Fiscal 2020 Third Quarter Earnings Presentation

May 14, 2020

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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This presentation contains 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 successful implementation of its strategies; and the Company’s expectations with respect to profit, growth and increasing shareholder value. Forward-looking statements can be identified by words such as may, should, expects, provides, anticipates, assumes, can, will, meets, could, likely, intends, might, predicts, seeks, would, believes, estimates, plans, continues, guidance or outlook, or variations of these words or similar expressions.

Actual results may differ materially from those currently anticipated. Factors that could adversely affect future results include, but are not limited to, the impact of the COVID-19 pandemic on the Company, its customers and its suppliers; downturns in global, 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; the consequences of acquisitions and/or dispositions; and the risk factors contained in the Company’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC), as well as the Current Report on Form 8-K filed on May 11, 2020, both of which are available on the SEC’s website at www.sec.gov. Such risk factors may be amplified by the COVID-19 pandemic and its potential impact on the Company’s business and the global economy. The Company undertakes no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.

RATIONALE FOR USE AND ACCESS TO NON-GAAP RESULTS

Management uses and presents GAAP and non-GAAP results to evaluate and communicate its performance. Non-GAAP measures should not be construed as alternatives to GAAP measures. Free cash flow, earnings from continuing operations before special items, operating profit before special items, adjusted EBITDA, adjusted EBITDA margin, and comparable results are common supplemental measures of performance used by investors and financial analysts.

Management believes that free cash flow, earnings from continuing operations before special items, operating profit before special items, adjusted EBITDA, adjusted EBITDA margin, and comparable results provide additional analytical tools. Free cash flow is defined as net cash provided by operating activities less capital expenditures. This metric has been included as a measure of the Company’s liquidity and ability to fund its operations. Earnings from continuing operations before special items and operating profit before special items remove the impact of special items on earnings (loss) from continuing operations and operating profit (loss). Adjusted EBITDA is defined as earnings (loss) from continuing operations before interest expense, income taxes, depreciation, amortization, and special items. These special items have been removed as they have been deemed to be non-operational in nature. Comparable results remove the impact of portfolio changes in our magazine business to facilitate year-over-year comparisons. Management does not use adjusted EBITDA as a measure of liquidity or funds available for management’s discretionary use because it excludes certain contractual and nondiscretionary expenditures.

Results before special items are supplemental non-GAAP financial measures. While these adjusted results are not a substitute for reported results under GAAP, management believes this information is useful as an aid to further understand Meredith’s current performance, performance trends and financial condition. Reconciliations of GAAP to non-GAAP measures are attached to this presentation and available at www.meredith.com.

Safe Harbor Statement and Non-GAAP Financial Measures

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• Top Priorities

– Keeping our employees safe

– Continuing to deliver trusted news and inspiration to our audience of nearly 200 million Americans, including 95 percent of U.S. women

– Supporting our advertising and marketing partners

– Strengthening liquidity and enhancing our financial flexibility

• Business Operations

– Company operations and employees have adapted seamlessly to COVID-19 environment, with no disruptions to production

– All National Media Group content is being produced remotely, augmented by large asset library of evergreen content

– All our television stations remain open to serve their communities. Our stations have increased news hours to meet consumer demands and fill programming holes created by the absence of live events

• Advertising Experience

– Revenue performance was in-line with expectations until mid-March when COVID-19 outbreak and subsequent government-mandated quarantine measures began to impact economies at the national and local levels

– Since mid-March, we have been aggressively working to support advertising and marketing clients with new products and actionable insights

– Advertising represents ~50% of total Company revenues. Impact is fairly balanced across National and Local media groups

• Brand Awareness / Value Direct to Consumers

– Given the current lifestyle changes with most Americans at home, we believe Meredith’s content is resonating more than ever

– Meredith is seeing strong audience growth across all media platforms, including traffic across Meredith’s digital properties; ecommerce; television viewership and growth in high-value subscription solicitation channels

– We believe this is strengthening long-term affinity for Meredith brands and services and increases opportunity to monetize into economic recovery

3Q’20 Business Update

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Consumer metrics strong post-COVID

High-value subscription solicitation

channels up strongly

National Media Group Digital

Impressions up sharply

Licensing and other consumer

driven revenues

Local Media Group viewership

strongest in a decade

ecommerce

ecommerce

(+43%)

Apple News+

Lead generation

Third party

(+74%)

PEOPLE direct mail

(+34% at 3/31 mailing)

Building relationships/brand affinity with monetization expected at advertising recovery

National Media Group monthly data source: comScore

Local Media Group aggregate Evening News ratings across all markets source: Nielsen

Impression

growth

3Q’20 vs

3Q’19+32%

Impression

growth

April’20 vs

April’19+6%

Revenue

growth

3Q’20 vs

3Q’19+27%

+45%Evening News

ratings growth

April’20 vs

April’19+14%

Evening News

ratings growth

3Q’20 vs

3Q’19

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COVID-19 Cash Conservation Actions

Dividend Pause

Expense Reductions

Capital Expenditures

Working Capital

Other Items

– Dividend was paused as of 4/20/20

– Includes reductions in Board of Directors fees and officer, executive and most employee salaries

– Significant reductions to non-critical business investments

– Working with customers and suppliers to optimize working capital

– Focusing on allocation of capital and its effect on costs and cash

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• Revenue: Down (6.5%), ($48)

– Advertising related down (9.8%), ($36), driven by ($19) National Media Group

portfolio brand and title changes, and ($17) COVID-19 cancellations and

delays, partially offset by $10 political advertising growth.

– Consumer related down (5.3%), ($19), driven by ($21) National Media Group

portfolio brand and title changes, and lower volume in subscription and

affinity marketing businesses, partially offset by growth in licensing and Local

Media Group retransmission consent revenues

• COVID-19:

– Revenue decline ($17) (NMG: ($10); LMG: ($7)), partially offset by SG&A

expense reduction of ($11), netting to a ($6) EBITDA decline

• Special Items:

– ($384) non-cash impairment of goodwill, intangibles and lease-related assets

• Adjusted EBITDA:

– Impacted primarily by digital-related investment spending and lower affinity

marketing volume, partially offset by political advertising growth

• Cash Flow from Operations / Free Cash Flow:

– Increase driven primarily by strong collections, lower restructuring costs

3Q’20 Consolidated Summary

3Q’20%YoY

Change

Comparable % YoY

Change (1)

Revenue

Advertising related $ 332.1 (9.8)% (4.9)%

Consumer related 345.6 (5.3)% 0.6%

Other 24.0 39.5 % 39.5%

Total Revenue $ 701.7 (6.5)% (1.2)%

Loss from Continuing Operations $ (289.4) U

Adjusted EBITDA (2) $ 151.8 (5.5)%

Cash Flow from Operating Activities $ 110.9 19.1 %

Free Cash Flow (3) $ 99.8 22.5 %

QUARTERLY FINANCIALS WHAT WE ARE SEEING

U represents unfavorability greater than -100%. (1) Comparable % YoY Change excludes the impact to National Media Group results due to transitioning Rachel Ray Every Day and Traditional Home to premium newsstand titles; adjusting the frequency of Entertainment Weekly to monthly, and closing Family Circle andMoney magazines.(2) Adjusted EBITDA is defined as earnings (loss) from continuing operations before interest expense, income taxes, depreciation, amortization, and special items.(3) Free Cash Flow is defined as cash flow from operating activities less capital expenditures.See the Appendix for supplemental disclosures regarding non-GAAP financial measures.

($ in millions)

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• Revenue: Political advertising, retransmission, partially offset by COVID-19

• 3Q’20 political advertising $11 vs. $1 in 3Q’19 and $2 in 3Q’18

• Adjusted EBITDA: Political and retransmission, partially offset by COVID-19

• Revenue: Portfolio changes, COVID-19, lower volume in subscription and

affinity marketing, partially offset by licensing and other digital consumer

• 3Q’20 adjusted EBITDA: Lower volume in affinity marketing activities and

digital-related investment spending, partially offset by licensing

3Q’20 Segment Summary

NATIONAL MEDIA GROUP LOCAL MEDIA GROUP

3Q’20%YoY

Change

Comparable %YoY

Change (2)

Revenue

Print advertising $ 136.3 (17.9)% (7.5)%

Digital advertising 84.6 (3.6)% (3.6)%

Subscription/newsstand 196.1 (14.0)% (5.1)%

Other 89.9 11.8% 11.8%

Total Revenue (1) $ 506.9 (9.9)% (2.9)%

Operating Loss $ (303.1) U

Adjusted EBITDA (3) $ 103.2 (14.6)%

3Q’20 %YoY Change

Revenue

Non-political advertising $ 70.8 (11.4)%

Political advertising 10.5 F

Retransmission 92.2 8.9%

Other 21.7 (6.1)%

Total Revenue (1) $ 195.2 3.6%

Operating Profit $ 24.4 (41.3)%

Adjusted EBITDA (3) $ 56.8 8.8%

F represents favorable improvements greater than 100%. U represents unfavorability greater than -100%. (1) Segment revenues presented above do not include $0.4 of intersegment revenue eliminated in 3Q’20. (2) Comparable % YoY Change excludes the impact to National Media Group results due to transitioning Rachel Ray Every Day and Traditional Home to premium newsstand titles; adjusting the frequency of Entertainment Weekly to monthly, and closing Family Circleand Money magazines.(3) Adjusted EBITDA is defined as earnings (loss) from continuing operations before interest expense, income taxes, depreciation, amortization, and special items.See the Appendix for supplemental disclosures regarding non-GAAP financial measures.

($ in millions)

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• $35 of $350 revolver utilized as of 3/31/20

• The revolver is backed by a nine-bank group including RBC, Credit Suisse, Barclays,

Citigroup and others

• Near-term focus on flexibility afforded by attractive debt maturity schedule

(‘23 revolver; ‘25 Term Loan B; ‘26 Senior Notes)

• $20 paid down on revolver since 12/31/19

• Strong accounts receivable collections, specifically with past due improvement

• Lower restructuring cash disbursements

• Tax payment timing

Liquidity & Cash Flow Results

CASH FLOW FROM OPERATIONS

Used Revolver — $55 $35

(1) Free Cash Flow is defined as cash flow from operating activities less capital expenditures.

($ in millions)

(a) inclusive of outstanding letters of credit totaling $3.6 at 3Q’19, $3.2 at 2Q’20 and $3.1 at 3Q’20

LIQUIDITY

a

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Closing Thoughts

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Taking actions to strengthen liquidity and enhance financial flexibility

Driving significant change in demanding environment

Committed to resuming dividend payments

Adapting to current advertising market dynamics

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Appendix

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Comparative Revenues Reconciliation - Comparable Change % excludes the impact to National Media Group results due to transitioning Rachel Ray Every

Day and Traditional Home to premium newsstand titles; adjusting the frequency of Entertainment Weekly to monthly, and closing Family Circle and Moneymagazines.

2020 2019

Three Months Ended March 31, As Reported As Reported Portfolio Changes ComparableComparable

Change %

In millions

Advertising related $ 332.1 $ 368.0 $ (18.8) $ 349.2 (4.9)%

Consumer related 345.6 364.9 (21.4) 343.5 0.6%

Other 24.0 17.2 — 17.2 39.5%

Total Revenue $ 701.7 $ 750.1 $ (40.2) $ 709.9 (1.2)%

National Media Group

Print advertising $ 136.3 $ 166.1 $ (18.8) $ 147.3 (7.5)%

Digital advertising 84.6 87.8 — 87.8 (3.6)%

Subscription / newsstand 196.1 228.0 (21.4) 206.6 (5.1)%

Other 89.9 80.4 — 80.4 11.8%

Total Revenues $ 506.9 $ 562.3 $ (40.2) $ 522.1 (2.9)%

Meredith Corporation and SubsidiariesSupplemental Disclosures Regarding Non-GAAP Financial Measures

Meredith Corporation and SubsidiariesSupplemental Disclosures Regarding Non-GAAP Financial Measures

Special ItemsThe tables on pages 13 and 14 show results of operations as reported under GAAP and excluding the special items. Results of operations excluding the special items are non-GAAP measures. Management’s rationale for presenting non-GAAP measures is included on page 2 of this presentation.

Adjusted EBITDAConsolidated adjusted EBITDA, which is reconciled to net earnings (loss) in the following tables, is defined as earnings (loss) from continuing operations before interest expense, income taxes, depreciation, amortization, and special items.

Segment adjusted EBITDA is a measure of segment earnings (loss) before depreciation, amortization, and special items. Segment adjusted EBITDA margin is defined as segment adjusted EBITDA divided by segment revenues.

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Three month ended March 31, 2020National Media

Local Media

Unallocated Corporate Total

(In millions)

Revenues $ 506.9 $ 195.2

Net loss $ (284.4)

Gain from discontinued operations (5.0)

Loss from continuing operations (289.4)

Income tax benefit (43.6)

Interest expense, net 36.6

Non-operating expense, net 2.4

Operating profit (loss) $ (303.1) $ 24.4 $ (15.3) (294.0)

Special items included in operating profit (loss)

Write-down of impaired assets 361.8 22.3 — 384.1

Severance and related benefit costs 1.1 — 1.0 2.1

Integration and restructuring costs 0.3 — 4.1 4.4

Total special items included in operating profit (loss) 363.2 22.3 5.1 390.6

Operating profit before special items (non-GAAP) 60.1 46.7 (10.2) 96.6

Non-operating income (expense), net 0.9 0.3 (3.6) (2.4)

Special items included in the non-operating income (expense), net - pension settlement charge — — 4.1 4.1

Depreciation and amortization 42.2 9.8 1.5 53.5

Adjusted EBITDA (non-GAAP) $ 103.2 $ 56.8 $ (8.2) $ 151.8

Segment operating margin (59.8)% 12.5 %

Segment adjusted EBITDA margin 20.4 % 29.1 %

Meredith Corporation and SubsidiariesSupplemental Disclosures Regarding Non-GAAP Financial Measures

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Meredith Corporation and SubsidiariesSupplemental Disclosures Regarding Non-GAAP Financial Measures

Three month ended March 31, 2019National Media

Local Media

Unallocated Corporate Total

(In millions)

Revenues $ 562.3 $ 188.4

Net earnings $ 23.7

Loss from discontinued operations 4.7

Earnings from continuing operations 28.4

Income tax expense 12.7

Interest expense, net 38.6

Non-operating income, net (4.1)

Operating profit $ 54.5 $ 41.6 $ (20.5) 75.6

Special items included in operating profit

Severance and related benefit costs 8.8 — 1.6 10.4

Integration and restructuring costs 4.2 — 4.6 8.8

Other (2.3) — 2.6 0.3

Total special items included in operating profit 10.7 — 8.8 19.5

Operating profit before special items (non-GAAP) 65.2 41.6 (11.7) 95.1

Non-operating income (expense), net 4.4 1.2 (1.5) 4.1

Depreciation and amortization 51.3 9.4 0.8 61.5

Adjusted EBITDA (non-GAAP) $ 120.9 $ 52.2 $ (12.4) $ 160.7

Segment operating margin 9.7 % 22.1 %

Segment adjusted EBITDA margin 21.5 % 27.7 %

Three Months Nine MonthsPeriods ended March 31, 2020 2019 2020 2019

(In millions)

Net cash provided by operating activities $ 110.9 $ 93.1 $ 183.0 $ 152.5

Less: additions to property, plant, and equipment (11.1) (11.6) (45.6) (28.6)

Free cash flow $ 99.8 $ 81.5 $ 137.4 $ 123.9

Free Cash Flow – The following table presents net cash provided by operating activities as reported under GAAP and additions to property, plant, and equipment also as reported under GAAP. Free cash flow is a non-GAAP measure. Management’s rationale for presenting non-GAAP measures is included in the text of this earnings release.

Meredith Corporation and SubsidiariesSupplemental Disclosures Regarding Non-GAAP Financial Measures

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