LEE ENTERPRISES, Inc — Director's Dealing 2004

Mar 29, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LEE ENTERPRISES INC (LEE ENT)
CIK: 0000058361
Period of Report: 2004-03-19

Reporting Person: SCHERMER LLOYD G (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-03-19	Class B Common Stock	G	1000	—	Disposed	457028	Direct
2004-03-19	Class B Common Stock	G	100	—	Disposed	456928	Direct
2004-03-19	Class B Common Stock	G	100	—	Disposed	456828	Direct
2004-03-20	Class B Common Stock	G	436828	—	Disposed	20000	Direct
2004-03-20	Class B Common Stock	G	1163966	—	Acquired	1163966	Indirect
2004-03-19	Class B Common Stock	G	1000	—	Disposed	745338	Indirect
2004-03-19	Class B Common Stock	G	100	—	Disposed	745238	Indirect
2004-03-19	Class B Common Stock	G	100	—	Disposed	745138	Indirect
2004-03-20	Class B Common Stock	G	725138	—	Disposed	20000	Indirect
2004-03-20	Class B Common Stock	G	1163966	—	Acquired	1163966	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Class B Common Stock	110020	Indirect
Class B Common Stock	49316	Indirect

Footnotes

F1: In transactions exempt from Section 16(b), trusts for the benefit of Betty A. Schermer, Reporting Person's spouse, and Reporting Person each transferred 1,000 shares of Lee Enterprises, Incorporated Class B Common Stock ("Lee Class B") to Schermer Management Corporation ("SMC"), and each trust received in exchange 50% of SMC's outstanding common stock. Trusts for the benefit of Betty A. Schermer and Reporting Person each made a gift of 12.5% of SMC's outstanding common stock to a trust for the benefit of Grant E. Schermer. Trusts for the benefit of Betty A. Schermer and Reporting Person each made a gift of 12.5% of SMC's outstanding common stock to Gregory P. Schermer, who, together with trusts for the benefit of Reporting Person, Betty A. Schermer and Grant E. Schermer, each holds 25% of SMC's outstanding common stock.

F2: On March 20, 2004, in transactions exempt from Section 16(b), SMC transferred 2,000 shares of Lee Class B to Schermer Investment Partnership, L.P. ("SIP"), and SMC received in exchange 1 general partner unit of SIP.

F3: In a transaction exempt from Section 16(b), a trust for the benefit of Betty A. Schermer transferred 436,828 shares of Lee Class B to SIP, and the trust received in exchange 37.20 limited partner units of SIP. In a transaction exempt from Section 16(b), a trust for the benefit of Reporting Person transferred 725,138 shares of Lee Class B to SIP, and the trust received in exchange 61.80 limited partner units of SIP. As a result of these transactions and SMC's transfer to SIP, SIP holds 1,163,966 shares of Lee Class B. Trusts for the benefit of Betty A. Schermer and Reporting Person each made a gift of 5 limited partner units of SIP to a trust for the benefit of Grant E. Schermer. Trusts for the benefit of Betty A. Schermer and Reporting Person each made a gift of 5 limited partner units of SIP to Gregory P. Schermer.

F4: Reporting Person disclaims beneficial ownership of all the shares of Lee Class B held by SIP, including those held indirectly by SMC, except to the extent of his trust's pecuniary interest therein.

F5: The Reporting Person disclaims beneficial ownership of these securities, except to the extent of his pecuniary interest therein.

F6: Reporting Person's spouse's trust disclaims beneficial ownership of all the Lee Class B, including those held indirectly by SMC, except to the extent of her trust's pecuniary interest therein.