Jefferies 5th Annual Internet &Media ConferenceFeb. 25-26, 2009

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Safe HarborThis presentation and management’s public commentary 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’s

Safe Harbor

management s current knowledge and estimates of factors affecting the Company s operations. Statements in this presentation that are forward-looking include, but are not limited to, the statements regarding broadcast pacings, publishing advertising revenues, as well as any guidance related to the Company’s financial performance.

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

j li t th i t ti f i d b i h i dior more major clients; the integration of acquired businesses; changes in consumer reading, purchasing and/or television viewing patterns; increases in paper, postage, printing, or syndicated programming costs; changes in television network affiliation agreements; technological developments affecting products or the methods of distribution; changes in government regulations affecting the Company’s industries; unexpected changes in interest

t d th f i iti d/ di iti Th Crates; and the consequences of any 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.

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Broad Media and Marketing FootprintMeredith Corporation

National BrandsR $1 billi

Local Brands R $300 illi

Digital & Diversified R $300 illi

g p

Revenues: $1 billion Revenues: $300 million Revenues: $300 million

• Integrated Marketing

• Consumer Web sites

• 25 subscription titles

• 150 Newsstand titles

• 12 television stations

• 10% of U.S. households

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• Broadband Video

• Brand Licensing

Meredith Digitalg

Business-to-ConsumerBusiness-to-Business

• Website design • 40+ Web sites

• Online CRM strategy

• Viral and word of mouth

• Branding and promotions

• 20 million unique visitors

• 185 million page views

• 2 3 million video plays• Branding and promotions • 2.3 million video plays

4Meredith Interactive MediaMeredith Integrated Marketing

Business-to-Business Digital

Meredith Integrated Marketingg g

Transforming from a vendor to strategic partner

CUSTOM PUBLISHER RELATIONSHIP MARKETER

g g p

CUSTOM PUBLISHER RELATIONSHIP MARKETER

• Brand Messaging• Awareness/intent to purchase

• Brand Marketing• Calls to action

• Responsive/executional• Ink-on-paper/magazine• Turn-key/flat-fee solutions

• Proactive & Strategic• Robust online & offline capabilities• Fees based on blended rates

VENDOR PARTNER

5

Meredith Integrated Marketing

Execution of Digital Strategyg gy

• April 2006

• January 2007

• January 2007

• June 2008

6

Kraft Food & FamilyMeredith Integrated Marketing

Kraft Food & Family

y

Our Contracted Assignment:• Food and Family Magazines

Expanded Assignments:

• Food and Family Emails

• Circulation consulting • Database list rental• Campaign management• Campaign management• Brand insert development• Custom video production• Mobile iPhone application

Kraft Food & FamilyMeredith Integrated Marketing

y

• GPS-based store locaterS b di i• Step-by-step directions

• Instructional videos• Shopping list tool

8

Meredith Integrated Marketing

Nestlé

9

Meredith Integrated Marketing

Tropicana

Our Contracted Assignment:

p

Our Contracted Assignment:• Integrate brand with Web 2.0• Engage social media

Res lts

• Create “Twitterverse”

Results:• Attracted 1.2 million uniques • Generated hundreds of blogsg• Postings on Blogher,

AdRants, TheAtlantic

10

Meredith Integrated Marketing

Takeda Pharmaceutical

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Strong Revenue Growth Meredith Integrated Marketing

g

25% CAGR

$155

$83$60

2004 2006 2008

12

Fiscal Year

$ in millions

Growth StrategiesMeredith Integrated Marketing

g

• Enhance print-based programs with interactive features

• Integrate and optimize recent acquisitions

• Expand capabilities to meet market needs– Search engine optimization and marketing

M bil– Mobile– Database marketing

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Meredith Digitalg

Business-to-ConsumerBusiness-to-Business

• Website design • 40+ Web sites

• Online CRM strategy

• Viral and word of mouth

• Branding and promotions

• 20 million unique visitors

• 185 million page views

• 2 3 million video plays• Branding and promotions • 2.3 million video plays

14Meredith Interactive MediaMeredith Integrated Marketing

Business-to-Consumer Digital

Execution of Digital Strategy

2006 Aggressive expansion of Better

g gy

• 2006 Aggressive expansion of Better Homes and Gardens Network

• 2007 Launch of Parents Network

• 2008 Development and investment in social networking sites

• 2009 Creation of Meredith Women’s Network

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Meredith Women’s Network Strategy

• ConsumerS h i i ti l di t ti i t i G l– Search is new navigational paradigm; starting point is Google

– Social media explodes

• ContentContent– Unified content development across multiple platforms 

including print, online, video, mobile

E h i i l d d– Emphasis on social engagement and user‐generated content

• Marketers– Networks offer greater scale and targetingNetworks offer greater scale and targeting

– Sponsors value programs that integrate with editorial

– Cross‐platform ideas increase impact

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The Meredith Women’s NetworkThe First Network of Exclusively High Quality Branded Sites

The Better Homes and           Gardens NetworkBetter Homes and GardensBetter RecipesMixing Bowl

Th R l Gi l N t kThe Real Girls NetworkDivine CarolineFitnessMoreLadies’ Home Journal

The Parents NetworkParentsAmerican BabyFamily Circle

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Competitive Landscape

21iVill

Millions of Unique Visitors 

21

20AOL Living

iVillage

17Scripps

12

11Hearst Women's

Meredith Women's

7CondeNet

19

2Martha Stewart

Source: ComScore, December 2008

Growing ScaleAverage Unique Visitors per Month

2004 2006 2008

Better Homes and 3 9 4 7 6 5Gardens Network 3.9 4.7 6.5

Parents Network N/A 1.8 3.5

Real Girls Network N/A N/A 5.0

TOTAL 3.9 6.5 15.0

20In millionsSource: Omniture

The Meredith Women’s NetworkHigh Engagement at Great ScaleHigh Engagement at Great Scale

• Coverageg

• Composition

• Passion

• Engagement

• Impact

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Th B tt H d G d N t kThe Better Homes and Gardens NetworkEverything for a Better Life

Better Homes and Gardens B tt R i Mi i B lBetter Homes and Gardens Better Recipes Mixing Bowl

22

BHG Network Competitive Position

15Reader's Digest Network

Millions of Unique Visitors

5

11

15

BHG N t k

Food Network.com

Reader s Digest Network

3

5

HGTV.com

BHG Network

2

3

Martha Stewart.com

Oprah.com

1

1

Good Housekeeping.com

Real Simple.com

23

1Fine Living.com

Source: ComScore, December 2008

MixingBowl.comThe Ultimate Social Cookbook

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BetterRecipes.comEverything for Foodies

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The Parents NetworkKeeping Moms Connected, Crib to College

ParentsAmerican Baby Family Circle

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Parents Network Competitive Position

4 1BabyCenter Network

Millions of Unique Visitors

4.1

2.8

2 7Parents Network

CafeMom

BabyCenter Network

2.7

2.6

2.5About.com

FamilyFun

Parents Network

0.6

2.5

1.5

iVillage

Kaboose Baby

About.com

0.1

0.05Pregnancy

Parenting

270.04Cookie

Source: ComScore, December 2008

The Parents NetworkEverything a Mom Needs ‐When and Where She Needs It

Toddler thru Elementary School Tweens & TeensPreconception/Prenatal thru First 12 months

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Th R l Gi l N kThe Real Girls NetworkCreated by Women for Women

Divine Caroline

More Ladies’ Home Journal

Fitness

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DivineCarolineLife In Your Words

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Strong Revenue Growth Meredith Interactive Media

g

$42 0

27% CAGR

42$42.0

$25 4

12.4

25.4$25.4

$12.4

2004 2006 2008

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2004 2006 2008Fiscal Year

$ in millions

Growth StrategiesMeredith Interactive Media

g

• Increase scale of Meredith Women’s Network

– The Better Homes and Gardens Network

– The Parents Network

– The Real Girls Network

• Enhance and monetize video capabilities

• Grow online subscription orders• Grow online subscription orders

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Strong Operating Cash FlowFinancial Overview

12% CAGR

g p g

$211

$256

12% CAGR

$163$171

$194$211

2004 2005 2006 2007 2008

3333

2004 2005 2006 2007 2008

$ in millions

Cash Flow Fiscal 1999 through 2008Financial Overview

g

200Stock Option Exercises300 Net Debt

$1,700Operating Cash Flow

200Stock Option Exercises

$

$2,200Available Cash

700 Share Repurchases$1,000 Acquisitions, Net of Dispositions

300 Capital Expenditures

$2,200Utilization of Cash200 Dividends

p p

3434$ in millions

Calendar Year Dividends Per ShareCalendar Year Dividends Per ShareFinancial Overview

12% CAGR

$0 74

$0.86 $0.90

$0.48$0.56

$0.64$0.74

$0.30 $0.32 $0.34 $0.36 $0.38

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

3535

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Conservative Capital StructureFinancial Overview

p

• $455 million total debt

• 4.4% cost of debt

• 1.7x debt to EBITDA

3636As of Dec. 31, 2008

REAFIRM GUIDANCECurrent Valuation MetricsFinancial Overview

• Current dividend yield: 7.1%

• EPS multiple: 4.8x

• EBITDA multipleEBITDA multiple to market capitalization: 2.7x

• EBITDA multiple• EBITDA multiple to total capitalization: 4.4x

3737As of Feb. 23, 2009, using trailing 4 quarters actual results, excluding special items

Summaryy

Meredith possesses:

• Vibrant and profitable media assets and brands

Meredith possesses:

• Leading business-to-business marketing capabilities

• Growing business-to-consumer digital assets

• Strong financial foundation

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Jefferies 5th Annual Internet &Media ConferenceFeb. 25-26, 2009

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