Our Mission We are Meredith Corporation, a publicly held media and marketing services company founded upon serving our customers and committed to building value for our shareholders. Through our national and local media groups, we are on the pulse of pop culture, entertainment, food, fashion, lifestyle, personal finance and news. From that, we have built businesses that serve well-defined audiences, deliver the messages of national and local advertisers, and extend our brand franchises and expertise to related markets. Our products and services distinguish themselves on the basis of quality, customer service, and value that can be trusted. Our Values At Meredith, we take pride in supporting the communities in which we operate—and beyond. Our employees actively participate in those efforts and help us to cultivate a strong, ethical and responsible business culture. Our Goals Meredith has taken a proactive approach to environmental sustainability because such action ultimately benefits our shareholders, our clients, and our employees. Meredith is devoted to environmental sustainability; volunteer and charitable contributions; health and wellness objectives; diversity and inclusion programming and human resources initiatives. Meredith believes in and strives for an environment based on respect for all individuals and provides equal employment opportunity to all people, regardless of race, color, national origin, sex, creed, religion, age, disability, sexual orientation, marital status, military service or any other characteristic. Meredith strives for the highest standards of ethical conduct to be a leader in corporate governance, to report results with accuracy and transparency, and to maintain full compliance with the laws, rules and regulations that govern Meredith’s businesses. 2020 Annual Report Financial Highlights Board of Directors Years Ended June 30 (In millions except per share data) Revenue Cash from Operating Activities Free Cash Flow(1) 5-Year CAGR: 12% 5-Year CAGR: 6% 5-Year CAGR: 4% $3,500 $3,50 $3,00 Donald A. Baer 2, 3 Donald C. Berg 1 Greg G. Coleman 1 Mell Meredith Frazier 2, 3 Thomas H. Harty $3,189 $307 Mr. Baer, 66, a director Mr. Berg, 65, a director Mr. Coleman, 66, a new Ms. Frazier, 64, a director Mr. Harty, 57, a director 3,000 3,00 $251 $2,849 2,50 since 2014, is the lead since 2012, is the president director in fiscal 2021, is since 2000, is vice chairman since 2017, is president independent director, and of DCB Advisory Services, a former president and of Meredith Corporation and and chief executive officer 2,500 2,50 $245 founder and chief executive which provides consulting current board advisor at chairman of the Meredith of Meredith Corporation, $2,264 $202 2,00 $199 $227 officer of Palisades Strategic services to food and digital media company Corporation Foundation. the leading media and $219 $184 Advisors. He was the beverage companies BuzzFeed and an adjunct marketing company 2,000 $1,713 2,00 $1,650 global chairman of Burson ranging from start-up professor at New York serving American women. 1,50 Cohn & Wolfe, a member companies to multi- University’s Stern School $150 1,500 1,50 of WPP PLC, one of the national conglomerates. of Business. world’s largest strategic 1,00 $97 1,000 1,00 communications businesses. 50 500 50 0 0 0 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 $ in millions $ in millions $ in millions GAAP Results 2020 2019 2018 2017 2016 1 1 1 2, 3 Revenues $ 2,849 $ 3,189 $ 2,264 $ 1,713 $ 1,650 Beth J. Kaplan Paula A. Kerger Stephen M. Lacy Christopher Roberts III Elizabeth E. Tallett Ms. Kaplan, 62, a director Ms. Kerger, 62, a director Mr. Lacy, 66, a director Mr. Roberts, 58, a director Ms. Tallett, 71, a Income (loss) from operations(2) (94) 287 87 308 131 since 2017, is the managing since 2019, is president since 2004, is chairman since 2019, is a strategy director since 2008, is a member of Axcel Partners, and chief executive officer of Meredith Corporation, and growth advisor to MIC consultant to early stage Earnings (loss) from continuing operations(2) (209) 129 114 189 34 LLC, investing in consumer- of PBS, the nation’s largest the leading media and Capital Partners, advising pharmaceutical and facing early-stage and non-commercial media marketing company CEO’s and senior leadership healthcare companies. (2)(3) Earnings (loss) per share from continuing operations (9.85) 1.12 1.79 4.16 0.75 growth companies founded organization with nearly serving American women. teams of consumer product Total assets 5,510 6,137 6,771 2,730 2,627 and led by women. 350 member stations. focused companies in the MIC Capital portfolio. He was Total outstanding debt(3) 3,045 2,370 3,196 701 695 Committee Assignments the chief customer officer for 1 Audit 2 Human Resources and Compensation 3 Nominating/Governance Land O’Lakes. Non-GAAP Results Adjusted EBITDA(4) $ 548 $ 706 $ 423 $ 362 $ 320 Officers Thomas H. Harty Patrick J. McCreery Jason M. Frierott John S. Zieser Steven M. Cappaert President and Chief President, Chief Financial Officer Chief Development Officer Corporate Controller Executive Officer Local Media Group and General Counsel Non-GAAP amounts are not in accordance with GAAP (accounting principles generally accepted in the United States of America). While management believes these measures contribute to an understanding of the Company’s financial performance, they should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. See “Reconciliation of Non-GAAP Financial Measures” in the Appendix immediately following the included Form 10-K. (1) Free cash flow - Cash from operating activities less capital expenditures (2) Includes the impact of $389 million of impairment of goodwill and other long-lived assets for 2020, $42 million for 2019, $23 million for 2018, $6 million for 2017, $162 million for 2016. In Appreciation (3) Fiscal 2020 results reflect the redemption of the Series A preferred stock. Mr. Lacy will retire as chairman at the Annual Meeting of Shareholders in November 2020 after nearly 23 years of service to Meredith Corporation. Steve began his (4) Adjusted EBITDA - Earnings (loss) from continuing operations before interest expense, income taxes, depreciation, amortization and special items. career at Meredith in 1998 as Chief Financial Officer, and from there assumed operating roles of increasing responsibility including running Meredith’s digital activities, business-to-business marketing activities, and both Meredith’s Local and National Media Groups. Steve is perhaps best known for the 11 years he served as Chief Executive Officer, a role in which he delivered great stewardship of our shareholders’ investment, doubling revenue and tripling profit during his tenure. On behalf of all Facing page sources include: comScore Multi-platform/MRI Fusion (12-19/S19), AAM Magazine Media 360 (June 2020) – representing print + digital editions, of us at Meredith, thank you. Nielsen TV Household Universe Estimates (2020), comScore Multi-platform (December 2019), Top 150 Global Licensors Report (August 2020). more than consumer reach 190unduplicated million American consumers 90% of millennial women 155 million digital monthly unique visitors People #1 in entertainment news and Allrecipes #1 food site 17 TV stations local brands in 12 markets Reaching 11% of US households #1 U.S. national brands Magazine Company Led by People, Better Homes & Gardens, and Allrecipes #2 licensor brand licensing worldwide trusted brands that lead To Our Shareholders DIGITAL INNOVATIONS On behalf of Meredith Corporation 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 magazines 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.