<B>Chesapeake Plans to Sell Businesses</B>

Chesapeake Corp. announced plans to sell a number of its businesses. The move will allow the company to focus on its core strengths – specialty paper for consumer and pharmaceutical markets.

Chesapeake has opted to sell its temporary and permanent display and corrugated containers business. Revenues of this segment range between $820-$870 million annually.

The businesses to be sold are the principal businesses of Chesapeake's Merchandising and Specialty Packaging segment: They include the following:

--Chesapeake Display and Packaging, which specializes in the design, manufacturing, assembly, and packing of temporary point-of-purchase displays.

--Consumer Promotions International, which specializes in the design, manufacturing and assembly of permanent point-of-purchase displays.

--Chesapeake Packaging, which designs and manufactures corrugated shipping containers and other specialty corrugated packaging products.

--Chesapeake's interest in Color-Box LLC, which is a joint venture with Georgia-Pacific Corp.

The discontinued businesses accounted for approximately 38% of the company's 1999 revenues, but only 15% of its 1999 operating income. For the first nine months, the discontinued businesses accounted for approximately 40% of the company's revenues, but generated an operating loss of approximately $13 million. Outlook for 2000 and 2001