The meaning under the text. Here's an example from
Woody Allen's
Annie Hall. The subtext is directly under the text, in italic.
HER:
Hi!
Oh, God, nobody cool says Hi.
HIM:
Hello!
I'd love to take her out. I hope my deodorant's working.
HER:
Nice view.
He's talking to me! And he'll hate my silly dress.
HIM:
(Taking a furtive step toward her)
Just look at the clouds over there.
I've got to find out who she is.
HER:
I'm Leslie ...
What a stupid name. He'll hate it and hate me.
HIM:
Neat dress.
I just love her name.
