Event Brief of Q2 2006 Meredith Corporation Earnings Conference Call - Final.

Original Source: FD (FAIR DISCLOSURE) WIRE

PARTICIPANTS

. Jim Jacobson, Meredith Corporation, Director IR . Bill Kerr, Meredith Corporation, Chairman and CEO . Steve Lacy, Meredith Corporation, President, COO . Karl Choi, Merrill Lynch, Analyst . Suku Radia, Meredith Corporation, CFO, Principal Accounting Officer, VP . Michael Meltz, Bear, Stearns & Co., Analyst . Brian Shipman, UBS Warburg, Analyst . Jack Griffin, Meredith Corporation, President, Meredith Publishing Group . Douglas Arthur, Morgan Stanley Dean Witter, Analyst . Paul Karpowicz, Meredith Corporation, President, Meredith Broadcasting Group . Edward Atorino, Benchmark Capital, Analyst . Rob Malacie, J.P.Morgan, Analyst . Paul Ginocchio, Deutsche Bank, Analyst

OVERVIEW

Management reported EPS of $0.58 in 2Q06. 2Q06 revenues increased 31%. The Co. expects EPS to grow in the mid teens in 2H06. The Co. expects EPS of approx. $0.80 for 3Q06 and $2.86 for FY06.

FINANCIAL DATA

A. Key Data From Call 1. 2Q06 EPS = $0.58. 2. 1H06 EPS = $1.10.

3. 3Q06 expected EPS = approx. $0.80. 4. FY06 expected EPS = $2.86.

PRESENTATION SUMMARY

S1. 2Q06 Performance Overview (B.K.) 1. 2Q06 Significant Highlights:

1. MDP has produced double-digit EPS growth in 14 of the last 15

quarters. 2. 2Q06 EPS grew 12% to $0.58 a share, despite the absence of more than $12m in net political revenue that was achieved in the prior year. 3. Income from operations increased 14%. 4. EBITDA grew 17%. 5. Revenues increased 31%.

6. Advertising revenues rose 32%. 7. On a comparable basis, (excluding Parents, Family Circle, Fitness, Child and Ser Padres magazines, which were acquired on 07/01/05), revenues grew [at about] 4%. 2. 1H06 Results 1. The Co. produced strong results for 1H06 as well, despite the challenge of replacing $18.6m in net political advertising revenues from the prior year.

2. EPS increased 12% to $1.10. 3. Income from operations grew 15%. 4. EBITDA grew 18%. 5. Revenues grew 33%. 6. Advertising revenues rose 30%. 7. On a comparable basis, revenues increased 5%. 3. Other Significant Highlights: 1. 2Q06 and 1H06 results were positively affected by a number of factors. 2. Publishing:

1. MDP produced significant magazine advertising gains. 2. Most of the Co.'s comparable magazines produced strong advertising revenue growth. 3. Experienced outstanding growth in Internet advertising revenue and profit. 4. Traffic on sites increased substantially. 5. The Co. continued to generate significant numbers of subscription renewal and customer service transactions on the Web. 6. The Co.'s diversified publishing business (books, integrated

marketing, brand licensing and product sales) continued to perform very well. 1. On a comparable basis, 27% of publishing revenues in 1H06 were generated by non-advertising non-circulation sources,

up from 26% in 1H05. 7. Benefited from the acquisition of the new magazine. 1. Results were modestly accretive and met the Co.'s

financial expectations. 3. Broadcasting: 1. The Co. improved late news audience share in six of its nine largest markets in the Nov. 2005 rating book. 1. Continued to monetize these share gains. 2. Grew non-political revenues, which partially offset the cyclical decline in political advertising. 2. The Co. increased revenue from its Cornerstone, Internet and new business initiatives.

3. MDP increased broadcasting EBITDA margin 360 BP vs. 1H04, the most recent non-political year. 4. 1H06 Summary: 1. Magazine advertising was very robust. 2. Interactive media advertising was exceptionally strong. 3. Broadcasting advertising was impacted by the absence of political revenues. 5. Advertising Pattern:

1. Broadcasting advertising is strengthening as the Co. has

cycled past the political comparison. 2. Broadcast pacings are up in the high-single digits so far in [3Q06]. 3. Publishing advertising should have continued to grow, but in a less robust pace, running up in the low-single digits in 3Q06 on a comparable basis. 4. Based on closing of two issues of the Co.'s magazines, it is seeing strength in shelter titles and mid-sized magazines,

partially offset by weakness in the women services. 5. On a category basis, the Co. is seeing strength in the home, cosmetic and travel, partially offset by weakness in food, direct response and pharmaceutical. 6. Internet advertising remains very strong.

1. Accelerating Internet development activities.

S2. Business Groups & Current Outlook (S.L.) 1. Publishing: 1. Produced outstanding results in both 2Q06 and 1H06. 2. For 2Q06, operating profit increased 50% and revenues grew 47%. 1. On a comparable basis, operating profit increased 19% and revenues rose 8%. 2. Operating profit margin improved more than 1 percentage

point. 3. For 1H06, operating profit increased 36% and revenues grew 48%. 1. On a comparable basis, operating profit grew 16% and revenues rose 9%. 2. Operating profit margin increased by 1 percentage point. 4. Results for 1H06 reflect: 1. Addition of the new magazines. 2. Outstanding growth in magazine and Internet advertising revenue. 3. Strong growth in diversified publishing businesses. 5. Total publishing advertising revenues rose 58% in 1H06. 1. On a comparable basis, publishing advertising revenues

increased 9%. 2. Better Homes and Gardens, Ladies' Home Journal, American Baby, More and Midwest Living delivered strong advertising

gains. 6. Interactive Media operations posted outstanding advertising

growth, with revenues up more than 80% and significant profit

gains as well. 7. MDP realized improved yield in 1H06 in advertising as well. 8. The Co. experienced strength in most of its largest advertising categories in 1H06. 1. On a comparable basis, the largest gains were in: 1. Pharmaceuticals. 2. Cosmetics. 3. Food. 2. This performance was partially offset by weakness in home and retail. 9. The Co. grew advertising revenues in targeted growth categories including: 1. Business. 2. Automotive.

3. Apparel. 10. MDP outperformed the magazine industry in 1H06. 1. According to Publishers Information Bureau, the Co. grew advertising pages 4% vs. a slight decline in pages for the industry taken as a whole. 2. The new magazines, …