LETTER TO SHAREHOLDERS

Howard D. Elias
Dave Lougee

Dear Fellow Shareholders,

We are incredibly proud of our team’s demonstrated commitment over the last year to fulfilling TEGNA’s purpose of serving the greater good of our communities. Our journalists, producers, marketers, digital content creators and photographers kept consumers informed with trusted, verifiable news and delivered impactful stories to our audiences. We progressed on our value-creation strategy, Environment, Social and Governance (ESG) and Diversity, Equity & Inclusion (DE&I) goals, and achieved a number of records across key financial metrics, all supported by strong Board oversight and management execution.

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KEY FINANCIAL METRICS

2021 RESULTS
$3.0B
TOTAL REVENUE
1
2% growth
compared to 2020
30% growth
compared to 2019
$1.5B
SUBSCRIPTION REVENUE
14% growth
compared to 2020
46% growth
compared to 2019
$477M
GAAP NET INCOME
1
down 1%
compared to 2020
67% growth
compared to 2019
$948M
IN ADJUSTED EBITDA
1
down 7%
compared to 2020
34% growth
compared to 2019
(1) Our revenue and operating results are subject to significant fluctuations across yearly periods resulting from political advertising. In even numbered years, political spending is usually significantly higher than in odd numbered years due to advertising for the local and national elections. Additionally, every four years, we typically experience even greater increases in political advertising in connection with the presidential election (as was the case in 2020).
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FIVE PILLARS OF VALUE CREATION DRIVING STRONG GROWTH
Best-in-class operator
Aggressive, yet disciplined pursuit of accretive M&A, including adjacent businesses and technologies
Growth through organic innovation, such as Premion
Maintain a strong balance sheet
Commitment to strong free cash flow generation and optimized capital allocation process
2022 ANNUAL GUIDANCE
Subscription Revenue Growth
+Mid to High-Teens percent
Non-GAAP Corporate Expene
$44 - $48 million
Depreciation
$62 - $66 million
Amortization
$60 - $65 million
Interest Expense
$187 - $192 million
Capital Expenditures Including Non-Recurring
Capital Expenditures
$64 - $69 million
$20 - $22 million
Effective Tax Rate
24.0 — 25.0%
Net Leverage Ratio
Mid 3x
Free Cash Flow as a % of
est. combined 2020/21 Revenue
20.5 — 21.5%

TRUSTWORTHY, IMPACTFUL CONTENT

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2021 ESG HIGHLIGHTS

SIGNIFICANT PROGRESS ON 2025 DIVERSITY, EQUITY, AND INCLUSION GOALS
Journalism training and D&I content audits in all
49
NEWSROOMS
for a second consecutive year
Recognized as one of Achievers 50 most engaged workplaces
for COVID-19 relief efforts
Honored by the Women’s Forum of New York for leadership in Board gender parity
for the fifth consecutive year
Completed a comprehensive greenhouse gas emissions inventory for scopes 1, 2 and 3 to better understand how we can be better stewards of our resources
330
Tegna Foundations
Community Grants
totaling
$1,850,000
HIGHLIGHTS
Tegna Poster DIVERSITY, EQUITY & INCLUSION
DIVERSITY, EQUITY & INCLUSION
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BOARD OF DIRECTORS

Howard D. Elias
Howard D. Elias
Dave Lougee
Dave Lougee
Gina L. Bianchini
Gina L. Bianchini
Stuart J. Epstein
Stuart J. Epstein
Lidia Fonesca
Lidia Fonesca
Karen H. Grimes
Karen H. Grimes
Scott K. McCune
Scott K. McCune
Henry W. McGee
Henry W. McGee
Susan Ness
Susan Ness
Bruce P. Nolop
Bruce P. Nolop
Neal Shapiro
Neal Shapiro
Melinda C. Witmer
Melinda C. Witmer
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(a) Member of Audit Committee
(b) Member of Executive Committee
(c) Member of Leadership Development and Compensation Committee
(d) Member of Nominating and Governance Committee
(e) Member of Public Policy and Regulation Committee
(*) Member of the TEGNA Leadership Team

Company officers

Dave Lougee
Dave Lougee
President and Chief Executive Officer
Lynn Beall
Lynn Beall
Executive Vice President and COO of Media Operations
Victoria D. Harker
Victoria D. Harker
Executive Vice President and Chief Financial Officer
Anne W. Bentley
Anne W. Bentley
Vice President and Chief Communications Officer
W. Edmond Busby
W. Edmond Busby
Senior Vice President, Strategy
Akin Harrison
Akin Harrison
Senior Vice President, General Counsel and Secretary
Clifton A. McClelland III
Clifton A. McClelland III
Senior Vice President and Controller
Jeffery Newman
Jeffery Newman
Senior Vice President and Chief Human Resources Officer
Kurt Rao
Kurt Rao
Senior Vice President and Chief Technology Officer
Grady Tripp
Grady Tripp
Vice President and Chief Diversity Officer
Dave Lougee
Dave Lougee
President and Chief Executive Officer
Lynn Beall
Lynn Beall
Executive Vice President and COO of Media Operations
Victoria D. Harker
Victoria D. Harker
Executive Vice President and Chief Financial Officer
Anne W. Bentley
Anne W. Bentley
Vice President and Chief Communications Officer
W. Edmond Busby
W. Edmond Busby
Senior Vice President, Strategy
Akin Harrison
Akin Harrison
Senior Vice President, General Counsel and Secretary
Clifton A. McClelland III
Clifton A. McClelland III
Senior Vice President and Controller
Jeffery Newman
Jeffery Newman
Senior Vice President and Chief Human Resources Officer
Kurt Rao
Kurt Rao
Senior Vice President and Chief Technology Officer
Grady Tripp
Grady Tripp
Vice President and Chief Diversity Officer
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