Investor Day Presentation

1. Investor Day Presentation
June 6, 2017

2. 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

3. 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

4. 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

5. National Media
Revenue: $1.1B
Op. Profit: $140M
EBITDA: $160M
MEREDITH AT A GLANCE
Local Media
Revenue: $625M
Op. Profit: $210M
EBITDA: $250M WORKING YOUWSM V -TV WSM V-DT NASHVILL E
Wall Street Consensus for Fiscal 2017 ending June 30
Delivering Record Revenue and Profit in Fiscal 2017
5

6. LOCAL BRANDS IN LARGE AND GROWING MARKETS
#1or2
SIGN-ON to SIGN-OFF
RANK IN 7 MARKETS
17
STATIONS IN
PORTFOLIO
13
STATIONS
IN TOP 50
MARKETS
5
DUOPOLY
MARKETS
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
6

7. NATIONAL BRANDS POSSESSES STRONG CONSUMER REACH
80MILLION
UNIQUE
VISITORS
33%
FY-17 EST
DIGITAL
AD REVENUES
7
110MILLION
UNDUPLICATED
WOMEN
70%
REACH TO
MILLENNIAL
WOMEN
7

8. 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 5,000+ 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%
 2.9% weighted-average interest rate and 1.7x debt-to-EBITDA leverage
8

9. MEREDITH GENERATES STRONG AND GROWING EBITDA
FY2011 FY2013 FY2015 FY2017E
7%
CAGR
$ in millions
Adjusted EBITDA before special items
Consensus for Fiscal 2017 ending June 30
$265
$268
$359
$319
$217
FY2009
9
Net Income
(Loss)
$(107) $127 $124 $137 $186

10.  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
10

11. 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

12. HH in the DMA (M)
DMA
#1-60
Average Revenue / Station: $51M
ATTRACTIVE STATIONS IN LARGE & GROWING MARKETS
Most Stations are Big 4 Affiliates and Ranked #1 or #2
12
2.4
0.5
0
1
2
3

13. LOCAL MEDIA GROUP GROWTH STRATEGIES
13
 Increase Viewership
 Grow Revenue and Profit
 Scale Digital Businesses
 Increase Net Retransmission Contribution
 Expand our Television Station Portfolio

14. 9%
CAGR
ADDING LOCAL NEWS PROGRAMMING STRENGTHENS MARGINS
700
14
CY06 CY11 CY16
300
400

15. $124 $113
$163 $158
$214
FY13 FY14 FY15 FY16 FY17E
$376
$403
$534 $548
$625
FY13 FY14 FY15 FY16 FY17E
GROWING REVENUES AND PROFIT
15
$ in millions
Consensus for Fiscal 2017 ending June 30, 2017
Revenues Operating Profit
14%
CAGR
15%
CAGR

16. $60
FY2013 FY2015FY2011 FY2017E
RECORD POLITICAL ADVERTISING REVENUES
$35
$44
$39
Presidential Election Year
Mid-term Election Year
16
$ in millions
Consensus for Fiscal 2017 ending June 30
9%
CAGR

17. 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

18. DIGITAL & MOBILE GROWTH STRATEGIES
18
 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

19. STATIONS RANK HIGH IN DIGITAL USER ENGAGEMENT
19
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

20. 40%
Las Vegas
Portland
Greenville
Mobile
Springfield
(FOX)
Fiscal
2021
MVPD Renewal Schedule
Affiliation Renewal Schedule
Nashville
(NBC)
RETRANSMISSION RENEWAL 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%
20

21. EXPANDING OUR LOCAL MEDIA PORTFOLIO
Acquisition Criteria
 Mid-to-large-size markets
• Market # 10-60
 Big 4 Affiliation
• ABC, CBS, FOX, NBC
 Leader in market
• Rank # 1 or #2 in news
 Fast-growing markets
21
Regulatory Environment
 Certain duopolies allowed using
qualified third party arrangements
 Reinstated UHF discount
 Review of media regulations
• 39% national cap
• Duopoly restrictions
• Cross-media ownership
• Rollout of ATSC 3.0

22. 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

23. MEREDITH NATIONAL MEDIA GROUP MISSION
Digital is adding to Meredith’s total audience, and is not cannibalizing print
23
meredithmission
create real
opportunities for women to
achieve daily
and dream big

24. 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.
24

25. PILLAR 1: BRANDED EXPERIENCES
25
Notification
Email
Saved recipe
Follow streams
and brands
User Comments (To Come)
25

26. 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

27. CROSS-PLATFORM FOCUS
2727

28. 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
TotalAudience(inmillions)
Print Digital
40% of audience60% of audience
28

29. HIGHLY ENGAGED LOYAL AUDIENCE...
29
capture
hearts +
minds
#brandsthatinnovate
million
loyalists110
65 + million
followers
80 + million
unique visitors
154million
total audience
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

30. …ACROSS ALL KEY LIFE STAGES
30

31. …WITH A STRONG MILLENNIAL REACH
31
Source: comScore Multi-platform, Dec. 2016

32. … AND CROSS-CHANNEL ENGAGEMENT
32
Live
streaming
Augmented
& virtual
reality
Cross-platform
programming
designed
around
4 initiatives | 4 change
Content on
emerging
platforms
Artificial
Intelligence|
BOTS
wherever they are
Inspiring, engaging and activating consumers ...
Traditional
channels

33. PILLAR 3: FIRST-PARTY DATA & ANALYTICS
125 Million
Consumer Database
80 Million
Digital Consumers
PROPRIETARY DATA
>25,000
Attributes
visit register email follow subscribe
share search list watch buy
3 billion >6 million new >6 billion 25 million
'I made it'
'I did it'
profiles
Add to Shopping List
Print/Save/Build Collections
Video Views
7 'Shops'
Local Offers
INTEREST
INTENT
200 Million Monthly Actions
66 million
enter
50 million
33
interest + intent
We understand her

34. DIFFERENTIATION: FULL-FUNNEL TARGETING
34
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)

35. DATA ENABLES PERSONALIZED EXPERIENCES
35

36. PROPRIETARY INSIGHTS & ANALYTICS ANCHOR
LARGE PARTNERSHIPS
36
PROGRAMMATIC
& BRANDED MEDIA VIDEO
Major
Food
Client

37. PILLAR 4: TECHNOLOGY PLATFORMS
37
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
+

38. DRIVING PREMIUM MONETIZATION GROWTH &
REVENUE DIVERSIFICATION
38
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%

39. INNOVATION FUELING ENGAGEMENT AND MONETIZATION
Native
Shopper
Meal Cards
OWNED CHANNELS
OWNED EXPERIENCES
EXTERNAL PLATFORMS ANALYTICS
Food Brand’promotions within
“Breakfast Foods” category…
Native
Shopper
Shoppable Pin
Real-Time
Dashboards
Shoppable Email
Facebook
Live
Product Card
Beacon
Technology
39

40. 0
100
200
300
400
500
600
2012 2017E
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%
40

41. ...AND SHARE GAINS IN PRINT ADVERTISING
Meredith Share vs. Competitive SetMeredith Share vs. Industry
Source: Company management and Publishers Information Bureau.
35.8%
38.1%
40.3% 40.8%
2011 2013 2015 2016
41
11.1% 11.1%
11.8%
13.0%
2011 2013 2015 2016

42. RESULTS: CONSUMER REVENUE DIVERSIFICATION
42
 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
e-Commerce
 Newer, fast-growing revenue source
 Turning inspiration to action

43. 43
CREATING CONTENT WITH COMMERCE IN MIND
= content
that leads
to commerce
Scale + engagement
$23 billion
beauty
$28 billion
prescription drugs
$517 billion
automotive
$868 billion
food
$552 billion
home
Meredith consumers account for
$1 out of every $2 spent
across categories
$134 billion
travel

44. Brand Licensing, e-CommerceCirculation
$ in millions
Consensus for Fiscal 2017 ending June 30 44
GROWING CONSUMER-GENERATED REVENUE
2011 2013 2015 2017
86% 88% 85% 83%
$308
$365 $367
$388

45. ACQUISITIONS IN LINE WITH STRATEGY
45
Branded
Experiences
Audience
Development
First-Party
Data, Insights
& Analytics
Technology
Platforms
Ad Revenue
Diversification & Growth
Consumer Revenue
Diversification & Growth
• Allrecipes.com
• Shape
• Martha Stewart
• Allrecipes.com
• Shape
• Martha Stewart
• Shop Nation
• Allrecipes.com
• Shape
• Martha Stewart
• Selectable Media
• Qponix
• Shop Nation
• Yawkey
• Allrecipes.com
• Selectable Media
• Qponix
• Shop Nation
• Yawkey
Our strategy will continue to guide our acquisition and
partnership activities – as well as our organic investments

46. 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

47. COMMITMENT TO DELIVERING TOP 3RD TSR
 Balanced capital allocation strategy
 Consistent and growing dividend
 Opportunistic share buyback program
 Accretive strategic acquisitions
47

48. USE OF CASH PRIORITIES
48
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 $70 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

49. 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

50. 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

51. MEREDITH’S GOAL: TOP-THIRD TSR
TSR (%)
5
15
10
0
S&P 500 Median TSR S&P 500 top 3rd TSR
S&P 500 TSR Benchmarks – expected returns
51
6-7%
10-11%
Multiple sources including BCG Investor Survey and Value Line

52. 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 52

53. 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
53

54. 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

55. APPENDIX I: SUPPLEMENTAL DISCLOSURES
REGARDING NON-GAAP FINANCIAL MEASURES
55
Year Ending June 30, 2017E1
Local
Media
Group
National
Media
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

56. APPENDIX II: SUPPLEMENTAL DISCLOSURES
REGARDING NON-GAAP FINANCIAL MEASURES
56
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 forFiscal 2017 ending June 30

57. Investor Day Presentation
June 6, 2017