WASHINGTON--The Washington Post Company (NYSE: WPO) said today that its Board of Directors has approved an increase in the annual dividend rate on the company's common stock from $5.20 to $5.40 per share.

The dividend for the first quarter of 2000, $1.35 per share, is payable on February 4, 2000, to shareholders of record on January 28, 2000.

The company also said its Board of Directors has authorized the company to acquire up to 500,000 shares of its Class B common stock. The company did not announce a ceiling price or a time limit for the purchases. The company also may purchase an additional 45,000 Class B shares remaining from an authorization to purchase 1,000,000 Class B shares made by the Board in November 1997.

CONTACT: The Washington Post Company, Washington
Guyon Knight, 202/334-6642