Growth in Net income from continuing operations of $7.5 million year-over-yearDigital content revenues increase ~50% year-over-year

CHICAGO, Nov. 07, 2019 (GLOBE NEWSWIRE) -- Tribune Publishing Company (NASDAQ: TPCO) today announced financial results for the third quarter ended September 29, 2019. Unless otherwise noted, amounts and disclosures throughout this earnings release relate to continuing operations and exclude all discontinued operations including the Los Angeles Times, the San Diego Union-Tribune and other assets of the California News Group (collectively, the “California properties”).

Third Quarter 2019 Highlights:

-- Total revenues were $236.0 million, down from $255.8 million in the third quarter of 2018 -- Net income from continuing operations was $6.9 million, compared to a loss of $0.6 million in the third quarter of 2018 -- Net loss attributable to Tribune Publishing common stockholders was $7.1 million, or $0.61 per share, driven by a reserve recorded in discontinued operations, compared to a loss of $4.0 million, or $0.11 per share, in the third quarter of 2018 -- Adjusted EBITDA was $24.8 million, an increase of $8.2 million year-over-year -- Digital content revenues increased 49.9% compared to the third quarter of 2018 -- Digital-only subscribers increased 38% to 314,000 at the end of the third quarter 2019, up from 227,000 at the end of the third quarter 2018 -- Returned a total of $54 million to shareholders in the form of a $1.50 special dividend in July

Timothy P. Knight, Tribune Publishing Chief Executive Officer and President, said: “The third quarter represented solid operating performance, with significant improvement in net income and adjusted EBITDA. We managed through challenging revenue trends and controlled costs accordingly. We continue to make progress on our stated goals of margin improvement and growing our digital-only subscriber base. We also kept focus on shareholder value through the dividend issued in July, which returned cash to shareholders while leaving the Company with strong cash flexibility.”

Third Quarter 2019 ResultsThird quarter 2019 total revenues were $236.0 million, down $19.7 million or 7.7% compared to $255.8 million for the third quarter 2018. Total advertising revenue and digital advertising revenue in the quarter were $93.2 million and $21.8 million, respectively.

Third quarter total operating expenses, including depreciation and amortization, were $226.7 million, down 14.7% compared to $265.8 million in the third quarter of 2018. The decrease reflects the Company’s ongoing disciplined cost management and includes a $24.7 million decrease in compensation expense compared to a year ago.

Net income from continuing operations was $6.9 million in the third quarter of 2019, improving from a loss of $0.6 million in the third quarter of 2018.

Adjusted EBITDA was $24.8 million in the third quarter of 2019, an increase of 49.1% or $8.2 million compared to the third quarter of 2018, driven by a reduction in expenses.

For the quarter ended September 29, 2019, capital expenditures totaled $4.6 million. Cash balance at September 29, 2019, was $56.5 million, which does not include $37.3 million of restricted cash reflected in long-term assets.

Segment ResultsThe Company operates in two segments: M, which is comprised of the Company’s media groups excluding their digital revenues and related expenses, except digital subscription revenues when bundled with a print subscription, and X, which includes all digital revenues and related expenses of the Company from local Tribune Publishing websites, third-party websites, mobile applications, digital-only subscriptions, Tribune Content Agency and BestReviews.

Included in the tables below is segment reporting for M and X for the third quarters of 2019 and 2018 and corresponding year to date periods.

MThird quarter 2019 M total revenues were $187.6 million, down 9.5% compared to the third quarter of 2018. Operating expenses for M decreased $39.6 million or 18.8% compared to the prior-year quarter, driven primarily by cost reduction actions.

Third quarter 2019 income from operations for M was $16.6 million, up from a loss of $3.3 million, and Adjusted EBITDA in the quarter was $22.3 million versus $8.1 million in the third quarter of 2018.

XTotal revenues for X for the third quarter of 2019 were $44.8 million, up 9.1%. Digital content revenues increased 49.9% year-over-year, due to strong growth from BestReviews and digital-only subscribers, as digital advertising revenues in the quarter declined 15.2%.

Third quarter 2019 operating expenses for X increased 11.5% compared to the third quarter of 2018, driven by higher allocations of newsroom expenses, partially offset by lower compensation and depreciation costs.

Third quarter 2019 income from operations for X was $3.1 million, down from $3.7 million in the third quarter of 2018, and Adjusted EBITDA was $6.1 million, down $4.3 million compared to the third quarter of 2018.

Digital-only subscribers grew to 314,000, up 38% from the prior year and up 5% sequentially from the second quarter of 2019.

2019 OutlookFor the full year, the Company confirmed its Adjusted EBITDA guidance of $102 million to $106 million. For the fourth quarter of 2019, the Company expects total revenues of $250 million to $254 million.

Conference Call DetailsTribune Publishing will host a conference call to discuss the Company’s third quarter 2019 results at 5:00 p.m. Eastern Time (4:00 p.m. Central Time) on Thursday, November 7, 2019. The conference call may be accessed via Tribune Publishing’s Investor Relations website at investor.tribpub.com or by dialing 844.494.0195 (508.637.5599 for international callers) and entering conference ID 1086836. An archived version of the webcast will also be available for one year on the Tribune Publishing website. You can also access this replay via telephone, until November 14, 2019, by dialing 855.859.2056 (404.537.3406 for international callers) and entering conference ID 1086836.

Non-GAAP Financial InformationAdjusted EBITDA, Adjusted same-business operating expenses, Adjusted Income (Loss) From Continuing Operations available to Tribune Publishing common stockholders, and Adjusted Diluted EPS are not measures presented in accordance with generally accepted accounting principles in the United States (U.S. GAAP) and Tribune Publishing’s use of the terms Adjusted EBITDA, Adjusted same-business operating expenses, Adjusted Income (Loss) From Continuing Operations available to Tribune Publishing common stockholders, and Adjusted Diluted EPS may vary from that of others in the Company’s industry. Adjusted EBITDA, Adjusted same-business operating expenses, Adjusted Income (Loss) From Continuing Operations available to Tribune Publishing common stockholders, and Adjusted Diluted EPS should not be considered as an alternative to net income (loss), income from operations, operating expenses, net income (loss) per diluted share, revenues or any other performance measures derived in accordance with U.S. GAAP as measures of operating performance or liquidity. Further information regarding Tribune Publishing’s presentation of these measures, including a reconciliation of Adjusted EBITDA, Adjusted same-business operating expenses, Adjusted Income (Loss) From Continuing Operations available to Tribune Publishing common stockholders and Adjusted Diluted EPS to the most directly comparable U.S. GAAP financial measure, is included below in this press release.

Cautionary Statements Regarding Forward-looking StatementsThis press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that are based largely on our current expectations and reflect various estimates and assumptions by us. Forward-looking statements are subject to certain risks, trends, and uncertainties that could cause actual results and achievements to differ materially from those expressed in such forward-looking statements. Such risks, trends and uncertainties, which in some instances are beyond our control, include: changes in advertising demand, circulation levels and audience shares; competition and other economic conditions; economic and market conditions that could impact the level of our required contributions to the defined benefit pension plans to which we contribute; decisions by trustees under rehabilitation plans (if applicable) or other contributing employers with respect to multiemployer plans to which we contribute which could impact the level of our contributions; our ability to develop and grow our online businesses; changes in newsprint price; our ability to maintain effective internal control over financial reporting; concentration of stock ownership among our principal stockholders whose interests may differ from those of other stockholders; and other events beyond our control that may result in unexpected adverse operating results. For more information about these and other risks see Item 1A (Risk Factors) of the Company’s most recent Annual Report on Form 10-K and in the Company’s other reports filed with the Securities and Exchange Commission.

The words “believe,” “expect,” “anticipate,” “estimate,” “could,” “should,” “intend,” “may,” “will,” “plan,” “seek” and similar expressions generally identify forward-looking statements. However, such words are not the exclusive means for identifying forward-looking statements, and their absence does not mean that the statement is not forward-looking. Whether or not any such forward-looking statements, in fact, occur will depend on future events, some of which are beyond our control. Readers are cautioned not to place undue reliance on such forward-looking statements, which are being made as of the date of this press release. Except as required by law, we undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

About Tribune Publishing CompanyTribune Publishing (NASDAQ: TPCO) is a media company rooted in award-winning journalism. Headquartered in Chicago, Tribune Publishing operates local media businesses in eight markets with titles including the Chicago Tribune, New York Daily News, The Baltimore Sun, Orlando Sentinel, South Florida's Sun-Sentinel, Virginia’s Daily Press and The Virginian-Pilot, The Morning Call of Lehigh Valley, Pennsylvania, and the Hartford Courant.

In addition to award-winning local media businesses, Tribune Publishing operates national and international brands such as Tribune Content Agency and The Daily Meal and is the majority owner of the product review website BestReviews.

Our brands are committed to informing, inspiring and engaging local communities. We create and distribute content across our media portfolio, offering integrated marketing, media, and business services to consumers and advertisers, including digital solutions and advertising opportunities.

Investor Relations Contact:Michael FerreterTribune Publishing Investor Relations312.222.3225 mferreter@tribpub.com

Media Contact:Tilden KatzTribune Publishing Corporate Communications312.606.2614 tilden.katz@fticonsulting.com Source: Tribune Publishing

Exhibits:Condensed Consolidated Statements of Income (Loss)Segment Income, Expenses, and Non-GAAP ReconciliationsCondensed Consolidated Balance SheetsNon-GAAP Reconciliations - Income (Loss) from Continuing Operations to Adjusted EBITDANon-GAAP Reconciliations - Total Operating Expenses to Adjusted Same-Business Operating ExpensesNon-GAAP Reconciliations - Income (Loss) from Continuing Operations available to Tribune Publishing common stockholders to Adjusted Income (Loss) from continuing operations available to Tribune Publishing common stockholders and Adjusted Diluted EPS

TRIBUNE PUBLISHING COMPANYCONSOLIDATED STATEMENTS OF INCOME (LOSS)(In thousands, except per share data)(Unaudited)

Preliminary

Three Months Ended Nine Months Ended September September September September 29, 30, 29, 30, 2019 2018 2019 2018 Operating revenues $ 236,027 $ 255,770 $ 730,879 $ 747,173 Operating expenses 226,652 265,763 720,801 789,489 Income (loss) from operations 9,375 (9,993 ) 10,078 (42,316 ) Interest income (expense), net (57 ) 303 478 (11,673 ) Loss on early extinguishment of debt — — — (7,666 ) Loss on equity investments, net (2,213 ) (434 ) (3,255 ) (1,828 ) Other income (expense), net 248 3,640 265 10,943 Income (loss) from continuing operations before income 7,353 (6,484 ) 7,566 (52,540 ) taxes Income tax expense (benefit) 480 (5,835 ) 63 (8,719 ) Net income (loss) from continuing operations 6,873 (649 ) 7,503 (43,821 ) Plus: Earnings (loss) from discontinued operations, net of (12,848 ) (3,586 ) (13,570 ) 290,665 taxes Net income (loss) (5,975 ) (4,235 ) (6,067 ) 246,844 Less: Income (loss) attributable to noncontrolling 1,150 (239 ) 3,037 471 interest Net income (loss) attributable to Tribune common $ (7,125 ) $ (3,996 ) $ (9,104 ) $ 246,373 stockholders Net income (loss) available to Tribune common stockholders, per common share - Basic Continuing operations $ (0.25 ) $ (0.01 ) $ (0.29 ) $ (1.26 ) Discontinued operations (0.36 ) (0.10 ) (0.38 ) 8.27 Net income (loss) attributable to Tribune per common share $ (0.61 ) $ (0.11 ) $ (0.67 ) $ 7.01 - Basic Net income (loss) available to Tribune common stockholders, per common share - Diluted Continuing operations $ (0.25 ) $ (0.01 ) $ (0.29 ) $ (1.26 ) Discontinued operations (0.36 ) (0.10 ) (0.38 ) 8.27 Net income (loss) attributable to Tribune per common share $ (0.61 ) $ (0.11 ) $ (0.67 ) $ 7.01 - Diluted Weighted average shares outstanding: Basic 35,863 35,409 35,734 35,166 Diluted 35,863 35,409 35,734 35,166 --------- - --------- - --------- - --------- -

TRIBUNE PUBLISHING COMPANYSEGMENT INFORMATION(In thousands) (Unaudited)

Preliminary

The tables below show the segmentation of income and expenses for the three and nine months ended September 29, 2019, as compared to the three and nine months ended September 30, 2018.

Three Months Ended M X Corporate and Consolidated Eliminations Sep 29, Sep 30, Sep 29, Sep 30, Sep 29, Sep 30, Sep 29, Sep 30, 2019 2018 2019 2018 2019 2018 2019 2018 Total revenues $ 187,628 $ 207,385 $ 44,821 $ 41,077 $ 3,578 $ 7,308 $ 236,027 $ 255,770 Operating expenses 171,009 210,640 41,696 37,380 13,947 17,743 226,652 265,763 Income (loss) from 16,619 (3,255 ) 3,125 3,697 (10,369 ) (10,435 ) 9,375 (9,993 ) operations Depreciation and 5,002 4,151 2,683 4,274 3,576 3,754 11,261 12,179 amortization Adjustments (1) 635 7,182 316 2,475 3,219 4,797 4,170 14,454 Adjusted EBITDA $ 22,256 $ 8,078 $ 6,124 $ 10,446 $ (3,574 ) $ (1,884 ) $ 24,806 $ 16,640 - ------- - ------- - - ------ - ------ - ------ - - ------ - - ------- - ------- -

(1) See Reconciliation of Income (Loss) From Continuing Operations to Adjusted EBITDA for additional information on adjustments.

Nine Months Ended M X Corporate and Consolidated Eliminations Sep 29, Sep 30, Sep 29, Sep 30, Sep 29, Sep 30, Sep 29, Sep 30, 2019 2018 2019 2018 2019 2018 2019 2018 Total revenues $ 585,453 $ 623,893 $ 129,470 $ 116,189 $ 15,956 $ 7,091 $ 730,879 $ 747,173 Operating 543,383 619,461 122,109 109,548 55,309 60,480 720,801 789,489 expenses Income (loss) 42,070 4,432 7,361 6,641 (39,353 ) (53,389 ) 10,078 (42,316 ) from operations Depreciation and 16,229 12,113 7,248 13,328 11,516 12,126 34,993 37,567 amortization Adjustments (1) 4,196 15,926 6,183 7,737 15,075 28,485 25,454 52,148 Adjusted EBITDA $ 62,495 $ 32,471 $ 20,792 $ 27,706 $ (12,762 ) $ (12,778 ) $ 70,525 $ 47,399 - ------- - ------- - ------- - ------- - ------- - - ------- - - ------- - ------- -

(1) See Reconciliation of Income (Loss) From Continuing Operations to Adjusted EBITDA for additional information on adjustments.

Segment M Three Months Ended Nine Months Ended Sep 29, Sep 30, % Change Sep 29, Sep 30, % Change 2019 2018 2019 2018 Operating revenues: Advertising $ 71,376 $ 83,990 (15.0 ) % $ 227,135 $ 254,532 (10.8 ) % Circulation 82,992 87,644 (5.3 ) % 254,471 260,886 (2.5 ) % Other 33,260 35,751 (7.0 ) % 103,847 108,475 (4.3 ) % Total revenues 187,628 207,385 (9.5 ) % 585,453 623,893 (6.2 ) % Operating expenses 171,009 210,640 (18.8 ) % 543,383 619,461 (12.3 ) % Income from operations 16,619 (3,255 ) * 42,070 4,432 * Depreciation and amortization 5,002 4,151 20.5 % 16,229 12,113 34.0 % Adjustments(1) 635 7,182 (91.2 ) % 4,196 15,926 (73.7 ) % Adjusted EBITDA $ 22,256 $ 8,078 * $ 62,495 $ 32,471 92.5 % - ------ - ------ - - ------- - -------

* Represents positive or negative change in excess of 100%(1) See Reconciliation of Income (Loss) From Continuing Operations to Adjusted EBITDA for additional information on adjustments.

Segment X Three Months Ended Nine Months Ended Sep 29, Sep 30, % Change Sep 29, Sep 30, % Change 2019 2018 2019 2018 Operating revenues: Advertising $ 21,843 $ 25,748 (15.2 ) % $ 66,399 $ 71,785 (7.5 ) % Content 22,978 15,329 49.9 % 63,071 44,404 42.0 % Total revenues 44,821 41,077 9.1 % 129,470 116,189 11.4 % Operating expenses 41,696 37,380 11.5 % 122,109 109,548 11.5 % Income from operations 3,125 3,697 (15.5 ) % 7,361 6,641 10.8 % Depreciation and amortization 2,683 4,274 (37.2 ) % 7,248 13,328 (45.6 ) % Adjustments(1) 316 2,475 (87.2 ) % 6,183 7,737 (20.1 ) % Adjusted EBITDA $ 6,124 $ 10,446 (41.4 ) % $ 20,792 $ 27,706 (25.0 ) % - ------ - ------ - ------ - ------

* Represents positive or negative change in excess of 100%(1) See Reconciliation of Income (Loss) From Continuing Operations to Adjusted EBITDA for additional information on adjustments.

TRIBUNE PUBLISHING COMPANYCONDENSED CONSOLIDATED BALANCE SHEETS(In thousands)(Unaudited)

Preliminary

September December 29, 2019 30, 2018 Assets Current Assets: Cash $ 56,526 $ 97,560 Accounts receivable 103,713 145,463 Inventories 5,682 9,587 Prepaid expenses and other 21,535 18,197 Total current assets 187,456 270,807 Net Properties, Plant and Equipment 126,952 144,963 Other Assets Goodwill 132,172 132,146 Intangible assets, net 70,960 77,229 Software, net 23,066 27,117 Lease right of use assets 102,071 — Restricted cash 37,290 43,947 Other long-term assets 21,709 30,418 Total other assets 387,268 310,857 Total assets $ 701,676 $ 726,627 Liabilities and Equity Current Liabilities Accounts payable $ 40,962 $ 70,555 Employee compensation and benefits 32,954 61,001 Deferred revenue 44,438 51,114 Dividends payable to stockholders — — Current portion of long-term lease liability 25,120 — Current portion of long-term debt 100 405 Other current liabilities 41,293 21,203 Liabilities associated with assets held for sale — 6,249 Total current liabilities 184,867 210,527 Non-Current Liabilities Long-term lease liability 102,430 — Workers’ compensation, general liability and auto insurance payable 26,895 30,606 Pension and postretirement benefits payable 17,419 20,150 Deferred rent — 25,424 Long-term debt 6,777 6,799 Other obligations 7,861 20,053 Total non-current liabilities 161,382 103,032 Noncontrolling Equity Interest 54,246 39,756 Equity Total stockholders' equity 301,181 373,312 Total liabilities and equity $ 701,676 $ 726,627 - ------- - -------

TRIBUNE PUBLISHING COMPANYNON-GAAP RECONCILIATIONS(In thousands) (Unaudited)

Preliminary

Reconciliation of Income (Loss) From Continuing Operations to Adjusted EBITDA:

Three Months Ended Nine Months Ended Sep 29, Sep 30, % Change Sep 29, Sep 30, % Change 2019 2018 2019 2018 Net income (loss) from continuing $ 6,873 $ (649 ) * $ 7,503 $ (43,821 ) * operations Income tax expense (benefit) from 480 (5,835 ) * 63 (8,719 ) * continuing operations Interest expense (income), net 57 (303 ) * (478 ) 11,673 * Loss on the early extinguishment of debt — — * — 7,666 * Loss on equity investments, net 2,213 434 * 3,255 1,828 78.1 % Other (income) expense, net (248 ) (3,640 ) (93.2 ) % (265 ) (10,943 ) (97.6 ) % Income (loss) from operations 9,375 (9,993 ) * 10,078 (42,316 ) * Depreciation and amortization 11,261 12,179 (7.5 ) % 34,993 37,567 (6.9 ) % Restructuring and transaction costs (1) 1,721 11,472 (85.0 ) % 14,389 44,635 (67.8 ) % Stock-based compensation 2,449 2,982 (17.9 ) % 11,065 7,513 47.3 % Adjusted EBITDA from continuing $ 24,806 $ 16,640 49.1 % $ 70,525 $ 47,399 48.8 % operations - ------ - - ------ - - ------ - - ------- -

* Represents positive or negative change in excess of 100%

(1) Restructuring and transaction costs include costs related to Tribune's internal restructuring, such as severance, charges associated with vacated space, costs related to completed and potential acquisitions and a one-time charge related to the Consulting Agreement.

Adjusted EBITDA

Adjusted EBITDA is a financial measure that is not calculated in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Management believes that because Adjusted EBITDA excludes (i) certain non-cash expenses (such as depreciation, amortization, stock-based compensation, and gain/loss on equity investments) and (ii) expenses that are not reflective of the Company’s core operating results over time (such as restructuring costs, including the employee voluntary separation program and gain/losses on employee benefit plan terminations, litigation or dispute settlement charges or gains, premiums on stock buyback and transaction-related costs), this measure provides investors with additional useful information to measure the Company’s financial performance, particularly with respect to changes in performance from period to period. The Company’s management uses Adjusted EBITDA (a) as a measure of operating performance; (b) for planning and forecasting in future periods; and (c) in communications with the Company’s Board of Directors concerning the Company’s financial performance. In addition, Adjusted EBITDA, or a similarly calculated measure, has been used as the basis for certain financial maintenance covenants that the Company is subject to in connection with certain credit facilities. Since not all companies use identical calculations, the Company’s presentation of Adjusted EBITDA may not be comparable to other similarly titled measures of other companies and should not be used by investors as a substitute or alternative to net income or any measure of financial performance calculated and presented in accordance with U.S. GAAP. Instead, management believes Adjusted EBITDA should be used to supplement the Company’s financial measures derived in accordance with U.S. GAAP to provide a more complete understanding of the trends affecting the business.

Although Adjusted EBITDA is frequently used by investors and securities analysts in their evaluations of companies, Adjusted EBITDA has limitations as an analytical tool, and investors should not consider it in isolation or as a substitute for, or more meaningful than, amounts determined in accordance with GAAP. Some of the limitations to using non-GAAP measures as an analytical tool are: they do not reflect the Company’s interest income and expense, or the requirements necessary to service interest or principal payments on the Company’s debt; they do not reflect future requirements for capital expenditures or contractual commitments; and although depreciation and amortization charges are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and non-GAAP measures do not reflect any cash requirements for such replacements.

The Company does not provide a reconciliation of Adjusted EBITDA guidance due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation, including adjustments that could be made for restructuring and transaction costs, stock-based compensation amounts and other charges reflected in our reconciliation of historic numbers, the amount of which, based on historical experience, could be significant.

TRIBUNE PUBLISHING COMPANYNON-GAAP RECONCILIATIONS(In thousands)(Unaudited)

Preliminary

Reconciliation of Total Operating Expenses to Adjusted Same-Business Operating Expenses

Adjusted same-business operating expenses consist of total operating expenses per the income statement, adjusted to exclude the impact of items listed in the Adjusted EBITDA non-GAAP reconciliation, the additional expenses related to the 2018 acquisitions (e.g. same-business) and the impact of the Transition Service Agreement expenses. Management believes that adjusted same-business operating expenses is informative to investors as it enhances the investors' overall understanding of the financial performance of the Company's business as they analyze current results compared to prior periods.

Three Months Ended September 29, Three Months Ended September 30, 2019 2018 Adjusted Adjusted GAAP Adjustments Same- GAAP Adjustments Same- Business Business Compensation $ 83,066 $ (3,484 ) $ 79,582 $ 107,762 $ (11,748 ) $ 96,014 Newsprint and ink 12,613 — 12,613 16,980 — 16,980 Outside services 77,549 (295 ) 77,254 81,572 (2,419 ) 79,153 Other operating expenses 42,163 (390 ) 41,773 47,270 (288 ) 46,982 Depreciation and amortization 11,261 (11,261 ) — 12,179 (12,179 ) — Total operating expenses $ 226,652 $ (15,430 ) $ 211,222 $ 265,763 $ (26,634 ) $ 239,129 - ------- - ------- - - ------- - ------- - ------- - - -------

Nine Months Ended September 29, Nine Months Ended September 30, 2019 2018 Adjusted Adjusted GAAP Adjustments Same- GAAP Adjustments Same- Business Business Compensation 276,583 $ (34,096 ) $ 242,487 $ 324,982 $ (39,157 ) $ 285,825 Newsprint and ink 43,834 (3,048 ) 40,786 48,348 (1,831 ) 46,517 Outside services 241,787 (19,428 ) 222,359 262,372 (29,268 ) 233,104 Other operating expenses 123,604 (38,084 ) 85,520 116,220 (23,859 ) 92,361 Depreciation and amortization 34,993 (34,993 ) — 37,567 (37,567 ) — Total operating expenses $ 720,801 $ (129,649 ) $ 591,152 $ 789,489 $ (131,682 ) $ 657,807 - ------- - -------- - - ------- - ------- - -------- - - -------

TRIBUNE PUBLISHING COMPANYNON-GAAP RECONCILIATIONS(In thousands)(Unaudited)

Preliminary

Reconciliation of Income (Loss) From Continuing Operations available to Tribune common stockholders to Adjusted Income (Loss) From Continuing Operations available to Tribune common stockholders and Adjusted Diluted EPS:

Adjusted income (loss) from continuing operations available to Tribune common stockholders is defined as income (loss) from continuing operations available to Tribune common stockholders - GAAP excluding the adjustments for restructuring and transaction costs, net of the impact of income taxes.

Income (loss) from continuing operations available to Tribune common stockholders - GAAP consists of Net income (loss) from continuing operations per the Consolidated Statements of Income (Loss), less Income (loss) attributable to noncontrolling interests and the noncontrolling interest carrying value adjustment as set forth in the Earnings Per Share calculation in the Company's Form 10-Q.

Adjusted Diluted EPS computes Adjusted income (loss) from continuing operations available to Tribune common stockholders divided by diluted weighted average shares outstanding.

Management believes Adjusted income (loss) from continuing operations available to Tribune common stockholders and Adjusted Diluted EPS are informative to investors as they enhance investors' overall understanding of the financial performance of the Company's business as they analyze current results compared to future recurring projections.

Three Months Ended September 29, 2019 September 30, 2018 Earnings Diluted Earnings Diluted EPS EPS Income (loss) from continuing operations available to Tribune $ (9,130 ) $ (0.25 ) $ (410 ) $ (0.01 ) common stockholders - GAAP Adjustments to operating expenses, net of 27.8% tax: Restructuring and transaction costs 1,243 0.03 8,283 0.23 Adjusted income (loss) from continuing operations available to $ (7,887 ) $ (0.22 ) $ 7,873 $ 0.22 Tribune common stockholders - Non-GAAP

Nine Months Ended September 29, 2019 September 30, 2018 Earnings Diluted Earnings Diluted EPS EPS Income (loss) from continuing operations available to Tribune $ (10,387 ) $ (0.29 ) $ (44,292 ) $ (1.26 ) common stockholders - GAAP Adjustments to operating expenses, net of 27.8% tax: Restructuring and transaction costs 10,389 0.29 32,226 0.92 Loss on early extinguishment of debt — — 5,535 0.16 Adjusted income (loss) from continuing operations available to $ 2 $ — $ (6,531 ) $ (0.19 ) Tribune common stockholders - Non-GAAP - ------- - - ------- -

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