Investor Day Presentation June 6, 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

1. Strong and consistent cash flow generation, driven by:  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

2. Commitment to delivering Top-Third Total Shareholder Return:  Balanced capital allocation strategy  Dividend payer for 70 years; increases for 24 consecutive years  Share buyback program  Accretive strategic acquisitions 3. Experienced management team with a proven record of operational excellence and shareholder value creation over time

3 TODAY’S AGENDA

 Balanced Portfolio Delivers Strong Cash Flow

o Tom Harty, President and Chief Operating Officer

 Local Media Group Growth Strategies

o Paul Karpowicz, President

 National Media Growth Strategies o Jon Werther, President

 Total Shareholder Return Strategies

o Joe Ceryanec, Chief Financial Officer

 Q&A o Steve Lacy, Chairman and CEO

4 MEREDITH AT A GLANCE

Local Media Revenue: $625M Op. Profit: $210M WORKING YOU EBITDA: $250M WSM V -TV WSM V-DT NASHVILL E

National Media Revenue: $1.1B Op. Profit: $140M EBITDA: $160M

Delivering Record Revenue and Profit in Fiscal 2017

Wall Street Consensus for Fiscal 2017 ending June 30 5 LOCAL BRANDS IN LARGE AND GROWING MARKETS

17 13 #1 or 2 5 STATIONS IN STATIONS SIGN-ON to SIGN-OFF DUOPOLY PORTFOLIO IN TOP 50 RANK IN 7 MARKETS MARKETS MARKETS

EAST & SOUTHEAST: ATLANTA, MKT 10 NASHVILLE, MKT 29 WEST & SOUTHWEST: MIDWEST: HARTFORD, MKT 30 PHOENIX, MKT 12 ST. LOUIS, MKT 21 GREENVILLE, MKT 37 PORTLAND, MKT 25 KANSAS CITY, MKT 33 MOBILE, MKT 60 LAS VEGAS, MKT 40 SAGINAW, MKT 72 SPRINGFIELD, MKT 114

6 NATIONAL BRANDS POSSESSES STRONG CONSUMER REACH

110 70% 80 33% MILLION REACH TO MILLION FY-17 EST UNDUPLICATED MILLENNIAL UNIQUE DIGITAL WOMEN WOMEN VISITORS AD REVENUES

7 SUCCESSFUL EXECUTION OF STRATEGIC PLAN OVER TIME

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

Local  Grew news programming by 50% across portfolio Media Group  Significantly grew retransmission revenues and contribution

 Expanded digital and mobile platforms

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

 Added leading digital ad technology companies Selectable, Qponix & ShopNation National Media  Achieved inflection in advertising revenues with digital driving overall growth Group  Added Allrecipes, Shape and Martha Stewart brands targeting younger women

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

 Implemented and aggressively pursuing Total Shareholder Return program

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

 2.9% weighted-average interest rate and 1.7x debt-to-EBITDA leverage

8 MEREDITH GENERATES STRONG AND GROWING EBITDA

7% CAGR $359

$319

$268 $265 $217

FY2009 FY2011 FY2013 FY2015 FY2017E Net Income $(107) $127 $124 $137 $186 (Loss)

$ in millions Adjusted EBITDA before special items Consensus for Fiscal 2017 ending June 30 9 STRONG ACHIEVEMENTS IN FISCAL 2017 TOWARD VISION

 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

10 TODAY’S AGENDA

 Balanced Portfolio Delivers Strong Cash Flow

o Tom Harty, President and Chief Operating Officer

 Local Media Group Growth Strategies

o Paul Karpowicz, President

 National Media Growth Strategies o Jon Werther, President

 Total Shareholder Return Strategies

o Joe Ceryanec, Chief Financial Officer

 Q&A o Steve Lacy, Chairman and CEO

11 ATTRACTIVE STATIONS IN LARGE & GROWING MARKETS

Most Stations are Big 4 Affiliates and Ranked #1 or #2

2.4 HH in the DMA (M) Average Revenue / Station: $51M

DMA #1-60 1

0.5

12 LOCAL MEDIA GROUP GROWTH STRATEGIES

 Increase Viewership

 Grow Revenue and Profit

 Scale Digital Businesses

 Increase Net Retransmission Contribution

 Expand our Television Station Portfolio

13 ADDING LOCAL NEWS PROGRAMMING STRENGTHENS MARGINS

9% CAGR 700

400 300

CY06 CY11 CY16

14 GROWING REVENUES AND PROFIT

14% 15% CAGR CAGR $625 $214

$534 $548

$163 $158 $403 $376 $124 $113

FY13 FY14 FY15 FY16 FY17E FY13 FY14 FY15 FY16 FY17E Revenues Operating Profit

$ in millions Consensus for Fiscal 2017 ending June 30, 2017 15 RECORD POLITICAL ADVERTISING REVENUES

9% CAGR Presidential Election Year

Mid-term Election Year $60

$44 $39 $35

FY2011 FY2013 FY2015 FY2017E

$ in millions Consensus for Fiscal 2017 ending June 30 16 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)

17 DIGITAL & MOBILE GROWTH STRATEGIES

 Grow total LOCAL audience on all platforms

– Local is our business and what our advertisers expect

– Sustained growth is reliant on improved local content

– Meredith Content Hub generating increased page views

 Increase digital engagement

– App users are our most loyal and fastest-growing audience

– Social media, specifically Facebook, is our biggest referrer

– Creating deep content to keep users engaged

 Drive continued double-digit revenue growth

– Creating local digital agencies – Increasing margins – Generate 10 percent of ad revenues from digital and mobile platforms

18 STATIONS RANK HIGH IN DIGITAL USER ENGAGEMENT

Market Station comScore Ranking

Phoenix, AZ KPHO, KTVK 1 St. Louis, MO KMOV 1 Nashville, TN WSMV 1 Hartford, CT WFSB 1 Kansas City, MO KCTV, KSMO 1 Las Vegas, NV KVVU 1 Mobile, AL WALA 1 Flint, MI WNEM 1 Greenville, SC WHNS 2 Portland, OR KPTV, KPDX 3 Atlanta, GA WGCL, WPCH 4

comScore User Engagement rank within each TV market 19 RETRANSMISSION RENEWAL SCHEDULE

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

MVPD Renewal Schedule

40% 10% 35% 25%

Fiscal Fiscal Fiscal Fiscal Fiscal 2017 2018 2019 2020 2021

Nashville Las Vegas Springfield Atlanta (NBC) Portland (ABC) Phoenix Greenville Kansas City Mobile St. Louis Saginaw Springfield Hartford (CBS) (FOX) Springfield (CBS) Affiliation Renewal Schedule

20 EXPANDING OUR LOCAL MEDIA PORTFOLIO

Regulatory Environment Acquisition Criteria  Certain duopolies allowed using  Mid-to-large-size markets qualified third party arrangements • Market # 10-60

 Reinstated UHF discount  Big 4 Affiliation • ABC, CBS, FOX, NBC  Review of media regulations • 39% national cap  Leader in market • Duopoly restrictions • Rank # 1 or #2 in news • Cross-media ownership  Fast-growing markets • Rollout of ATSC 3.0

21 TODAY’S AGENDA

 Balanced Portfolio Delivers Strong Cash Flow

o Tom Harty, President and Chief Operating Officer

 Local Media Group Growth Strategies

o Paul Karpowicz, President

 National Media Growth Strategies o Jon Werther, President

 Total Shareholder Return Strategies

o Joe Ceryanec, Chief Financial Officer

 Q&A o Steve Lacy, Chairman and CEO

22 MEREDITH NATIONAL MEDIA GROUP MISSION

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

create real opportunities for women to meredithmission achieve daily and dream big

23 CROSS-CHANNEL GROWTH STRATEGY

Best-In-Class Audience & Proprietary First- Proprietary 1. Branded 2. Engagement 3.Party Data, Insights 4. Technology Experiences Growth & Analytics Platforms

Growth & Diversification in Growth & Diversification in Advertising Revenue Consumer Revenue

24 PILLAR 1: BRANDED EXPERIENCES

Notification Email

User Comments (To Come)

Follow streams Saved recipe and brands

2525 MAGAZINE BRANDS: MAGNOLIA JOURNAL

 Launched in fall 2016 as a newsstand title

 Strongest-selling launch ever

 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

26 CROSS-PLATFORM FOCUS

2727 PILLAR 2: CROSS-PLATFORM AUDIENCE GROWTH

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

200

175

150

125

100

75 Total Audience (in Audience millions) Total 50 2010 2011 2012 2013 2014 2015 2016

Print Digital 60% of audience 40% of audience 28 HIGHLY ENGAGED LOYAL AUDIENCE...

million loyalists #brandsthatinnovate 110

capture 154 million total audience hearts + 80+million unique visitors 65+million minds followers 32 million subscribers

Source: 2016 ComScore Multi-platform/GfK MRI Fusion (12-16/S16); Publisher’s Estimate for non-measured titles (including estimate for SIMs based on FY16 circulation); Google Analytics, Brightcove; average monthly cross-platform views

29 …ACROSS ALL KEY LIFE STAGES

30 …WITH A STRONG MILLENNIAL REACH

Source: comScore Multi-platform, Dec. 2016 31 … AND CROSS-CHANNEL ENGAGEMENT

Inspiring, engaging and activating consumers ... wherever they are

Augmented Artificial & virtual Content on Intelligence| reality BOTS Live emerging Cross-platform streaming platforms Traditional programming channels designed around 4 initiatives | 4 change

32 PILLAR 3: FIRST-PARTY DATA & ANALYTICS

We understand her interest + intent

PROPRIETARY DATA INTEREST >25,000 3 billion >6 million new >6 billion 50 million 66 million 25 million Attributes visit register email enter follow subscribe

80 Million 125 Million Digital Consumers Consumer Database share search list watch buy

'I made it' Add to Shopping List 7 'Shops' 'I did it' Print/Save/Build Collections Local Offers profiles Video Views

INTENT 200 Million Monthly Actions

33 DIFFERENTIATION: FULL-FUNNEL TARGETING

Driven by ‘Visit’ data Understand Her - Visits/ Content Interests - Emails - Subscriptions 50% of Allrecipes visitors are in store w/in 24 hrs. Driven by Action data Understand Her - ‘I Made it’ Intent - Add to Shopping List Meredith - Share Differentiates (in food) Understand Driven by Real-time data - Mobile – in-store recipes When She’s - Shopper Marketing In-market - ShopNation Commerce

34 DATA ENABLES PERSONALIZED EXPERIENCES

35 PROPRIETARY INSIGHTS & ANALYTICS ANCHOR LARGE PARTNERSHIPS

PROGRAMMATIC Major & BRANDED MEDIA Food VIDEO Client

36 PILLAR 4: TECHNOLOGY PLATFORMS

Recent platform-centric acquisitions

• Social platform for food

• Native and engagement-based video

Existing / Home-Grown Technology + • Shopper marketing Platforms

• eCommerce and affiliate marketing

• Lead generation / performance marketing

37 DRIVING PREMIUM MONETIZATION GROWTH & REVENUE DIVERSIFICATION

Traditional Display vs. Premium Monetization

82% eCPM Ranges: < $10 52% 48% eCPM Ranges: 18% $10 – $30+

Traditional Display Premium Monetization

PREMIUM MONETIZATION UNITS

NATIVE VIDEO SPONSORSHIPS INFLUENCER SOCIAL SHOPPER MARKETING

38 INNOVATION FUELING ENGAGEMENT AND MONETIZATION

Beacon Facebook Technology Live

Native Shopper Meal Cards

Native Shopper OWNED EXPERIENCES

Shoppable Email Shoppable Pin

Food Brand’promotions within “Breakfast Foods” category…

Real-Time Product Card Dashboards OWNED CHANNELS EXTERNAL PLATFORMS ANALYTICS

39 RESULTS: TOTAL AD REVENUE GROWTH FUELED BY DIGITAL CHANNELS...

5-YEAR CAGR $600 $520 Digital: 30% $492 500 10% 30% 400

300 91% 70% 200

100

$ 0 2012 2017E Digital Print $ in millions Fiscal years ended June 30 40 ...AND SHARE GAINS IN PRINT ADVERTISING

Meredith Share vs. Industry Meredith Share vs. Competitive Set

13.0% 40.3% 40.8%

11.8% 38.1% 11.1% 11.1% 35.8%

2011 2013 2015 2016 2011 2013 2015 2016

Source: Company management and Publishers Information Bureau. 41 RESULTS: CONSUMER REVENUE DIVERSIFICATION

Circulation & New Paid Products  Magazine subscriptions: stable revenue source

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

 Launch promising new products

Brand licensing

 World’s No. 2 licensor behind Disney

 Renewed Walmart relationship

 Several new programs launched e-Commerce  Newer, fast-growing revenue source

 Turning inspiration to action

42 CREATING CONTENT WITH COMMERCE IN MIND

Scale + engagement = content that leads to commerce

Meredith consumers account for $1 out of every $2 spent across categories

$134 billion $517 billion $28 billion $868 billion $23 billion $552 billion travel automotive prescription drugs food beauty home

43 GROWING CONSUMER-GENERATED REVENUE

$388 $365 $367

$308

85% 86% 88% 83%

2011 2013 2015 2017

Circulation Brand Licensing, e-Commerce

$ in millions Consensus for Fiscal 2017 ending June 30 44 ACQUISITIONS IN LINE WITH STRATEGY

First-Party Branded Audience Technology Data, Insights Experiences Development Platforms & Analytics

• Allrecipes.com • Allrecipes.com • Allrecipes.com • Allrecipes.com • Shape • Shape • Shape • Selectable Media • Martha Stewart • Martha Stewart • Martha Stewart • Qponix • Shop Nation • Selectable Media • Shop Nation • Qponix • Yawkey • Shop Nation • Yawkey

Ad Revenue Consumer Revenue Diversification & Growth Diversification & Growth

Our strategy will continue to guide our acquisition and partnership activities – as well as our organic investments

45 TODAY’S AGENDA

 Balanced Portfolio Delivers Strong Cash Flow

o Tom Harty, President and Chief Operating Officer

 Local Media Group Growth Strategies

o Paul Karpowicz, President

 National Media Growth Strategies o Jon Werther, President

 Total Shareholder Return Strategies

o Joe Ceryanec, Chief Financial Officer

 Q&A o Steve Lacy, Chairman and CEO

46 COMMITMENT TO DELIVERING TOP 3RD TSR

 Balanced capital allocation strategy

 Consistent and growing dividend

 Opportunistic share buyback program

 Accretive strategic acquisitions

47 USE OF CASH PRIORITIES

Strong commitment to returning cash and maintaining dividend growth

Tuck-in acquisitions to strengthen existing portfolio

Priority 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 $70 million remaining

Target maintaining current conservative net debt levels

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

48 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

49 OUR CRITERIA FOR ACQUISITIONS AND INVESTMENTS

 Strategic Benefit

– Will target drive growth faster than we can achieve organically?

– Does it meaningfully move the business forward?  Financial Attractiveness

– Does it meet our IRR hurdle rate of >15%? – Are there revenue and/or cost synergies? – Prefer quickly TSR accretive deals  Leadership expertise and fit

– Proven management teams and good cultural match  Opportunistic and selective

– Significant in-bound and out-bound activities ensure we are well-positioned to view potential deals

50 MEREDITH’S GOAL: TOP-THIRD TSR

S&P 500 TSR Benchmarks – expected returns

TSR (%)

15 10-11%

10 6-7%

0 S&P 500 Median TSR S&P 500 top 3rd TSR

Multiple sources including BCG Investor Survey and Value Line 51 TOP-THIRD TSR EXPECTATIONS

TSR Drivers through FY19: Robust digital strategy with range of  Organic revenue growth +3-4% monetization options fueled by leading brands, content and scale

Stronger broadcasting revenue upside  Margin expansion +3-4% from political year, retransmission uplift, and non-political advertising Planned annual dividend increases to  Dividend yield +3-4% deliver peer-leading, stable yield, and floor on stock Aggressive buyback program that  Buybacks +0-1% capitalizes on current undervaluation and returns excess cash

Organic TSR 9-13%  Acquisitions and/or +++ multiple expansion

Total TSR At Least Top Third 52 MEREDITH’S INVESTMENT THESIS

53 TODAY’S AGENDA

 Balanced Portfolio Delivers Strong Cash Flow

o Tom Harty, President and Chief Operating Officer

 Local Media Group Growth Strategies

o Paul Karpowicz, President

 National Media Growth Strategies o Jon Werther, President

 Total Shareholder Return Strategies

o Joe Ceryanec, CFO

 Q&A o Steve Lacy, Chairman and CEO

54 APPENDIX I: SUPPLEMENTAL DISCLOSURES REGARDING NON-GAAP FINANCIAL MEASURES

Local National Media Media Year Ending June 30, 2017E1 Group Group Operating profit $ 213 $ 154 Depreciation and amortization 35 18 EBITDA 248 172 Fiscal 2017 special items Write-down of contingent consideration payable - (20) Severance and related benefit costs - 8 Write-down of impaired assets 2 - Total special items 2 (12) Adjusted EBITDA $ 250 $ 160 1 Wall Street Consensus for Fiscal 2017 ending June 30

55 APPENDIX II: SUPPLEMENTAL DISCLOSURES REGARDING NON-GAAP FINANCIAL MEASURES

Years ended June 30, 2009 2011 2013 2015 2017E1 (In millions) Net earnings (loss) $ (107) $ 127 $ 124 $ 137 $ 186 Net interest expense 20 13 13 19 19 Income taxes (53) 81 74 86 110 Discontinued operations 5 4 - - - Operating profit (loss) (135) 225 211 242 315 Depreciation and amortization 43 40 45 58 54 EBITDA (92) 265 256 300 369 Special items 309 - 12 19 (10) Adjusted EBITDA $ 217 $ 265 $ 268 $ 319 $ 359 1 Wall Street Consensus for Fiscal 2017 ending June 30

56 Investor Day Presentation June 6, 2017