On February 3, 2003, Mr. Edwin T. Meredith III, the Chairman of the Executive Committee of the Board of Directors of Meredith Corporation (the "Company"), passed away. As previously reported in, and as more fully described in, the Company's Proxy Statement relating to its November 11, 2002 Annual Meeting, Mr. Meredith had sole voting or investment power with respect to 13,200 shares of Common Stock of the Company, sole voting or investment power with respect to 6,992,172 shares of Class B Common Stock of the Company, shared voting or investment power with respect to 1,745,898 shares of Common Stock of the Company and shared voting or investment power with respect to 395,248 shares of Class B Common Stock of the Company. Each share of Class B Common Stock of the Company has ten votes per share on most matters, including the election of directors.

On February 13, 2003, Katherine C. Meredith, D. Mell Meredith Frazier and Edwin T. Meredith, IV, filed a Report on Schedule 13D (the "Schedule 13D') reporting their share ownership positions in the Company. Katherine C. Meredith is the widow of Edwin T. Meredith III, and D. Mell Meredith Frazier and Edwin T. Meredith IV are the children of Katherine C. Meredith and Edwin T. Meredith III. Ms. Frazier is a member of the Board of Directors of the Company and Director of Corporate Planning at the Company.