Certain of the following data were compiled from the consolidated financial statements of Media General, Inc., and should be read in conjunction with those statements and the financial review and management analysis which appear elsewhere in this report.

(a) In 1988, the Company discontinued its Broadcast Services operations and sold its media placement division, and agreed to dispose of its West Coast newsprint mill and related operations. Revenues for 1988 include disposed broadcast operation revenues of $62.4 million and disposed newsprint operation revenues of $74.3 million. Operating income for 1988 includes disposed broadcast operation operating losses of $59.3 million and disposed newsprint operation operating profits of $14.8 million.

(b) In 1997 the Company incurred a charge of $63 million (net of a tax benefit of 38.6 million), representing the debt prepayment premium and write-off of associated debt issuance costs related to the redemption of debt assumed in the January 1997, Park acquisition.

(c) Includes the recognition, at the beginning of fiscal 1992, of the accumulated postretirement benefit obligation related to prior service costs of $22.8 million ($14.4 million after-tax; $0.55 per share, basic and assuming dilution) as the cumulative effect of a change in accounting principle for the adoption of Statement of Financial Accounting Standards No. 106, “Employers’ Accounting for Postretirement Benefits Other Than Pensions” and the adoption of Statement of Financial Accounting Standards No. 109, “Accounting for Income Taxes” which increased 1992 net income by $15.1 million ($0.58 per share, basic and assuming dilution), which represented the net decrease in the Company’s deferred tax liability at that date.

(d) Operating income includes the following pre-tax special charges: 1991 — $11.3 million for early retirement program and newspaper merger costs; 1989 — $10.3 million for the write-off of unrecovered costs related to a lawsuit against William B. Tanner and others; 1988 — $66.3 million primarily related to the Company’s discontinuance of Broadcast Services operations.

(e) In February 1997, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 128, “Earnings Per Share”, which is effective for periods ending after December 15, 1997. Accordingly, the Company has changed the method used to compute earnings per share and has restated its earnings per share for all prior periods. Under the new standard, basic earnings per share, which excludes the dilutive effect of stock options, replaces primary earnings per share.

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