To Our Shareholders DIGITAL INNOVATIONS On behalf of and its employees, We enhanced our growing digital activities by developing we want to thank you for your investment in our Company. a new platform with robust data capabilities during fiscal As a shareholder, you’ve entrusted us with your financial 2020. This new proprietary platform brings together our resources. We take that responsibility very seriously. content management system, proprietary taxonomy, 1st party data, and user identity graph. The result is (1) A more Looking back at fiscal 2020, it is hard to ignore the impact personalized experience for our consumers that encourages of the global coronavirus pandemic on our country and our greater engagement with our brands and content; (2) company. Never in our history had we seen advertising – Greater capabilities for our advertising partners to deliver which comprises approximately half of our revenues – drop relevant messaging and product offerings, and (3) Greater so precipitously in such a short period of time. It called speed and efficiencies for Meredith. for decisive actions, and we took several steps to increase liquidity and financial flexibility. We are pleased to report that Average Monthly Unique Visitors these initiatives produced the desired financial outcomes. Numbers in millions While the advertising market contracted as much of the 160 149 nation sheltered in place, the pandemic reaffirmed the power 140 139 of Meredith’s brands as consumers expressed strong interest 120 107 in the trusted informative and inspiring content that has 100 long been a hallmark of Meredith. Traffic to our digital sites 80 79 77 increased significantly and subscriptions to our 60 surged. Viewership of newscasts at our television stations 40 rose. Sales of branded products at retail and via e-commerce 20 grew to new levels. Together, it was reaffirmation of the 0 important role Meredith plays in the daily lives of nearly 200 2016 2017 2018 2019 2020 million Americans. Source: comScore Multi-platform (fiscal year average). Throughout the COVID-19 crisis, our top priority was the safety of our employees and their families. From a business We advanced our video and audio strategies. Having perspective, we emphasized certain strategic imperatives more videos and driving our audiences to watch them are that have long been Meredith priorities: (1) Delivering an important part of our digital strategy. We are pleased to trusted news and inspiration to our large scale audience; report that video views grew more than 50 percent in fiscal (2) Supporting our advertising and marketing partners; 2020 across our owned-and-operated properties. Responding and (3) Maximizing free cash flow. to consumer demand, we published a third more videos during the year. We also launched a series of new podcasts Despite the challenging environment, fiscal 2020 included under the Allrecipes, , and Parents brands important work and notable successes that we believe to tell stories in an increasingly popular way. We have more increased our brand engagement with consumers and planned, including a new PEOPLE podcast. advertisers and improved our competitive position: Finally, we’ve added to our e-commerce capabilities, First, we continued to invest in our digital which are important avenues for growth. Meredith first businesses and capabilities in fiscal 2020. entered the e-commerce space with the acquisition of For example: ShopNation seven years ago. Since then, e-commerce revenue growth, which includes digital couponing, content We built a new platform with robust data capabilities to and affiliate commerce, has been strong – up 28 percent in support our expanding digital activities. This new proprietary the year. platform, which unifies legacy platforms onto the same technology stack, includes our content management system, Digital advertising revenues grew to 38 percent of total our proprietary taxonomy, our 1st party data, and our user National Media Group advertising related revenues in fiscal identity graph. This prepares us well for a world where third- 2020. Together with our newer e-commerce capabilities, party cookies are no longer supported and where advertisers these content and product offerings: are looking for brand-safe platforms for their messages. – Increase engagement with our brands; It also allows us to bring together consumer profiles, – Allow us to reach new audiences; real-time insights, and intent signals to predict trends that inform our editorial and product roadmap; provide – Demonstrate that our brands and content translate well personalized experiences to our consumers; and give across channels; and advertisers the ability to tailor the right messages and – Provide new and innovative ways to drive monetization. products to the users most likely to buy at any given time.

2 | Meredith Corporation 2020 Annual Report Second, we launched a series of new brands, Our licensing and digital consumer driven revenues product expansions and re-alignments to grew 12 percent in fiscal 2020. This growth was driven by improve future profitability. Apple News+ royalties, e-commerce, and our performance marketing activities. It also includes stronger sales of our In our National Media Group, these included: branded products at retail – particularly our Homes & – The launch of Reveal, a new lifestyle we Gardens line at Walmart. created with Property Brothers television show hosts Our local television stations’ focus on their individual Drew and Jonathan Scott; Sweet July, with best-selling markets drove strong ratings performance throughout the author, restaurateur and television host Ayesha Curry; year. Additionally, visits to our Local Media Group sites grew and a new multimedia personal finance brand Millie 18 percent in fiscal 2020. that’s dedicated to helping women achieve their We grew retransmission revenues by 10 percent in financial goals. fiscal 2020 as we renewed nearly 60 percent of our – We realigned several brands in our National Media Group retransmission consent relationships. We also renewed portfolio to improve efficiency. This includes transitioning all our CBS affiliations. Rachael Ray Every Day to a premium newsstand title Finally, we continue to see strong growth in various called Rachael Ray in Season published on a quarterly channels in our National Media Group that drive high basis. This strategy has proven successful with other of lifetime subscriber value. These include our owned and our brands, including Coastal Living, and operated digital properties, paid search, and direct mail . Of note, the latter three brands are campaigns. For example: now also offering subscriptions at a higher price point than under the previous advertising-driven model, a – Demand via our digital and partner networks is strategy made possible by increased consumer demand strong. Since mid-March, we’ve seen consistent for our products. year-over-year growth with conversion rates 50 percent higher than normal. – Finally, we completed the last of our planned asset sales in fiscal 2020. This includes the MONEY brand; FanSided; – Traditional magazine subscription acquisition and and Meredith’s interest in Viant and Xumo. renewal efforts for all our major titles are up strongly as well. For example, two direct mail campaigns for the In our Local Media Group: PEOPLE brand are performing more than 50 percent – We launched two national television shows based on above our targets, and a campaign for Southern Living the PEOPLE and Southern Living brands. PEOPLE Now is performing at twice our expectations. Other brands was a weekend program during fiscal 2020 and became are seeing similar levels of performance. In addition, a daily primetime show across our network in early fiscal renewals are pacing well above historical trends. 2021. Similarly, Southern Living has been expanded to weekly syndication. Leveraging our leading brands across additional platforms presents an exciting opportunity for Meredith. BRAND EXPANSION AND LAUNCHES – We continued to expand news production. Our television We launched a series of • 5 DAYS A WEEK! • A-LIST CELEBRITY stations are now producing 745 hours of local content INTERVIEWS new brands and product • EXCLUSIVE POP CULTURE NEWS expansions in fiscal each week. We have seen significant growth in ratings • ORDINARY PEOPLE DOING EXTRAORDINARY 2020. These include: given consumer interest in local news during the THINGS • STORIES THAT COVID-19 crisis. INSPIRE & AMAZE! National Media Group: Third, in fiscal 2020 we pursued several Reveal with Property on TV! Brothers television initiatives to grow engagement and show hosts Drew and COUNTERCLOCKWISE FROM TOP RIGHT: BROOKE NIPAR; NIPAR; BROOKE RIGHT: TOP FROM COUNTERCLOCKWISE SARAH MELANIE ACEVEDO; DOYLE; RORY MILLER MOBLEY; JIM KIERNAN(3) WILSON; BEN TRIVETT; monetization opportunities from the nearly 200 Jonathan Scott; Sweet million consumers who regularly interact with July with best-selling author, restaurateur our brands. In these challenging times, consumers are WATCH DAILY and television host looking to Meredith’s trusted brands for important news PREMIERING SEPT. 14! Ayesha Curry; and and information, practical advice, home improvement ideas, a new multimedia recipes, inspiration and moments of escape. For example: personal finance brand Millie dedicated to Visits to our National Media Group sites grew by 14 percent helping women achieve in our fiscal 2020 fourth quarter, driven by strong growth in M e e t Yo u r Sandra Lawrence K. K ay Jeremy their financial goals. WATCH ON THESE STATIONS & PEOPLE.COM Ho s t s ! Vergara Jackson Adams Parsons brands focused on food, health, home, and lifestyle – categories ATLANTA PHOENIX ST. LOUIS PORTLAND NASHVILLE HARTFORD KANSAS GREENVILLE/ LAS VEGAS MOBILE FLINT/ SPRINGFIELD/ WGCL 7:00p KTVK KMOV KPTV 7:00p WSMV WFSB CITY SPARTANBURG KVVU 7:00p WALA SAGINAW HOLYOKE WPCH 6:30p / 11:00p 6:30p / 12:30a KPDX 10:00p 1:00a / 12:30p 7:30p / 1:30a KCTV WHNS 10:30p / 4:00a ENEM WSHM 7:30p 10:30p / 11:30a MMOV 9:00p 6:30p / 12:30a 7:30p / 11:30p 7:30p / 12:00p WGGB 1:00a KSMO 12:00a WNEM 1:30a EGGB 10:30p that give Meredith access to an extremely wide audience. Local Media Group: PEOPLE Now, based on the PEOPLE These include Allrecipes, Shape, and Martha Stewart. brand, becomes a daily primetime show across our network in early fiscal 2021. Similarly, we expanded our Southern Living show to weekly syndication.

Meredith Corporation 2020 Annual Report | 3 Next, we are continuing to expand our digital capabilities to support our advertising and marketing partners with BRAND STRENGTH WITH innovative and actionable consumer insights. CONSUMERS – We are providing real-time insights to our advertising We continued to deliver strong consumer engagement clients about changing consumer habits and trends based across media platforms, particularly as COVID-19 broke out on our robust 1st party data. These capabilities enable across the nation and consumers turned to Meredith’s trusted us to help our clients tailor their creative campaigns with brands. For example, in the fourth quarter of fiscal 2020: messaging appropriate to the current environment and create direct connections between consumers and our • Visits to our National Media Group sites grew by 14 clients to purchase products. percent, driven by strong growth in brands focused on – Our Local Media Group is creating new advertising and food, health and home. sponsorship opportunities based on consumer trends that • Licensing and digital consumer driven revenues grew 8 have emerged during the COVID-19 pandemic. percent, led by Apple News+ royalties, e-commerce, our – We launched the Meredith Audience Action Guarantee performance marketing activities, and strong sales of our program, guaranteeing to advertisers investing in Meredith branded products at retail. brands that a specific number of readers will act as a • Meredith’s local television stations were ranked No. 1 or result of seeing a brand campaign in Meredith magazines. No. 2 in a majority of our 12 markets and visits to their This program helped grow our share of U.S. magazine websites increased 20 percent. advertising by 4 points to 35 percent for the first six months of calendar 2020. • Demand for magazine subscription offers exceeded our historical trends, particularly in channels that drive high Finally, we will continue optimizing our cash and costs, lifetime subscriber value such as our owned-and-operated with debt reduction our priority. We took several proactive digital properties, paid search, and direct mail campaigns. steps toward this goal in fiscal 2020, including refinancing our preferred equity to lower our cost of capital and amending our Licensing and Digital and revolving credit facility. We also paused our common stock Other Consumer Driven Revenues dividend, reduced pay for the 60 percent of our highest-paid In millions employees for four months, and reduced capital expenditures $180 n Digital and other consumer driven and other expenses. 160 n Licensing Final Thoughts 140 $73 120 $57 While we are currently navigating a challenging business 100 environment presented by COVID-19, we are emphasizing our world-class brands across media platforms and focused 80 $29 on building a Meredith Corporation equipped to succeed over 60 $10 $17 $95 $98 the long-term by: 40 $73 $57 $54 20 Strengthening our balance sheet through debt reduction 0 and prudent capital allocation; FY16 FY17 FY18 FY19 FY20 Building out our digital capabilities and leveraging our portfolio across platforms; Progress toward near-term priorities Enhancing our relationship to individual consumers We are pursuing several strategies amid an uncertain by continuing to produce great content; and business climate to best position Meredith going forward. Maximizing our opportunity to capture First, we are focused on continuing to develop our portfolio advertising revenues. and strengthen both our competitive position and connection Vital to Meredith’s continued success are our talented and to the individual consumer. Consumer demand for our brands creative employees, who we believe are the best in the and services remains strong and we believe this offers a media industry. This includes our editorial teams, sales and long runway of opportunity. Consumer related revenues marketing professionals, support groups and management. now account for approximately 50 percent of total Company revenues, up from approximately 25 percent over a decade In closing, while fiscal 2020 included challenges that have ago. A consumer-focused strategy offers several benefits: meaningfully impacted our business, we have proven adept at developing brands over time. We have a long history of – These important activities are mostly contractual and prudent capital stewardship. It is our mission and pledge to include retransmission, brand licensing and digital protect and grow the value of your investment in Meredith sources, along with stable subscription revenues; and over time. – The consumer reach of our portfolio, coupled with engagement, form the basis of our value proposition to advertisers. Our consumer engagement is a differentiator and positions us to benefit from incremental advertising Stephen M. Lacy Mell Meredith Frazier spend when the economy recovers. Chairman Vice Chairman

Thomas H. Harty President and Chief Executive Officer

4 | Meredith Corporation 2020 Annual Report