2018 Guide to Effective Proxies

6 TH EDITION | GUIDE TO EFFECTIVE PROXIES 444 EXECUTIVECOMPENSATION TheCompensationCommitteedeterminesthedollarvalueofRSAgrantsbaseduponthetargetsetatthebeginningof theyear,whichcanbeadjustedbasedontheassessmentofindividualperformanceattheendofsuchyear.Thereisno guaranteethatanNEOwillreceiveagrantofrestrictedshares. InFebruary2018,theCompensationCommitteeapprovedRSAgrantsassetforthbelowunder“2018NEO CompensationActions.” PerformanceShareAwards .Performanceshareawardsareanimportantcomponentofcompensationbecausethey encourageafocusonlong-termfinancialperformanceandTSR,furtheraligningtheinterestsofourNEOsand stockholders. NEOsareeligibletoreceiveatargetperformanceshareawardeachyearataregularlyscheduledCompensation Committeemeeting.Performanceshareawardsarethenearnedattheendofthethree-yearMeasurementPeriod applicabletotheseawardsbasedonthefollowing: • AchievementofannualtargetsforFree CashFlowpershareforeachyearinthe three-yearMeasurementPeriod ImportantmeasureofFrontier’sunderlying financialperformance • OurTSRrelativetotheIntegrated TelecommunicationsServicesGroup (GICSCode50101020)forthethree-year MeasurementPeriod Createsdirectlinktostockholderresults InitialPerformanceAward Three-YearAverageFreeCash FlowPerSharePerformance as a% ofTarget foreachFY Three-YearRelativeTSR vs.GICSPeers FinalPerformanceAward Payout 0% -162.5%of Initial Award FreeCashFlowperShare vs.Target Modifier 130% orAbove 130% 0% 100% 100% 70% 70% Below70% ModifierRange 75% - 125% ModifierRange 0% -130% FrontierTSRvs.GICS Group Modifier 75 th %orAbove 125% 100% 50 th % 25 th %orBelow 75% AnnualFreeCashFlowpersharetargetsareusedbecauseitisnotfeasibletosetandcalculatemulti-yearperformance givensignificantchangesinFrontier’sbusiness.Athree-yearrelativeTSRmodifierisappliedinordertomeasure Frontier’sexecutiononitsstrategicgoalsoveramulti-yearperiodrelativetoourindustrypeers.TheFreeCashFlowper shareandTSRresultsthatfallinbetweenlevelsaredeterminedusingstraightlineinterpolation. AnexecutivemustremainemployedbyFrontierthroughoutthethree-yearMeasurementPeriodandalsomustmaintain asatisfactoryperformanceratingthroughouttheMeasurementPeriodfortheawardtovest.Performanceshareawards, totheextentearned,willbepaidoutintheformofcommonstockonaone-to-onebasis,plusaccrueddividendsonsuch earnedshares,shortlyfollowingtheendofthethree-yearMeasurementPeriod. FrontierCommunicationsCorporation 35 2018ProxyStatement Total of 03 pages in section EXECUTIVECOMPENSATION Becauseourperformancedidnotmeettheminimumperformancethresholdof93%ofourAdjustedEBITDAgoal,no bonuswaspaidtoourNEOsoranymanagementemployeesfor2017performance. AtitsJanuary2018meeting,theCompensationCommitteesetthe2018CompanyPerformanceGoalsforourSenior LeadershipTeam,includingourNEOs,whichareintendedtofocusseniorleadershipondrivingfinancialgoalsand businessresults. 2018CompanyPerformanceGoals Weightingto Set BonusPool Revenue 12.5% Adj.EBITDA 50.0% OperatingCashFlow 25.0% NetExperienceScore(ameasureofcustomerexperience) 12.5% TheCompensationCommitteealsomodifiedthepaymentschedulesuchthat60%ofthe2018FrontierBonuswouldbe paidonaquarterlyschedule,withquarterlygoalsbasedontheabovemetricsfortheNEOs.Theremaining40%ofthe bonusisbasedonfullyearresults.Thesequarterlygoalswereestablishedinthebeginningoftheyearandrepresentthe full-yeartargets.Thischangeisdesignedtofocusourleadersonfinancialsandcustomerexperiencebyplacinga greateremphasisonourquarterlyresultsthatwillleadtoachievementofourfull-yearresults. Long-Term Incentive Compensation TheCompensationCommitteeprovideslong-termincentivestoouremployees,includingourNEOs,througha combinationofrestrictedstockandperformanceshareawardsgrantedunderour2013EquityIncentivePlan. InFebruaryofeachyear,theCompensationCommitteesetsatargetdollarvalueoftotalequityawardsforeachNEOfor thatyeartofulfillthepurposesdescribedaboveunder“CompensationProgramDesign.”Inmakingthisdetermination, theCompensationCommitteeconsiderspeergroupinformationandsurveydataaswellastheneedtoaligneachNEO’s interestswiththoseofourstockholders. For2017,theCompensationCommitteecontinueditspracticewhereone-thirdoflong-termincentiveawardswas deliveredintheformofperformancesharesandtwo-thirdsintheformofrestrictedstockawards,exceptfor Mr.McCarthywhoseawardsaredeliveredona40/60mix.TheCommitteebelievesthatthismixalignsstockholdervalue andexecutiveinterestsbylinkingcompensationtolong-termperformanceandstockholderreturns.Thereisnominimum guaranteedlevelofequityawards.InFebruary2017,theCompensationCommitteesetthefollowingtargetsforequity awardsforeachNEO: Name 2017TargetValueof RestrictedStock Awards 2017TargetValueof PerformanceShare Awards 2017TargetValueof TotalEquity Awards DanielJ.McCarthy $3,600,000 $2,400,000 $6,000,000 R.PerleyMcBride $2,000,000 $1,000,000 $3,000,000 KennethW.Arndt $ 960,000 $ 470,000 $1,430,000 SteveGable $1,200,000 $ 600,000 $1,800,000 JohnJ.Lass $ 850,000 $ 400,000 $1,250,000 RestrictedStockAwards .TheCompensationCommitteeusesrestrictedstockawards(RSAs)asacomponentof compensationbecauseRSAsencourageourNEOstofocusattentionondecisionsthatemphasizelong-termreturnsfor stockholders.RSAsaregrantedbasedonperformanceandvestratablyoverthreeyears. TheCompensationCommitteegenerallymakesallRSAgrantstoourexecutives,includingourNEOs,atitsregularly scheduledmeetingeachFebruary,withtheexceptionofawardstoeligiblenewhires,whichareawardedasofthedate ofhire. FrontierCommunicationsCorporation 34 2018ProxyStatement EXECUTIVE COMPENSATION AnnualCashIncentives acquiredSweetIQAnalyticsCorp.,alocationandcustomerengagementsoftwareprovider,whichexpandstheproductportfolioof ReachLocal,andwemadeamajorityinvestmentinGratefulVentures,LLC,whichextendstheUSATODAYNETWORKintothe “lifestyle”contentvertical. • Maximizethevalueofourlegacyprintbusinessandrationalizeourcostbase .Wecontinuedtodrivetheprofitabilityofourtraditional printoperationsbyrationalizingourcostinfrastructureandmaximizingourrevenuebase.Onasame-storebasis,operatingexpensesfor 2017weredown$296millionyear-over-yearduetotheCompany’saggressivecostcontainmentefforts.Ontherevenueside,we haveimplementedanewprintadvertisingpricingprogramthatencouragesmorefrequentadvertisinginourprintedproduct,which shoulddelivertheadvertiserimprovedreturnoninvestmentandreducetheadvertiserchurnweareexperiencing.Additionally,we launchedmoreaggressivehomedeliverysubscriptionrateincreaseslatein2017basedontestingandresearchconductedinthe earlierpartof2017. • Maintainaflexiblebalancesheet .Throughaggressivecostmanagementanddisciplinedfinancialpolicies,wehavebeenableto maintainastrongbalancesheetwithrelativelylowdebtlevelscomparedtoourpeers.Ourstrongbalancesheethasenabledusto keepaflexiblecapitalallocationpolicywithanemphasisonreturningcashtoshareholders.InJuly2015,ourBoardofDirectors authorizedathree-year,$150millionsharerepurchaseprogram.AsofDecember31,2017,5.75millionshareshavebeen repurchasedundertheprogramatanaveragecostof$8.70. ContributionstoCompanyCulture .TheCompany’scoreculturalvaluesinclude:strengthincommunity,progressthroughpassion,actionwith purposeandbeliefinpeople.In2017,theCompanypromotedthesevaluesthroughsignificantinitiativesincompensation,benefits, performancemanagement,communications,onboarding,diversity(asfurtherdescribedbelow)andotherareas.Inaddition,theCompany workedtoregularlyconductimpactanalysesofsuchprocesses—whetheronanindividualorbroadscale—toevaluatethechanges. Ultimately,however,theCommitteedeterminedtheculturalportionofeachexecutiveofficer’sincentivebasedupontheexecutive’s performanceagainstculture-relatedgoalsthat,inmanycases,werespecifictotheexecutive(certaincoreculturegoalsweresharedbythe entireseniorexecutiveteam). Initsdiversityandinclusionefforts,theCompanygenerallyfocuseson:mirroringourworkforcetoreflectthecommunitiesweserveby continuouslymonitoringhiringandcareeradvancementpractices;andmaintainingourdiversityandinclusionfocusthroughouttheemployee lifecycle(e.g.,hiring,promotions,succession,andmessaging).Company-widediversityinitiativesorachievementsin2017includedthe following,amongothers: • Wescored100%ontheHumanRightsCommission’sdiversityindex. • Wepilotedunconsciousbiastrainingprogramsforourseniorleaders,humanresourcesteamanddiversityteam. • WepromotedCompany-widediversity-focusedemployeeresourcegroupsandsponsoredseveraldiversity-themedspeakerseriesevents throughthosegroups. • Wedeployedarobustrecruiteraccountabilitysystem. • Webuiltpartnershipswithsevenuniversitiesacrosstheareasofcurriculum,companyinvolvementandtalentneeds. • Weexpandedourassociationwithdiversity-relatedorganizationsbeyondjournalism(e.g.,WomeninTechnology,National AssociationofBlackMBAs). 2017CashIncentivesforStretchGoals In2017,eachNEOalsohadanopportunitytoearnanadditionalcashawardiftheCompanyachievedthefollowingpredeterminedstretch goals: • Goal1—Atleast120millionuniquevisitorsmeasuredbycomScore,Inc.asofDecember2017 • Goal2—Atleast320,000digital-onlypaidsubscribers • Goal3—(A)FortheUSATODAYNETWORKasawhole,atleast58%desktoparticleviewsyieldvideoviewsandatleast16%of mobilewebviewsyieldvideoviews,and(B)forourtop15markets,atleast37%desktoparticleviewsyieldvideoviewsandatleast 8%ofmobilewebviewsyieldvideoviews Goals1and2couldbeachievedandearnedindependentlyofanyothergoal,whereasanypayoutundergoal3wascontingentonthe Companyalsoachievinggoal1.GrowthfromacquisitionactivitywasexcludedfromthemeasurementoftheCompany’sachievementof goals2and3,butnotforgoal1,whichismeasuredbycomScore,Inc.In2017,theCompanyachievedover120millionuniquevisitorsas measuredbycomScore,Inc.andover320,000digital-onlypaidsubscribers,andthereforesatisfiedgoals1and2.Thetargetincentive payoutforeachstretchgoalwas8.33%ofbasesalary,foramaximumpayoutopportunityof25%ofbasesalary.Accordingly,eachNEO earnedapayoutequalto16.66%ofhisorherbasesalaryasofDecember31,2017.Nopaymentswereearnedinrespectofgoal3. GANNETTCO.,INC. 2018ProxyStatement 31 Total of 03 pages in section EXECUTIVE COMPENSATION AnnualCashIncentives WEIGHTING INCENTIVEELEMENT ThisportionofeachNEO’sincentivewasdeterminedbasedupontheCommittee’sassessmentoftheexecutive’s performanceagainstgoalsspecifictotheexecutiverelatingtooneormoreelementsofourstrategicplan. Examplesofsuchgoalsinclude,amongothers:achievingbusinessunitbudgetgoals;successfullyexecutingon ouracquisitionstrategyandintegratingacquiredbusinesses,includingReachLocal;continuingtostrengthenthe USATODAYNETWORK;acceleratingdigitalgrowth;developingnewvideo,social,mobileandother offerings;andsimilarobjectivesspecifictoeachexecutive’sareasofresponsibility.ThisportionofeachNEO’s incentivecouldpayoutatamaximumof150%oftarget. • 15%(forCEO) • 15%(forotherNEOs) ContributionstotheCompany’sCulture ThisportionofeachNEO’sincentivewasdeterminedbasedupontheCommittee’sassessmentoftheexecutive’s achievementrelativetogoalsrelatingtoCompanyculture.Examplesinclude,amongothers:modelinginclusive valuesandbehaviors;enhancingeffectivecommunicationwithemployees;workingtoimproveemployee engagement;developingsuccessionplans;buildingteamstomirrorourcommunitiesbyencouragingand promotingdiversity;networkinginthecommunity;andsimilarobjectivesspecifictoeachexecutive’sareasof responsibility.ThisportionofeachNEO’sincentivecouldpayoutatamaximumof150%oftarget. Inaccordancewiththeforegoing,theCommitteedeterminedthe2017annualincentivepayoutamountforeachNEObaseduponthe followingconsiderations: CompanyFinancialPerformance. AdjustedEBITDAwasapproximately$330.0millionanddigitalrevenuewasapproximately $783.0millionfor2017,resultingin88%fundingrelativetotargetfortheportionofeachexecutive’sincentivetiedtoAdjustedEBITDA, 86%fundingrelativetotargetfortheportionofeachexecutive’sincentivetiedtodigitalrevenue,and87%fundingonablendedbasis relativetotargetfortheentireportionofeachexecutive’sincentivetiedtofinancialperformance. ContributionstoStrategicPlan .Ourvisionistobecomeessentialforconsumersandmarketersseekingmeaningfulconnectionswiththeir communitiesacrossprint,digital,andotherchannels.TheCompanyiscommittedtoabusinessstrategythatdrivesaudiencegrowthand engagementbydeliveringdeepercontentexperiencestoouraudiencewhileofferingtheproductsandmarketingexpertiseouradvertisers desire.Highlightedbelowarethekeyelementsofthisstrategy,aswellasthewaysinwhichtheCompanyadvanceditsstrategicplanin 2017.Asdiscussedabove,however,theCommitteeultimatelydeterminedthisportionofeachexecutiveofficer’sincentivebaseduponthe executive’sperformanceagainststrategicgoalsspecifictotheexecutive. • Leveragenationwidescaleandlocalpresence .Throughout2017,theCompanycontinuedtostrengthenandleverageth USATODAY NETWORK(with109localpropertiesplusUSATODAY)todeepenourrelationshipswithbothconsumersandmarketersatanational andlocallevel.TheUSATODAYNETWORKachievementsin2017included,amongothers: • finishingthirdinthecomScoremulti-platformNewsandInformationcategoryforuniquevisitors,aheadofpeerssuchasNBCNews Digital,CBSNews,NewYorkTimesDigital,andFoxNewsDigitalNetwork; • powerfulinvestigativejournalism—suchasUSATODAY’sinvestigationintoclaimsofbotchedmedicalproceduresattheVeterans AffairsDepartment,theIndianapolisStar’sinvestigationintosexualabuseallegationsagainstUSAGymnasticsteamdoctorLarry Nasser,andtheNETWORK’sexaminationofthelackofregulationoftheshort-haultruckingindustry—eachofwhichpromptedswift actionfrompolicy-makers; • innovationintheuseofdigitalmediainstorytelling,exemplifiedbytheBorderWallProject,amultimediaexperienceaboutthe 2,000-mileborderbetweentheU.S.andMexico,whichwasproducedbymorethan30journalistsacrosstheNETWORKand includedarticles,aerialand360-degreevideo,virtualreality,aninteractivemap,podcastsandchatbots; • expansionintonewverticals,includingthroughouracquisitionofGratefulVentures,LLC,astartupdigitalcontentnetworkthat operatesinthe“lifestyle”category,aswellasnewmediumssuchaspodcasts;and • thecreationofanewadplatformandproductsuitecalledParamountandadataenginecalledGrandstandthatusemachine learningtomeasureelementsofaddesignandhowtheydrivedigitaladvertisingcampaignperformance. • Accelerateexpansionofourdigitalbusinesses .Onthecontentside,wecontinueddevelopmentofnewconsumerexperiencesthrough newstorytellingmediumslikevirtualrealityanddrones,aswellasimprovementstoourdigitalproducts.Additionally,weinvestedin marketingstrategiesthatdrovea50%year-over-yearincreaseindigital-onlysubscriptions.Wecontinuedtoexpandourdigital marketingsolutionsbusinessbyintegratingReachLocalasourdigitalmarketingservicesproviderinourlocalmarketsandtheUnited Kingdom. • Pursueopportunisticacquisitions .In2017,weshiftedthefocusofouracquisitionstrategyfromacquiringtraditionalprintbusinessesto digitalacquisitionsthateitherexpandourdigitalmarketingservicesportfolioorbroadenourcontentofferings.Forexample,we 30 2018ProxyStatement GANNETTCO.,INC. FRONTIER COMMUNICATIONS CORPORATION GANNET CO., INC. EXECUTIVECOMPENSATION 2017 Total Direct Compensation for NEOs Cash Compensation BaseSalary .Basesalariesforourexecutives,includingourNEOs,aresetbytheCompensationCommitteeafter considerationofvariousfactors,includingindividualperformance,executiveexperienceandskillset,theabilitytoattract andretaintalentedexecutivesandmarketdata. Executivesareeligibleforincreasestotheirbasesalaryifthereisachangeinresponsibilityortheindividual’sbase salaryisnotinlinewithdesiredmarketposition.Wegenerallytargetthemedianofourpeerswhensettingbasesalary, butanyincreasesordecreasesareultimatelyatthediscretionoftheCompensationCommittee.Thesalariesforour NEOswerenotadjustedin2017. Bonus .TheCompensationCommitteeusestheFrontierBonusPlantoprovidecashincentivestoexecutives,including theNEOs,basedontheachievementofcertaincompanymetrics(CompanyPerformanceGoals)withadjustmentsfor individualperformance.ThebonuspoolisfundedbasedsolelyonachievementofCompanyPerformanceGoals.An NEO’s“targetbonusopportunity”isexpressedasapercentageofhisorherannualbasesalaryandrepresentsthe amounttheNEOwouldreceiveifperformancemetricsareachievedattarget.For2017,eachNEO,otherthan Mr.McCarthy,hadatargetbonusopportunityequalto100%ofhisorherbasesalary;Mr.McCarthy’stargetbonus opportunitywas150%ofhisbasesalary.Potentialbonuspayoutscouldbefrom0%forbelow-thresholdperformance,up toamaximumof130%foroutstanding performance,ofeachNEO’stargetbonusopportunity.Achievementofthreshold performancewouldresultinapayoutof79%ofthetargetbonusopportunity,subjecttothediscretionofthe CompensationCommittee. For2017,theCompensationCommitteerevisedtheCompanyPerformanceGoalsfromthoseusedinprioryearstoalign executiveinterestswithFrontier’sbusinessobjectives.TheCompanyPerformanceGoalswereweightedinrelationto Frontier’sbusinessplan(theWeightedCompanyPerformanceGoals).WeincludeNetExperienceScoreintheWeighted CompanyPerformanceGoalsbecausecustomerexperienceisastrongdriverofourbusinesssuccess.TheNet ExperienceScoreprovidesanincentivetocontinuallyimproveourcustomerexperience. 2017WeightedCompanyPerformanceGoals Weighting RevenueTarget 12.5% AdjustedEBITDATarget 50.0% OperatingCashFlowTarget 25.0% NetExperienceScore 12.5% Total 100% TheCommitteealsosetaminimumperformancethresholdof93%oftheAdjustedEBITDAtargetinor ertoac ievea payoutunderthe2017FrontierBonusPlan.AtitsFebruary2018meeting,theCompensationCommitteereviewed Frontier’sperformanceagainsteachofthetargetsfor2017,whichwasasfollows: ($inmillions) FinancialTarget Threshold (approx. 93%of Target) Target Outstanding (approx. 110% ofTarget) Result Percentage ofTarget Revenue $9,317 $10,018 $11,020 $9,128 91% AdjustedEBITDA $3,793 $ 4,078 $ 4,486 $3,684 90% OperatingCashFlow $2,630 $ 2,828 $ 3,111 $2,530 89% NetExperienceScore 1.5 3.9 6.2 7.1 114% Payoutforperformancebetweenlevelsisdeterminedusinglinearinterpolation. AfterassessingperformanceundereachoftheWeightedCompanyPerformanceGoals,Frontierapplieda3:1power ratioforresultsbetweenthethreshold(93%)andmaximum(110%),meaningthatforeachonepercentthatperformance isaboveorbelowthetarget(100%),thebonusincreasesordecreasesbythreepercentagepoints. FrontierCommunicationsCorporation 33 2018ProxyStatement EXECUTIVE COMPENSATION AnnualCashIncentives WEIGHTING INCENTIVEELEMENT • 70%(forCEO) • 60%(forotherNEOs) CompanyFinancialPerformanceGoals • OftheportionoftheannualincentivetiedtoCompanyfinancialperformance,70%wasdeterminedbased ontheCompany’sperformancerelativetoabudgetedAdjustedEBITDAtargetof$350.0million,with payoutamountsdeterminedasfollows: • nopayoutbelow75%oftarget($262.5million) • 50%payoutuponachieving75%oftarget • 100%payoutuponachievingtarget • 150%payoutuponachieving120%ormoreoftarget($420.0million) Payoutsforperformancebetween75%and120%oftargetwerecalculatedbasedonstraight-lin interpolation.ThebudgetedAdjustedEBITDAtargetwasdeterminedinFebruary2017basedonthe CompanyfinancialplanapprovedbytheBoardatthattime.AllcontributionstoAdjustedEBITDAmadeby businessesacquiredduringthe2017fiscalyearwereexcludedforpurposesofdeterminingwhetherthe budgetedAdjustedEBITDAtargetwasachieved. Forthesepurposes,budgetedAdjustedEBITDAwasdefinedastheCompany’searningsbeforeinterest, taxes,depreciationandamortization,excludingitemsdeemedtobe“onetime”innaturethatimpactedthe comparabilityofourfinancialresults,andreflectingthefollowingfurtheradjustments:(1)pensionexpense wasfixedatthebudgetedamountapprovedinFebruary2017,resultingintheexclusionofvariancesto budgetedpensionexpenseoccurringduringtheyear;(2)medicalexpensewasfixedatthebudgeted amountapprovedinFebruary2017,resultingintheexclusionofvariancesduetohigherclaimsduingthe year;and(3)Newsquest’scontributiontoAdjustedEBITDAwascalculatedatthebudgete exch ng rae of1.23USDtoGBPapprovedinFebruary2017,eliminatingtheimpactofexchangeratefluctuations duringtheyear. • Theremaining30%portionoftheannualincentivetiedtoCompanyfinancialperfor ancewas determinedbasedontheCompany’sperformancerelativetoadigitalrevenuetargetof$839.0million, withpayoutamountsdeterminedasfollows: • nopayoutbelow75%oftarget($629.25million) • 50%payoutuponachieving75%oftarget • 100%payoutuponachievingtarget • 150%payoutuponachieving120%ormoreoftarget($1,006.8million) Payoutsforperformancebetween75%and120%oftargetwerecalculatedbasedonstraight-line interpolation.AswithAdjustedEBITDAdescribedabove,digitalrevenuecontributionsfrombusinesses acquiredduringthe2017fiscalyearwereexcludedforpurposesofdeterminingwhetherthedigital revenuetargetwasachieved. Forthesepurposes,digitalrevenuewasdefinedastheCompany’srevenuefromdigitaladvertisingplusits revenuefromdigital-onlysubscriptions.Digitaladvertisingrevenueincludesrevenuesearnedbyselling displayandvideoadvertisingondesktopandmobileplatformsaswellasclassifiedrevenuese rned throughsalesonthirdpartyplatforms.Italsoincludesrevenuesgeneratedthroughemailadvertising, directories,digitalsyndication,archives,thirdpartypartnersandvariousdigital-relatedproducts.Digital- onlysubscriptionsrevenueincludesrevenueearnedthroughthepurchaseofdigital-onlynewspaper subscriptionsondesktop,mobilewebornativeapplications(forDomesticPublishingonly),butexcludes revenuesgeneratedbye-editions(Kindle,Nook,etc.)andcertaindigitalcirculationrevenues.In calculatingdigitalrevenuesforannualincentivepurposes,Newsquest’scontributiontodigitalrevenues wascalculatedatthebudgetedexchangerateof1.23USDtoGBPapprovedinFebruary2017. • 15%(forCEO) • 25%(forotherNEOs) ContributionstotheCompany’sStrategicPlan ThekeyelementsoftheCompany’sstrategicplaninclude: • Leveragingnationwidescaleandlocalpresence • Acceleratingtheexpansionofourdigitalbusinesses • Pursuingopportunisticacquisitions • Maximizingthevalueofourlegacyprintbusinessandrationalizingourcostbase • Maintainingaflexiblebalancesheet GANNETTCO.,INC. 2018ProxyStatement 29