1300 NORTH 17TH STREET | ARLINGTON, VA 22209 | (703) 345-6300
March 23, 2017
TO OUR SHAREHOLDERS:
You are cordially invited to the 2017 Annual Meeting of Shareholders of Graham Holdings Company (the Company), which will be held
in the Corporate Executive Board Waterview Conference Center, 1919 North Lynn Street, 24th Floor, Arlington, VA 22209, on Thursday, May 4, 2017, at 8:30 a.m.
At the Companys 2017 Annual Meeting of Shareholders (the Meeting), there will be a report on the Companys activities,
and Directors will be elected for the ensuing year. In addition, the Class A Shareholders will have an advisory vote on whether to approve the compensation paid to the Companys named executive officers for 2016 and an advisory vote on how
frequently such votes on compensation should occur in the future. The Class A Shareholders will also vote to re-approve performance goals under the Companys 2012 Incentive Compensation Plan.
It is important that your shares be represented at the Meeting. Please sign the accompanying Proxy and return it promptly in the envelope
provided. If you plan to attend, kindly so indicate in the space provided on the Proxy. You may also vote your shares by telephone or on the Internet. If you choose to vote your shares by telephone or on the Internet, please follow the instructions
in the enclosed Proxy.
DONALD E. GRAHAM