June 8, 2005 Gruner + Jahr Printing and Publishing Co. c/o Gruner + Jahr AG & Co. KG Am Baumwall 11 20459 Hamburg Germany Dear Sirs: This letter set forth our agreement regarding the potential purchase and sale of the business publications:Asset Purchase Agreement • June 14th, 2005 • Meredith Corp • Periodicals: publishing or publishing & printing • New York
Gruner + Jahr Printing and Publishing Co. ("G+J USA") shall have the right to require, by giving written notice (the "Sale Notice") to Meredith Corporation ("Meredith") on or prior to June 29, 2005, that G+J USA and Meredith enter into the Asset Purchase Agreement, in the form attached to this letter (the "Asset Purchase Agreement"), accompanied by (i) Disclosure Schedules (as defined in the Asset Purchase Agreement) and other schedules responsive to the requirements of the Asset Purchase Agreement and (ii) copies of all contracts and documents listed in such Disclosure Schedules and other schedules and reasonably adequate summaries and descriptions of all other matters referenced in such Disclosure Schedules and other schedules, in each case that have not been previously provided to Meredith. Within three business days following receipt of the Sale Notice, (x) Meredith shall provide to G+J USA Disclosure Schedule 6.1(f) to the Asset Purchase Agreement and (y) subject to the condition
