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For immediate release

Gannett Operating Assumptions 2014

December 11, 2013

Total expenses are projected to increase 1-2% in 2014


A.	Capital Expenditures

          1.       2014 Plan         	        $120,000,000
          2.       2013 Estimate      		$105,000,000 - $115,000,000

B.	Depreciation

          1.       2014 Plan	               	$162,000,000
          2.       2013 Estimate  	  	$153,000,000

C.	Amortization of Intangibles

          1.	2014 Plan		$30,000,000
          2.	2013 Estimate		$34,000,000

D.	Benefit Costs

          1.	Pension expense will be down to 2013 depending on the final return on assets for 2013.
          2.	Health care costs will be up low teens above 2013.

E.	Interest Expense

We expect our debt at the beginning of 2014 to be approximately $3.2 billion.  
For budget purposes only, we have assumed that all of our free cash flow,
after dividends and share repurchases, will be used to pay down debt. F. Tax Rate The tax rate for 2014 will be approximately 33.0%, depending on the mix of
earnings and audit settlements.

Certain factors affecting forward-looking statements
Certain statements in this press release, including the operating assumptions for 2013, may be deemed “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. The forward-looking statements contained in this press release, including the operating assumptions, are subject to a number of risks and uncertainties that could adversely affect the company’s ability to obtain these results including, without limitation, the following factors: (a) increased consolidation among major retailers or other events which may adversely affect business operations of major customers and depress the level of local and national advertising; (b) a potential increase in competition for the Company’s digital segment businesses; (c) a decline in viewership of major networks and local news programming resulting from increased competition or other factors; (d) a continuance of the generally soft economic conditions in the U.S. and the UK or a further economic downturn leading to a continuing or accelerated decrease in circulation or local, national or classified advertising; (e) a further decline in general print readership and/or advertiser patterns as a result of competitive alternative media or other factors; (f) an increase in newsprint or syndication programming costs over the levels anticipated; (g) labor disputes which may cause revenue declines or increased labor costs; (h) acquisitions of new businesses or dispositions of existing businesses; (i) rapid technological changes and frequent new product introductions prevalent in electronic publishing; (j) an increase in interest rates; (k) a weakening in the British pound to U.S. dollar exchange rate; (l) volatility in financial and credit markets which could affect the value of retirement plan assets and the Company’s ability to raise funds through debt or equity issuances; (m) changes in the regulatory environment; (n) credit rating downgrades, which could affect the availability and cost of future financing; (o) adverse outcomes in proceedings with governmental authorities or administrative agencies; (p) general economic, political and business conditions; and (q) an other-than-temporary decline in operating results and enterprise value that could lead to non-cash goodwill, other intangible asset, investment or property, plant and equipment impairment charges. The Company continues to monitor the uneven economic recovery in the U.S., as well as new and developing competition and technological change, to evaluate whether any indicators of impairment exist, particularly for those reporting units where fair value is closer to carrying value. Other risk factors that could cause actual results to differ materially from these forward-looking statements are disclosed from time to time in the Company’s current and periodic SEC reports. Any forward-looking statements in this press release should be evaluated in light of these important risk factors.

Gannett is not responsible for updating the information contained in these assumptions beyond the published date, or for changes made to the assumptions by wire services, Internet service providers or other media.