERVICE Printing Gannett shareholders may have their quarterly dividends electronically credited to their Action Printing, Fond du Lac, Wis. checking or savings accounts on the payment date at no additional cost. ANNUAL MEETING PHOTO CREDITS: COMPANY PROFILE: Gannett is a media and marketing solutions company with a diverse portfolio of broadcast, digital, mobile and The annual meeting of shareholders will be held at 10 a.m. (E.T.) Tuesday, May 3, 2011, at publishing companies. Page 2: Dubow by Stacey Wolf, Gannett headquarters. Gannett provides consumers easy access to the things that matter most to them – any way and anywhere. Gannett. Gannett’s portfolio of trusted brands helps business customers connect with these highly engaged audiences through its industry- CORPORATE GOVERNANCE Pages 3-6: David Yellen. leading marketing services, customized solutions and national-to-local-to-personal reach. We have posted on our Web site (www.gannett.com) our principles of corporate governance, As Gannett builds on its valuable local brands and strong journalism, it also is expanding its mobile and digital businesses. It is a ethics policy and the charters for the audit, digital technology, nominating and public Page 7: Directors’ photos by digital leader with a portfolio that includes a network of hundreds of local and national media organization web sites that reach responsibility and executive compensation committees of our board of directors, and we Stacey Wolf, Gannett. 52 million unique users monthly; CareerBuilder.com, the nation’s top employment site, which is expanding rapidly internationally and intend to post updates to these corporate governance materials promptly if any changes is already in 18 countries outside the U.S.; and Gannett Digital Media Network, which includes top brands such as USATODAY.com, (including through any amendments or waivers of the ethics policy) are made. This site also 81 local MomsLikeMe.com sites; HighSchoolSports.net, a top digital sports brand; and action sports network BNQT. provides access to our annual report on Form 10-K, quarterly reports on Form 10-Q and cur- USA TODAY, too, continues to be a leader in the mobile space, with more than 7 million total App downloads, including its iPad, rent reports on Form 8-K as filed with the SEC. Our Chairman and Chief Executive Officer, iPhone and Android Apps. Gannett Broadcasting is helping to lead the development of Digital Mobile TV. Craig A. Dubow, and our Senior Vice President and Chief Financial Officer, Paul N. Saleh, At the same time, the company’s digital marketing companies offer innovative marketing solutions for any audience. PointRoll, have delivered, and we have filed with our 2010 Form 10-K, all certifications required by the an industry leader in rich media advertising solutions and technology, powers more than 50 percent of all rich media campaigns rules of the SEC. Complete copies of our corporate governance materials and our Form 10-K online and serves more than 150 billion ad impressions each year. ShopLocal is a leading provider of online marketing solutions that may be obtained by writing our Secretary at our corporate headquarters. connect retailers with shoppers through innovative and effective marketing, enabling more than 100 of the nation’s top retailers to In accordance with the rules of the New York Stock Exchange, our Chairman and Chief deliver localized promotions directly to shoppers. Executive Officer, Craig A. Dubow, has certified, without qualification, that he is not aware of any violation by Gannett of the NYSE’s corporate governance listing standards. The company’s 82 U.S. daily newspapers, including USA TODAY, reach 11.6 million readers every weekday and 12 million readers every Sunday, providing important news and information from their customers’ neighborhoods and around the globe. USA TODAY, Printed on recycled paper. FOR MORE INFORMATION the nation’s No. 1 newspaper in print circulation, and USATODAY.com reach a combined 5.9 million readers daily. News and information about Gannett is available on our Web site. Quarterly earnings infor- The Broadcasting Division’s 23 TV stations reach 21 million households, covering 18.2 percent of the U.S. population. Through its This report was printed using mation will be available around the middle of April, July and October 2011. Shareholders soy-based inks. The entire report Captivate subsidiary, the Broadcasting Division delivers news, information and advertising to a highly desirable audience demo- who wish to contact the company directly about their Gannett stock should call Shareholder contains 10% total recovered graphic on 9,500 video screens located in elevators of office towers and select hotel lobbies in 25 major cities across North America. Services at Gannett headquarters, 703-854-6960. fiber/all post-consumer waste. Newsquest is one of the U.K.’s leading regional community news providers, and its digital portfolio of newspaper and online-only brands attracts nearly 7.5 million unique users each month. It has a portfolio of 17 daily paid-for newspapers and more than 200 Gannett Headquarters weekly newspapers, magazines and trade publications. Newsquest owns a successful online publisher called s1, which is a leading 7950 Jones Branch Drive recruitment site in Scotland. McLean, VA 22107 For more information, visit www.gannett.com. 703-854-6000 2010 FINANCIAL SUMMARY Operating revenues, in millions In thousands, except per share amounts 08 $6640 2010 2009 Change 09 $5510 Operating revenues . $5,438,678 $5,509,603 (1%) 10 $5439 Operating income . $ 999,695 $ 718,918 39% Income from continuing operations Income from continuing operations attributable to Gannett Co., attributable to Gannett Co., Inc. $ 567,328 $ 351,480 61% Inc. before asset impairment and other special items, in millions Income per share from continuing 08 $775 (1) operations – diluted . $ 2.35 $ 1.49 58% 09 $438 (1) Income from continuing operations 10 $591 (1) attributable to Gannett Co., Inc. before asset impairment and other Income per share (diluted) from continuing operations before special items (1) . $ 590,524 $ 437,503 35% asset impairment and other special items Income per share from continuing operations before asset impairment 08 $3.40 (1) and other charges – diluted (1) . $ 2.44 $ 1.85 32% 09 $1.85 (1) 10 $2.44 (1) Free cash flow (2) . $ 816,308 $ 809,630 1% Working capital . $ 245,948 $ 148,939 65% Long-term debt . $2,352,242 $3,061,951 (23%) Total assets . $6,816,844 $7,148,432 (5%) Capital expenditures . $ 69,070 $ 67,737 2% Shareholders’ equity . $2,163,754 $1,603,925 35% Dividends per share . $ 0.16 $ 0.16 — Weighted average common shares outstanding – diluted . 241,605 236,027 2% (1) Results for 2010 exclude pre-tax asset impairment and other special items of $71 million ($23 million after tax or $.10 per share). Results for 2009 exclude pre-tax asset impairment and other special items of $116 million ($86 million after tax or $.36 per share). Results for 2008 exclude pre-tax asset impairment and other special items of $8.36 billion ($7.40 billion after tax or $32.42 per share). These charges are more fully discussed in the Management’s Discussion and Analysis of Financial Condition and Results of Operations and the Consoli- dated Financial Statement sections of this report. (2) See page 79 of Gannett’s Form 10-K for a reconciliation of free cash flow, a non- GAAP financial measure, to net cash flow from operating activities. ANNUAL 1 REPORT LETTER TO SHAREHOLDERS 2010 was a year of great change and growth. Technology and social networking continued to transform society, culture and business. Media consumption was at an all time high as consumers fed an ever-expanding appetite for new ways to engage with one another and information, integrating traditional news platforms with new technologies. Gannett met these changing dynamics by making content, social networks and marketing tools readily available to our customers in the many different ways they desired. We delivered great journalism that put us at the top of the television ratings nationwide for the Winter Olympics and elections and garnered top industry awards including Edward R. Murrow awards for broadcasting, a Pulitzer Prize for photography and many other awards for excellence.