In the actual meeting, it's time to hear what your manager thinks of your performance — most often captured by a rating such as "meets expectations" and sometimes compensation information. Typically, the manager will go over the key parts of your job responsibilities and how you performed on each part.
Most employees get focused on the rating and compensation and find it hard to retain everything your manager says about specific areas of your performance. It is good to take notes and to ask questions. Use the time to confirm each area and ask for examples from your manager - both positive and negative. These examples will be a good reference point to make sure you clearly understand as well as a way to target areas for improvement and development planning.