LEE ENTERPRISES, Inc — Director's Dealing 2015

May 12, 2015

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LEE ENTERPRISES, INC (LEE ENT)
CIK: 0000058361
Period of Report: 2015-05-08

Reporting Person: Gulledge Michael R (Vice President - Publishing)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2015-05-08	Common Stock	M	50000	$1.13	Acquired	130718	Direct
2015-05-12	Common Stock	S	50000	$3.155	Disposed	80718	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2015-05-08	Employee Stock Option (Right to Buy)	$1.13	M	50000	Disposed	2022-04-30	Common Stock (60000)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option (Right to Buy)	$2.57	2020-09-28	Common Stock (36800)	36800	Direct
Employee Stock Option (Right to Buy)	$1.49	2022-09-20	Common Stock (133415)	133415	Direct

Footnotes

F1: 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.