LEE ENTERPRISES, Inc — Director's Dealing 2004

Mar 25, 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 GREGORY P (Director, Vice Pres./Interactive Media, 10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-03-19	Class B Common Stock	G	100	—	Acquired	512870	Direct
2004-03-19	Class B Common Stock	G	100	—	Acquired	512970	Direct
2004-03-22	Class B Common Stock	G	1163966	—	Acquired	1163966	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
1996-10-27	Employee Stock Option (Right to Buy)	$21.50	A	300	Acquired	2006-10-27	Common Stock (1200)	Direct
1997-11-03	Employee Stock Option (Right to Buy)	$26.625	A	350	Acquired	2007-11-03	Common Stock (1400)	Direct
1998-11-15	Employee Stock Option (Right to Buy)	$27.188	A	1000	Acquired	2008-11-15	Common Stock (4000)	Direct
1999-11-09	Employee Stock Option (Right to Buy)	$29.938	A	7500	Acquired	2009-11-09	Common Stock (7500)	Direct
2000-11-13	Employee Stock Option (Right to Buy)	$25.938	A	7500	Acquired	2010-11-13	Common Stock (7500)	Direct
2001-11-14	Employee Stock Option (Right to Buy)	$35.46	A	12000	Acquired	2011-11-14	Common Stock (12000)	Direct
2002-11-13	Employee Stock Option (Right to Buy)	$32.49	A	12000	Acquired	2012-11-13	Common Stock (12000)	Direct
2003-04-24	Employee Stock Option (Right to Buy)	$34.55	A	191	Acquired	2004-10-31	Common Stock (191)	Direct
2003-04-24	Employee Stock Option (Right to Buy)	$34.55	A	258	Acquired	2005-11-07	Common Stock (258)	Direct
2003-11-12	Employee Stock Option (Right to Buy)	$43.25	A	7000	Acquired	2013-11-21	Common Stock (7000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class B Common Stock	6000	Indirect
Class B Common Stock	6000	Indirect
Class B Common Stock	4000	Indirect
Class B Common Stock	55010	Indirect
Common Stock	93492	Direct
Common Stock	2000	Indirect

Footnotes

F1: On March 19, 2004, in a transaction exempt from Section 16(b), Schermer Management Corporation ("SMC") transferred 2,000 shares of Lee Enterprises, Incorporated Class B Common Stock ("Lee Class B") to Schermer Investment Partnership, L.P. ("SIP"), a family limited partnership, and SMC received in exchange 1 general partner unit of SIP. The Reporting Person and trusts for the benefit of Lloyd G. Schermer, 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), a trust for the benefit of Lloyd G. Schermer transferred 436,828 shares of Lee Class B to SIP and the trust received in exchange 37.20 limited partner units of SIP and a trust for the benefit of Betty A. Schermer 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. On March 22, 2004, in transactions exempt from Section 16(b), trusts for the benefit of Lloyd G. Schermer and Betty A. Schermer each made a gift of 5 limited partner units of SIP to Reporting Person and a trust for the benefit of Grant E. Schermer. 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 pecuniary interest therein.

F3: The Reporting Person disclaims beneficial ownership of these securities, except to the extent of the Reporting Person's pecuniary interest therein.

F4: Includes 4,594 shares purchased under the Issuer's ESPP through payroll deduction and dividend reinvestment.

F5: These securities are exercisable as follows: 30% upon the first anniversary date of the grant; 60% upon the second anniversary date of the grant; and 100% upon the third anniversary date of the grant.