Overview of Standard General L.P.

Standard General L.P. is an SEC-registered investment advisor managing event-driven opportunity funds with significant experience in the local TV broadcasting space.

Standard General was founded in 2007 and primarily manages capital for public and private pension funds, endowments, foundations, and high net-worth individuals.

Standard General’s extensive experience in local television broadcasting includes investments in: Media General, a former publicly-traded broadcasting company now part of Nexstar Media Group; Standard Media Group, an innovative and diverse media company committed to high-quality local news; and MediaCo Holding, a diversified media holding company that invests in two local radio stations.

Standard General invested in TEGNA because of our conviction that TEGNA should be the premier pure-play local broadcasting company. Given the quality of its assets, TEGNA should be delivering best-in-class performance and commensurate shareholder returns. Instead, TEGNA has consistently underperformed its closest pure-play local affiliate broadcasting peers.

Standard General’s ownership of ~12% of the outstanding shares of TEGNA makes it TEGNA’s largest shareholder.

We own approximately 24x as many shares as the current TEGNA Board and management combined. Our interests are directly aligned with yours.

We have an excellent track record of endorsing and executing corporate actions that create value and benefit all shareholders and a history of delivering profitable outcomes in similarly situated local TV broadcasting companies.

Standard General’s Media-Related Investments and Experience

Media General, Inc. (NYSE:MEG)

Media General was a publicly-traded broadcaster which, like TEGNA, had a long tradition in print media, and had divested those assets to pursue a pure-play broadcasting strategy. As a substantial shareholder, with a single Standard General principal on the Board, we worked constructively with the management team and directors to help guide Media General through a merger with publicly-traded LIN Media LLC (NYSE: LIN) that more than doubled its station portfolio.

Following that merger, we helped oversee substantial increases in cash flow through a series of operational improvement initiatives and strategic acquisitions before ultimately selling the combined company to Nexstar Media Group (NASDAQ: NXST) in transaction valued at approx. $5 billion. The sale price represented a multiple of 11.2x EBITDA and an implied return of 179% during our 3.6 years of ownership. Holders who continue to own the stock today have earned a 280% return over 6.6 years.

Standard Media Group LLC

Standard Media Group, an innovative and diverse media company committed to high-quality local news with $10 million of annual cash flow, owns local affiliate stations in Providence, Rhode Island and Lincoln, Nebraska.

MediaCo Holding, Inc. (NASDAQ:MDIA)

MediaCo Holding, owns two radio stations, WQHT-FM and WBLS-FM, which serve the New York City metropolitan area.

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