On January 14, 2019, MNG Enterprises, Inc. delivered a letter to Gannett Co., Inc.’s Board of Directors that includes a proposal to acquire the Company for $12.00 per Share in cash (the ‘proposal’), representing a cash premium of 41% to the Company’s year-end closing price. In the Letter, MNG Enterprises requested that the Board immediately take the following actions to maximize value for stockholders: (i) enter into discussions with MNG Enterprises about a strategic combination; (ii) hire an investment bank to conduct a review of strategic alternatives, including a potential sale of the Company; (iii) commit to a moratorium on digital acquisitions; and (iv) commit to a feasible, strategic and financial path forward before hiring a new CEO. In addition, MNG Enterprises stated that it will seek to discuss the Proposal with the Board and urge the Company to take the actions detailed in the Letter, including conducting a review of strategic alternatives including, and initiating a process to explore, a potential sale of the Company, in which MNG Enterprises may participate and potentially engage in, as a purchaser or investor.