Event Brief of Q3 2005 Meredith Corporation Earnings Conference Call - Final.

Original Source: FD (FAIR DISCLOSURE) WIRE

CORPORATE PARTICIPANTS

. Jim Jacobson, Meredith Corporation, Director, IR . William Kerr, Meredith Corporation, Chairman & CEO . Stephen Lacy, Meredith Corporation, President & COO . Jack Griffin, Meredith Publishing Group, President

. Paul Karpowicz, Meredith Broadcasting Group, President . Suku Radia, Meredith Corporation, VP, CFO & Acting Treasurer

OVERVIEW

MDP reported the best 3Q operating profit in its 103-year history. 3Q05 EPS increased 15% to $0.69 per share. 3Q05 total revenues grew 2% to $305.5m. 4Q04 EPS to approximate $0.83. MDP anticipates FY05 EPS will approximate $2.50. Q&A focus: Advertising growth in publishing, magazines and investments.

FINANCIAL DATA

A. Key Data From Call 1. 3Q05 EPS = $0.69 per share. 2. 3Q05 total revenues = $305.5m. 3. 4Q0S EPS = approx. $0.83 4. FY05 EPS = approx. $2.50

PRESENTATION SUMMARY

S1. Opening Comments (W.K.) 1. Highlights: 1. MDP delivered the best 3Q operating profit in its 103-year history. 2. 3Q05 EPS increased 15% to $0.69 per share. 3. 3Q05 total revenues grew 2% to $305.5m. 4. Broadcasting: 1. 3Q05 operating profit increased 14%. 2. 3Q05 EBITDA rose 12%. 1. EBITDA margin increased more than 3 percentage points and revenues grew 1%. 3. The broadcasting group also grew non-political revenues and benefited from MDP's recently acquired stations, as well as from rating gains at its existing stations. 5. Publishing: 1. 3Q05 operating profit grew 6% on a 2% gain in revenues. 1. Operating profit margin increased nearly 1 percentage point. 2. This performance reflected profit growth from MDP's circulation activities along with its book and integrated marketing operations partially offset by lower advertising revenues. 6. Both of the Co.'s business groups produced strong results in the first nine months of FY05 as well. 7. Broadcasting grew operating profit 43% and improved EBITDA

margin more than 9 percentage points. 8. 3Q05 total revenues are up 5 percentage points. 1. 3Q05 total revenues grew 12% fueled by $18.7m in net political advertising. 2. Non-political advertising revenues grew 4%. 9. Publishing group increased operating profit 11% and improved operating profit margin to 1.5 percentage points on a 2% increase in revenues. 10. MDP is pleased to report that its magazine advertising is strengthening. 1. The Co. expects publishing advertising revenues to increase in the mid-single digits on a percentage basis in 4Q05. 2. In particular, MDP is seeing broad based advertising strength across its magazines. 2. Summary: 1. MDP's 3Q05 performance contributed to strong financial results in the first nine months of FY05. 2. YTD earnings and EPS increased 30% before the cumulative effect of a change in accounting principle related to stock option expensing.

3. 3Q05 total revenues rose 4%. 4. 3Q05 total advertising revenues grew 5%. 5. MDP is on track to produce record results for FY05. …