General Investor PresentationAugust 2017

SAFE HARBOR

This presentation and management’s commentary relating thereto may contain certain forward-looking statements

that are subject to risks and uncertainties. These statements are based on management’s current knowledge and

estimates of factors affecting the Company and its operations. Statements in this presentation that are forward-

looking include, but are not limited to, the Company’s estimates of future revenues, profits and earnings per share.

Actual results may differ materially from those currently anticipated. Factors that could adversely affect future

results include, but are not limited to, downturns in national and/or local economies; a softening of the domestic

advertising market; world, national or local events that could disrupt broadcast television; increased consolidation

among major advertisers or other events depressing the level of advertising spending; the unexpected loss or

insolvency of one or more major clients or vendors; the integration of acquired businesses; changes in consumer

reading, purchasing and/or television viewing patterns; increases in paper, postage, printing, syndicated

programming or other costs; changes in television network affiliation agreements; technological developments

affecting products or methods of distribution; changes in government regulations affecting the Company’s

industries; increases in interest rates; and the consequences of acquisitions and/or dispositions. The Company

undertakes no obligation to update any forward-looking statement, whether as a result of new information, future

events or otherwise.

2

MEREDITH’S INVESTMENT THESIS

❖ Portfolio of highly rated television stations in large and fast-growing markets

❖ Trusted national brands with an unrivaled female reach

❖ Profitable and growing digital business

❖ Growing consumer-generated revenue

Experienced management team with a proven record of operational excellence and shareholder value creation over time

Strong and consistent cash flow generation, driven by:

Commitment to delivering Top-Third Total Shareholder Return:

1.

2.

3.

❖ Balanced capital allocation strategy

❖ Dividend payer for 70 years; increases for 24 consecutive years

❖ Share buyback program

❖ Accretive strategic acquisitions

3

MEREDITH AT A GLANCE

Local MediaRevenue: $630M

Op. Profit: $215M

EBITDA: $250M WORKING YOUWSM V -TV WSM V-DT NASHVILL E

National MediaRevenue: $1.1B

Op. Profit: $147M

EBITDA: $164M

4Results for fiscal 2017 ended June 30

SUCCESSFUL EXECUTION OF STRATEGIC PLAN OVER TIME

National Media Group

Local Media Group

Corporate

❖ Built fast-growing and profitable digital business with a scale audience

❖ Added leading digital ad technology companies Selectable, Qponix & ShopNation

❖ Achieved inflection in advertising revenues with digital driving overall growth

❖ Added Allrecipes, Shape and Martha Stewart brands targeting younger women

❖ Grew brand licensing business at Walmart to 3,000+ SKUs at 5,000 stores

❖ Acquired and integrated 5 strong stations, achieving 3 additional duopolies

❖ Grew news programming by 50% across portfolio

❖ Significantly grew retransmission revenues and contribution

❖ Expanded digital and mobile platforms

❖ Implemented and aggressively pursuing Total Shareholder Return program

❖ Grew dividend at 10% average annual rate to $2.08; currently yielding 4%

❖ 2.8% weighted-average interest rate and 1.9x debt-to-EBITDA leverage

5

❖ Record Local Media advertising revenue, led by political dollars

❖ Retransmission contribution continues to grow

❖ Achieved network affiliation renewal in important markets

❖ Strong digital driving overall National Media advertising growth

❖ Renewed highly profitable licensing agreement with Walmart

❖ Rapid growth in consumer connection across media platforms

❖ Strong cash flow fueling 24th-straight dividend increase

Highest earnings per share in Company’s 115-year history

STRONG ACHIEVEMENTS IN FISCAL 2017 TOWARD VISION

6

TODAY’S AGENDA

7

❖ Meredith Overview

❖ National Media Group Growth Strategies

❖ Local Media Group Growth Strategies

❖ Total Shareholder Return Strategies

❖ Q&A

NATIONAL BRANDS POSSESSES STRONG CONSUMER REACH

80MILLION

UNIQUE

VISITORS

31%FY-17

DIGITAL

AD REVENUES

110MILLION

UNDUPLICATED

WOMEN

70%REACH TO

MILLENNIAL

WOMEN

CROSS-CHANNEL GROWTH STRATEGY

Growth & Diversification in

Advertising Revenue

Growth & Diversification in

Consumer Revenue

Audience &

Engagement

Growth

Best-In-Class

Branded

Experiences

Proprietary

Technology

Platforms

Proprietary First-

Party Data, Insights

& Analytics

1. 2. 3. 4.

9

PILLAR 1: BRANDED EXPERIENCES

10

Notification Email

Saved recipeFollow streams

and brands

User Comments (To Come)

10

PILLAR 1: NEW BRAND LAUNCHES

❖ Launched in fall 2016 as a

newsstand title

❖ Strongest-selling launch in recent

history

❖ Transitioned to quarterly

subscription title with one million

ratebase (May 2017)

❖ On track to be most profitable title

in first year of operation in

Meredith history

11

PILLAR 2: CROSS-PLATFORM AUDIENCE GROWTH

Digital is adding to Meredith’s total audience, and is not cannibalizing print

50

75

100

125

150

175

200

2010 2011 2012 2013 2014 2015 2016

Tota

l Audie

nce (

in m

illions)

Print Digital40% of audience 60% of audience

12

PILLAR 2: STRONG MILLENNIAL REACH

13

14

Understand Her

Interests

Understand Her

Intent

Understand

When She’s

In-market

Driven by ‘Visit’ data- Visits/ Content

- Emails

- Subscriptions

Driven by ‘Action’ data- ‘I Made it’

- Add to Shopping List

- Share

Driven by ‘Real-time’ data- Mobile – in-store recipes

- Shopper Marketing

- ShopNation Commerce

50% of Allrecipes

visitors are in

store w/in 24 hrs.

Meredith

Differentiates

(in food)

interest + intent We understand her

PILLAR 3: FIRST-PARTY DATA & ANALYTICS

PILLAR 4: TECHNOLOGY PLATFORMS

15

Recent platform-centric acquisitions

• Social platform for food

• Native and engagement-based video

• Shopper marketing

• eCommerce and affiliate marketing

• Lead generation / performance

marketing

Existing /

Home-Grown

Technology

Platforms

(Consumer

Revenue,

etc.)

+

PLATFORMS DRIVING PREMIUM MONETIZATION

GROWTH & REVENUE DIVERSIFICATION

16

PREMIUM

MONETIZATION

UNITS

NATIVE VIDEO SPONSORSHIPS INFLUENCER SHOPPER

MARKETING

SOCIAL

Traditional Display vs. Premium Monetization

Traditional Display Premium Monetization

eCPM Ranges:

$10 – $30+

eCPM Ranges:

< $10

82%

18%

52%

48%

0

100

200

300

400

500

600

2012 2017

RESULTS: TOTAL AD REVENUE GROWTH,

FUELED BY DIGITAL CHANNELS

$ in millions

Fiscal years ended June 30

PrintDigital

$492$520

10% 30%

$

$

91% 70%

5-YEAR CAGR

Digital: 30%

17

RESULTS: CONSUMER REVENUE DIVERSIFICATION

18

❖ Magazine subscriptions: stable revenue source

❖ Auto-renewal has large upside (2x profit)

❖ Launch promising new products

❖ World’s No. 2 licensor behind Disney

❖ Renewed Walmart relationship

❖ Several new programs launched

Circulation & New Paid Products

Brand licensing

eCommerce❖ Newer, fast-growing revenue source

❖ Turning inspiration to action

TODAY’S AGENDA

19

❖ Meredith Overview

❖ National Media Group Growth Strategies

❖ Local Media Group Growth Strategies

❖ Total Shareholder Return Strategies

❖ Q&A

20

LOCAL BRANDS IN LARGE AND GROWING MARKETS

#1 or 2SIGN-ON to SIGN-OFF

RANK IN 6 MARKETS

17STATIONS IN

PORTFOLIO

13STATIONS

IN TOP 50

MARKETS

5

EAST & SOUTHEAST:

ATLANTA, MKT 10

NASHVILLE, MKT 29

HARTFORD, MKT 30

GREENVILLE, MKT 37

MOBILE, MKT 60

SPRINGFIELD, MKT 114

WEST & SOUTHWEST:

PHOENIX, MKT 12

PORTLAND, MKT 25

LAS VEGAS, MKT 40

MIDWEST:

ST. LOUIS, MKT 21

KANSAS CITY, MKT 33

SAGINAW, MKT 72

DUOPOLY

MARKETS

LOCAL MEDIA GROUP GROWTH STRATEGIES

21

❖ Increase Viewership

❖ Grow Revenue and Profit

❖ Scale Digital Businesses

❖ Increase Net Retransmission Contribution

❖ Expand our Television Station Portfolio

CY06 CY11 CY16

300

400

9%

CAGR

ADDING LOCAL NEWS PROGRAMMING STRENGTHENS MARGINS

700

22

$124 $113

$163 $158

$215

FY13 FY14 FY15 FY16 FY17

$376 $403

$534 $548

$630

FY13 FY14 FY15 FY16 FY17

GROWING REVENUES AND PROFIT

23$ in millions

Revenues Operating Profit

14%

CAGR

15%

CAGR

$63

FY2013 FY2015FY2011 FY2017

RECORD POLITICAL ADVERTISING REVENUES

$35

$44$39

Presidential Election Year

Mid-term Election Year

24$ in millions

10%

CAGR

FISCAL 2019 POLITICAL ADVERTISING OUTLOOK

Senate Races

Jeff Flake (R-AZ)

Dean Heller (R-NV)

Bob Corker (R-TN)

Chris Murphy (D-CT)

Bill Nelson (D-FL)

Elizabeth Warren (D-MA)

Debbie Stabenow (D-MI)

Claire McCaskill (D-MO)

Maria Cantwell (D-WA)

Governor Races

Doug Ducey (R-AZ)

Bruce Ranner (R-IL)

Charlie Baker (R-MA)

Dan Malloy (D-CT)

Kate Brown (D-OR)

Alabama (Open)

Florida (Open)

Georgia (Open)

Kansas (Open)

Michigan (Open)

Nevada (Open)

South Carolina (Open)

Tennessee (Open)

25

40%

Las Vegas

Portland

Greenville

Mobile

Springfield

(FOX)

Fiscal

2021

MVPD Renewal Schedule

Affiliation Renewal Schedule

Nashville

(NBC)

RETRANSMISSION RENEWALS SCHEDULE

Fiscal

2018

Fiscal

2019

Fiscal

2017

10%

Fiscal

2020

25%

St. Louis

Hartford

Springfield

(CBS)

Springfield

(ABC)

50% of Meredith Subscriber Households Will be Renewed in FY2017 and 2018

Atlanta

Phoenix

Kansas City

Saginaw

(CBS)

35%

26

TODAY’S AGENDA

27

❖ Meredith Overview

❖ National Media Group Growth Strategies

❖ Local Media Group Growth Strategies

❖ Total Shareholder Return Strategies

❖ Q&A

USE OF CASH PRIORITIES

28

Strong commitment to returning cash and maintaining dividend growth

Tuck-in acquisitions to strengthen existing portfolio

Larger acquisitions only if extremely strategic at attractive valuation with strong synergies

Selective share repurchases enabling shareholders to benefit from dips in price – current authorization of $100 million with $68 million remaining

Target maintaining current conservative net debt levels

Priority

This strategy seeks to optimize free cash flow driving Total Shareholder Return while pursuing organic growth in its core businesses

ACQUISITION AND INVESTMENT PRIORITIES

❖ Local media brands in large faster-growing markets that add network and geographic diversity

❖ Multi-platform national media brands that provide access to new audiences and advertising categories

❖ Digital businesses that support growth strategy

29

TOP-THIRD TSR EXPECTATIONS

❖ Organic revenue growth

❖ Margin expansion

❖ Dividend yield

❖ Buybacks

TSR Drivers through FY19:

+3-4%

+3-4%

+3-4%

+0-1%

Organic TSR 9-13%

❖ Acquisitions and/or

multiple expansion+++

Robust digital strategy with range of monetization options fueled by leading brands, content and scale

Stronger broadcasting revenue upside from political year, retransmission uplift, and non-political advertising

Planned annual dividend increases to deliver peer-leading, stable yield, and floor on stock

Aggressive buyback program that capitalizes on current undervaluation and returns excess cash

Total TSR At Least Top Third 30

MEREDITH’S INVESTMENT THESIS

❖ Portfolio of highly rated television stations in large and fast-growing markets

❖ Trusted national brands with an unrivaled female reach

❖ Profitable and growing digital business

❖ Growing consumer-generated revenue

Experienced management team with a proven record of operational excellence and shareholder value creation over time

Strong and consistent cash flow generation, driven by:

Commitment to delivering Top-Third Total Shareholder Return:

1.

2.

3.

❖ Balanced capital allocation strategy

❖ Dividend payer for 70 years; increases for 24 consecutive years

❖ Share buyback program

❖ Accretive strategic acquisitions

31

General Investor PresentationAugust 2017