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					      P u b l i s h i n g G r o u p, L L C




INVESTOR PRESENTATION
     February 2004
Forward looking statements

  This presentation contains forward-looking statements as that term is used under the Private
  Securities Litigation Act of 1995. These forward-looking statements are based on the current
  assumptions, expectations and projections of the Company's management about future events.
  Although we believe that these statements are based on reasonable assumptions, the Company
  can give no assurance that they will prove to be correct. Numerous factors, including those
  related to market conditions and those detailed in the confidential offering memorandum and
  from time-to-time in the Company’s filings with the Securities and Exchange Commission, may
  cause results of the Company to differ materially from those anticipated in these forward-
  looking statements. Many of the factors that will determine the Company’s future results are
  beyond the ability of the Company to control or predict. These forward-looking statements are
  subject to risks and uncertainties and, therefore, actual results may differ materially. The
  Company cautions you not to place undue reliance on these forward-looking statements. The
  Company undertakes no obligation to revise or update any forward-looking statements, or to
  make any other forward-looking statements, whether as a result of new information, future
  events or otherwise. All references to “Company” and “MORRIS PUBLISHING GROUP, LLC” as
  used throughout this presentation refer to MORRIS PUBLISHING GROUP, LLC and its
  subsidiaries. All references to “Issuer” as used throughout this presentation refer to MORRIS
  PUBLISHING GROUP, LLC




                                                                                                  1
Definitions & sources of information

  Earnings before net interest expense, including amortization of debt
  issuance costs, provision for income taxes, depreciation and amortization
  expense (“EBITDA”) is not a measure of performance defined in
  accordance with accounting principles generally accepted in the United
  States of America. However, we believe that EBITDA is useful to investors
  in evaluating our performance because it is a commonly used financial
  analysis tool for measuring and comparing media companies in areas of
  operating performance. EBITDA should not be considered as an
  alternative to net income as an indicator of our performance or as an
  alternative to net cash provided by operating activities as a measure of
  liquidity and may not be comparable to similarly titled measures used by
  other companies.

  Data on our market position and market share within our industry is
  based, in part, on independent industry publications, government
  publications, reports by market research firms or other published
  independent sources, including Newspaper Association of America and
  Audit Bureau of Circulation statistics.
                                                                              2
Senior management team of
Morris Publishing Group, LLC

                   William S. Morris III     William S. Morris IV
                         Chairman             President & Chief
                  Years of experience: 46      Executive Officer
                                            Years of experience: 13




      Carl N. Cannon                                           James C. Currow
  Executive Vice President                                  Executive Vice President
   Years of experience: 38                                   Years of experience: 39




                     Craig S. Mitchell         Steve K. Stone
                   Senior Vice President    Senior Vice President &
                   Finance & Treasurer &             CFO
                         Secretary          Years of experience: 24
                   Years of experience: 9


                                                                                       3
Years of history and experience

                                                   2001   William S. Morris IV is named CEO
                                                          of Morris Publishing
 William S. Morris III serves as Chairman   2000
of the Newspaper Association of America
                                                   1996
                                                          William S. Morris IV is named
            Acquires Topeka, KS based       1995
                                                          President of Morris Communications
          Stauffer Communications and
                 started online services           1983
                                                          Morris purchases The Florida
                                                          Times-Union
                                            1970
                Morris Communications
                Company is established                    William S. Morris III becomes
                                                   1966
                                                          publisher of the Augusta
                                                          newspapers
        William S. Morris Jr., purchases    1945
    controlling interest in the newspaper
               and fully acquires in 1955          1929   William S. Morris Jr., father of
                                                          today‟s CEO, joins Augusta
                                                          Chronicle
       Founding of the Augusta Gazette,     1785
            now The Augusta Chronicle
                                                                                               4
Summarized corporate structure

                                                             Morris
                                                         Communications
                                                          Company, LLC




                                  Morris Publishing                       Other Subsidiaries
                                    Group, LLC,                           MCC Outdoor
                                   a Georgia LLC                          Morris Book Publishing, LLC
                                                                          MCC Magazines, LLC
                                                                          MCC Radio, LLC
                                                                          MStar Solutions, LLC
                                                                          Best Read Guides
                   Morris Publishing                                       Franchise Company, LLC
                                                       Operating          MCC Events, LLC
                     Finance Co.,                                         Shivers Investments, LLC
                                                      Subsidiaries
                   a Georgia Corp.                                        Morris Air, LLC


9 months ending September 30, 2003:
% Operating revenues                     77%                                           23%
% EBITDA                                 93%                                            7%

                                                                                                        5
Investment considerations

 Strong management with an average of approximately 30 years of
  publishing experience

 Relatively less cyclical publishing business

 Leading competitive position in all of our markets

 Complement print media with leading local websites

 Operating strategy focused on increasing readership & reducing costs

 Low leverage and strong cash flow generating model


      Leading provider of local news, advertising and information



                                                                         6
 Geographically diverse, focused on local markets
  26 daily newspapers
                                                               Daily circulation>50,000
                                                               Daily circulation<50,000          Other                          Jacksonville
                     NE                                        Corporate headquarters            30%                               30%
                      Grand Island             MN
                                   SD                         MI
                      York                      Brainerd
                                    Yankton                    Hillsdale
                                                               Holland
                                                                     TN
                                                                      Oak Ridge
                                                                                                                                                 Lubbock
                                                                                                                                                   8%

                                                                                                                                              Savannah
                                                                                                                                                 8%
                                                                                                   Topeka                          Amarillo
                                                                                                                  Augusta
                                                                                                     7%                              7%
                                                                                                                   10%
                                                                                                 Total 2002 revenues = $433.4 million

                                                                                                    „02-‟07
AK     KS                                                                       FL
 Juneau Dodge City OK                                                            Jacksonville
                                                                                                    household                      Morris‟ top
                                                      AR
 Kenai  Newton      Ardmore                            Conway                    St. Augustine      growth               U.S.     six markets
                                 TX                                   GA
        Pittsburgh     Shawnee                                                   Winter Haven
                                  Amarillo   MO                        Athens                      Growth               6.0%            7.0%
        Topeka
                                  Lubbock     Hannibal                 Augusta                     Source: DemographicsNow
                                              Independence/            Savannah
                                              Blue Springs



                         Morris also publishes 11 non-daily and 23 free community newspapers

                                                                                                                                                  7
Stability in revenue base

Morris Publishing 9mos’03 revenues                Year-over-Year revenue change

                 Other                                15%                     Morris          Industry¹
                  4%
 Circulation                                          10%
    17%
                                                        5%


                                                        0%
                                                          1998 1999 2000 2001 2002 9mos
                                                                                   2003
                                                      (5)%
                                    Advertising
                                       79%
                                                  (10)%


           Total = $322.9 million                 (15)%
                                                  1   Industry includes newspaper revenue of Gannett, Journal Register, Knight
                                                      Ridder, New York Times, McClatchy, Pulitzer




                                                                                                                           8
Relatively less cyclical advertising mix

 9mos’03 Morris ad revenue segmentation            Category advertising spend

                                                   Year-over-Year change
                    National
                      7%                             20%               Retail         National           Classified
                                                     15%
   Classified
                                                     10%
     40%
                                                       5%
                                         Retail        0%
                                         53%
                                                     (5)%
                                                   (10)%
                                                   (15)%
                                                   (20)%




                                                                                                                   E
                                                       96

                                                                97

                                                                        98

                                                                                 99

                                                                                         00

                                                                                                 01

                                                                                                          02
                                                                                                                03
                                                     19

                                                              19

                                                                      19

                                                                               19

                                                                                       20

                                                                                               20

                                                                                                        20
                  Total = $256 million




                                                                                                              20
Source: Company                                   Source: Newspaper Association of America; Wall Street research




                                                                                                                       9
Morris classifieds are more stable than peers

 Classified revenue, Year-over-Year % change
   20%

   15%

   10%
                                                                         Gannett
     5%
                                                                         Morris
                                                                         E.W. Scripps
     0%                                                                  Journal Register
                                                                         Tribune
   (5)%                                                                  Knight Ridder

 (10)%

 (15)%

 (20)%
      1998                    1999           2000   2001   2002   9mos 2003

Source: SEC filings and Company financials




                                                                                        10
Newspapers take the largest share of local
advertising . . .

U.S. local advertising market mix - 2003E


                                               Broadcast TV
                                       Radio       15%
                                        18%
                                                                  Yellow
                                                                  Pages
                                                                   14%


                                                                    Cable TV
                                                                      5%

                                                                   Outdoor
                                                                     4%
                                Newspaper                     Other
                                   43%                         2%



 Source: Wall Street research


                $ 85 billion market ... $ 37 billion newspaper opportunity
                                                                               11
. . . and deliver significant results for their
customers

 Medium most used to check advertising prior to making a purchase

                                     Newspapers    Direct Mail     TV    Yellow Pages       Internet   Radio


70%

60%

50%

40%

30%

20%

10%

0%
            Discount          Department          Drug           Appliance      Home            Office Supply   Computers
                                                                              Furnishings


      Source: Scarborough Research




                                                                                                                        12
Competition from other local media

2002 market share by media

                                          Newspaper     TV     Radio
        $207




                                 $62
                                             $51             $51
         45%                                                              $42            $37


                                 51%         55%             58%           45%           53%

 Jacksonville, FL         Augusta, GA    Savannah, GA   Lubbock, TX    Amarillo, TX   Topeka, KS

 Source: BEA, Company analysis


                                  Newspaper is the primary media source

                                                                                                   13
Leader in daily circulation

% share of daily circulation

    Market                                         Morris %share                #2 %share   #3 - #4 %share

Jacksonville, FL                                                99%               1%              -

                       1
Augusta, GA                                                     81%               17%            2%

Savannah, GA                                                    97%               3%             0%

Topeka, KS                                                      96%               3%             0%

Lubbock, TX                                                     94%               6%             0%

Amarillo, TX                                                    97%               3%             0%

1Includes Aiken, SC
Source: Audit Bureau of Circulation, Most Recent Audit Reports, 2001 and 2002




                                                                                                             14
Key daily newspapers
                                          Dominant media in an isolated market - 96.5% of daily newspaper circulation
             Amarillo                     Household income is expected to grow almost 40% faster than the national
                                           average through 2007


                                          Household growth is expected to exceed U.S. average by 29% through 2007
             Augusta                      Limited daily newspaper competition



                                          Among the highest profit margins of any newspaper in the Morris group
            Lubbock                       Household income expected to grow 37% faster than the U.S. average through
                                           2007


                                          Rapidly growing market with strong manufacturing and tourist sectors and nation‟s
          Savannah                         5th largest cargo port
                                          Household growth in the MSA is projected to grow 19% faster through 2007



                                          High advertising and newsroom color capacity through renovation of packaging
               Topeka                      and distribution facility and new press
                                          Stable and consistent cash flow performance with little to no print competition


  Source: DemographicsNow SRC, LLC
          Demographic data copyrighted 2002 by Experian/Applied Geographic Solutions


                                                                                                                             15
The Florida Times-Union
                                                     2002–2007 Household growth
   Circulation of 166,812 daily and 228,865 on
    Sundays                                                                        9.1%
   Population grew 21% between 1990 and 2000
   Consistently generates one of the highest cash
    flow margins in the company
                                                                    6.0%
   A strong advertising market share among major
    Morris newspapers
   Penetration is 33% for Daily and 45% for
    Sunday in the Jacksonville market
   Average readership in the core market is 37%
    for Daily and 56% for Sunday newspapers
   Strong internet presence
                                                          U.S. average
                                                                           Jacksonville,
                                                                               FL

                                                         Source: DemographicsNow



                           Upside potential from Super Bowl 2005

                                                                                           16
Growing online focus and initiatives

 2002 share of local advertising spending                     Preferred medium to get local information

                                                                      50%

                       Three portals
                       (MSN, AOL &                                    40%
                       Yahoo)                Online Yellow
    TV & Radio                               pages                    30%
    sites
                       3% 12%          24%
                                                                      20%



                                                                      10%
                       40%             21%

                                                                      0%
                                                 Online




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Source: Borell Associates Inc., 2003                         Source: Technographics Research, March 27, 2003


                           Every Morris daily newspaper has a complementary website


                                                                                                                       17
Industry leading websites driving growth

Morris page impressions (millions)                                NAA Digital Edge Awards1
                                                                                                       No. of
                                                   481.3          Company                             awards
                                           416.9                  Morris Publishing                     16
                                                                  Washington Post                        9

                                   288.9                          Tribune                                9
                                                                  New York Times                         7
                           212.2
                                                                  E.W. Scripps                           6
                                                                  Knight Ridder                          5
                   113.3
           69.0                                                   McClatchy                              4
  24.7                                                            Belo                                   3
                                                                  Gannett                                1
 1997 1998 1999 2000 2001 2002 9mos
                                                              1   Awards presented 1998-2002
                               2003
Source: Company data
                                                           Source: Newspaper Association of America




                                                                                                                18
High editorial quality and targeted market focus

Readership                                                                   Niche publications
                        Sunday                 Daily

       72%
                  70%        70%
                                         67%
                                                       65%      65%

                      56%        55%            53%
            52%
                                                            51%
                                                                       48%
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 Source: Morris reader behavior study, October 2002

    Editorial quality drives readership loyalty                                  Maximizing advertising market share


                                                                                                                       19
Key initiatives to further improve profitability

 Participating in Shared Service Center
    Simplifying, standardizing & centralizing most administrative
      functions
    Leveraging purchase power
    Participation in a newsprint consortium
    Cost synergies by leveraging technologies
    Expect to fully implement by end of 2005, and save up to $10
      million per year

 Creation of operating efficiencies
    Consolidation of printing and back office production activities by
      producing our weekly newspapers, free distribution shoppers,
      additional niche or regional publications using the facilities of daily
      newspapers



                                                                                20
FINANCIAL OVERVIEW




                     21
Historical revenue mix

($ millions)
                             Advertising      Circulation   Other

                 $443.9   $455.4
    $429.5                             $437.5           $433.4
                           $22.1
                 $25.1                  $20.8            $18.5
    $22.5
                          $76.5
                 $77.1                     $74.8        $71.9
    $77.7
                                                                      $319.0              $332.9
                                                                                $13.6               $13.5
                                                                      $53.9               $53.5




    $329.3       $341.7   $356.8       $341.9           $343.0
                                                                      $251.4             $255.9




    1998         1999     2000             2001         2002        9mos 2002           9mos 2003


Year-over-year    3.4%     2.6%            (3.9)%       (0.9)%                             1.2%
change


                                                                                                            22
Cost structure and profitability

Historical operating costs ($ millions)
                                                                               9mos     9mos
                                  1998     1999     2000     2001     2002     2002     2003

Revenue                          $429.5   $443.9   $455.4   $437.5   $433.4   $319.0   $322.9

Labor and employee benefits       142.4    153.4    161.2    163.1    162.5    118.8    127.4

 % of sales                      33.2%    34.6%    35.4%    37.3%    37.5%    37.3%    39.4%

Newsprint, ink and supplements     66.2     61.6     66.4     62.2     48.8     36.4     37.6

 % of sales                      15.4%    13.9%    14.6%    14.2%    11.3%    11.4%    11.6%

Other operating costs             106.4    108.4    113.0    106.2    110.1     77.3     82.6

 % of sales                      24.8%    24.4%    24.8%    24.3%    25.4%    24.2%    25.6%

Depreciation and amortization      29.8     30.4     31.8     31.8     18.1     13.5     11.0

EBITDA                           $114.2   $120.1   $114.2   $104.1   $111.7    $86.4    $75.1

 EBITDA margin                   26.6%    27.1%    25.1%    23.8%    25.8%    27.1%    23.3%




                                                                                            23
EBITDA comparison to peers
2000 EBITDA margins                                        2001 EBITDA margins                                    2002 EBITDA margins



 Morris                                        25.1%        Morris                                    23.8%         Morris                                    25.8%




    Average¹                                 24.6%         Liberty Publ                             21.9%          Liberty Publ                              25.4%




 Liberty Publ                              23.8%              Average¹                             20.6%              Average¹                            23.1%




Hollinger Pub                 16.8%                        MediaNews                       15.1%                   MediaNews                              23.1%




 MediaNews                14.9%                           Hollinger Pub                                          Hollinger Pub               11.1%
                                                                               5.2%




     1   Average of Dow Jones, Lee Enterprises, Tribune, Journal Register, Knight Ridder, Media General, Hollinger, MediaNews, McClatchy, Liberty Group Publishing,
         New York Times, RR Donnely


                                                                                                                                                              24
Near-term profitability

EBITDA margin

                       28-30%    Strategic investment in “Shared
                                   Service Center”

  25.8%                          Duplicative work force during

            23.3%
                                   transition phase

                                 Cost synergies by leveraging
                                   technologies

                                 Consolidation of printing, production
                                   & back office activities
   2002    9mos 2003   Target




                                                                          25
Growing cash flows

Pre-tax free cash flow                                     Pre-tax free cash flow/EBITDA
$ millions
                        $58        $57

              $49
                                             $47                                               65%
                                                                                                          63%
   $41
                                                                                     52%
                                                                          47%

                                                               36%




  2000       2001       2002    9mos 2002 9mos 2003            2000       2001       2002    9mos 2002 9mos 2003



Note: Pre-tax free cash flow is defined as EBITDA less interest expense, less capex, less change in working capital




                                                                                                                26
Summarized corporate structure

                                                                              Morris
                                                                          Communications
                                                                           Company, LLC




                                                   Morris Publishing                       Other Subsidiaries
                                                     Group, LLC,                           MCC Outdoor
                                                    a Georgia LLC                          Morris Book Publishing, LLC
                                                                                           MCC Magazines, LLC
                                                                                           MCC Radio, LLC
                                                                                           MStar Solutions, LLC
                                                                                           Best Read Guides
                           Morris Publishing                                                Franchise Company, LLC
                                                                        Operating          MCC Events, LLC
                             Finance Co.,                                                  Shivers Investments, LLC
                                                                       Subsidiaries
                           a Georgia Corp.                                                 Morris Air, LLC


 9 months ending on Sept 30, 2003:
 Revenues                                                  $322.9                                 $94.2
 % Revenues                                                 77.4%                                 22.6%

 EBITDA                                                    $75.1                                   $5.4
 % EBITDA                                                   93.3%                                  6.7%
          ¹Shivers   Investments, LLC is an unrestricted subsidiary                                                      27
Capital structure

($ millions)


                                As of September 30, 2003
Debt
   Revolver (Sept ‟10)                            $19.0
   Term loan (March „11)                          225.0
Total credit facilities                          $244.0
New Senior subordinated notes                     300.0

   Total debt                                    $544.0
Member‟s deficit                                 (134.1)

Total capitalization                             $409.9



Total debt/ LTM EBITDA                             5.4x
LTM EBITDA/ Interest expense                       4.2x



                                                           28
Leverage profile

Credit statistics

 LTM debt/EBITDA                                             Total debt


     $583

                    $566   5.2x                                     5.4x
     5.1x
             $545   5.0x                            5.0x

                                         4.7x                       $544
                                  4.6x
             4.5x
                           $538
                                  $516                 $522

                                           $513

  1998       1999   2000   2001   2002    Mar'03   June'03      Sep'03



                                                                          29

				
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