#1STARBOARD VALUEⓇ News Corp 2023 Active-Passive Investor Summit October 2023 This presentation is for discussion and general informational purposes only. Under no circumstances is this presentation to be used or considered as an offer to sell or a solicitation of an offer to buy any security. This presentation should not be construed as legal, tax, investment, financial or any other category of advice. The views expressed herein represent the opinions of Starboard, and are based on publicly available information with respect to News Corporation. Certain financial information and data used herein have been derived or obtained from public filings, including filings made by the company with the securities and exchange commission ("SEC"), and other sources.#2Disclaimer Except where otherwise indicated herein, this presentation is as of the date indicated on the cover, is not complete and is subject to change. This presentation is for general information purposes only, is not complete and does not constitute advice or a recommendation to enter into or conclude any transaction or buy or sell any security (whether on the terms shown herein or otherwise). This presentation and the information contained herein should not be construed as an offer to buy any interest in any fund advised by, or enter into any managed account arrangement with, Starboard Value LP ("Starboard"). All investments involve risk, including the risk of total loss. Past performance is not indicative of future results. This presentation is only for qualified investors and is not intended for public use or distribution. The views and information contained in this presentation represent the opinions of Starboard as of the date hereof. Starboard reserves the right to change any of its opinions expressed herein at any time, but is under no obligation to update the data, information or opinions contained herein at any time. The information contained in this presentation is provided for general informational purposes only, is not complete and may not contain all of the information required in order to evaluate the value of the companies discussed in this presentation. None of the information contained herein represents advice or a recommendation to enter into or conclude any transaction or buy or sell any security (whether on the terms shown herein or otherwise). This presentation should not be construed as legal, tax, investment, financial or other advice. Investors should seek independent financial advice regarding the suitability of investing in any securities or of following any investment strategies; Starboard is not offering nor providing such services in connection with this presentation. The views expressed in this presentation are based on publicly available information, including information derived or obtained from filings made with the Securities and Exchange Commission and other regulatory authorities and from third parties. Starboard recognizes that there may be nonpublic or other information in the possession of the companies discussed herein that could lead these companies and others to disagree with Starboard's conclusions. Starboard has not sought or obtained consent from any third party to use any statements or information indicated herein as having been obtained or derived from statements made or published by third parties, nor has it paid for any such statements. None of Starboard, its affiliates, its or their representatives, agents or associated companies or any other person makes any express or implied representation or warranty as to the reliability, accuracy or completeness of the information contained in this presentation, or in any other written or oral communication transmitted or made available to the recipient. Information presented from third parties has been obtained from sources believed to be reliable, however, no representation or warranty is made, express or implied, as to the reliability, accuracy or completeness of such information. Starboard, its affiliates and its representatives, agents and associated companies expressly disclaim any and all liability based, in whole or in part, on such information, errors therein or omissions therefrom. There is no assurance or guarantee with respect to the prices at which any securities of the company will trade, and such securities may not trade at prices that may be implied herein. The estimates, projections, pro forma information and potential impact of the analyses set forth herein are based on assumptions that Starboard believes to be reasonable as of the date of this presentation, but there can be no assurance or guarantee that actual results or performance of the Company will not differ, and such differences may be material. The analyses provided may include certain forward-looking statements, estimates and projections prepared with respect to, among other things, the historical and anticipated operating performance of the companies discussed in this presentation, access to capital markets, market conditions and the values of assets and liabilities, and the words "anticipate,” “believe,” “expect,” “potential," "could," "opportunity,” “estimate,” “plan,” and similar expressions are generally intended to identify such forward-looking statements. Such statements, estimates, and projections reflect Starboard's various assumptions concerning anticipated results that are inherently subject to significant economic, competitive, and other uncertainties and contingencies. Thus, actual results may vary materially from the estimates and projected results contained herein. No representations, express or implied, are made as to the accuracy or completeness of such statements, estimates or projections or with respect to any other materials herein and Starboard disclaims any liability with respect thereto. In addition, Starboard will not undertake and specifically disclaims any obligation to disclose the results of any revisions that may be made to any projected results or forward-looking statements in this presentation to reflect events or circumstances after the date of such projected results or statements or to reflect the occurrence of anticipated or unanticipated events. All registered or unregistered service marks, trademarks and trade names referred to in this presentation are the property of their respective owners, and Starboard's use herein does not imply an affiliation with, or endorsement by, the owners of these service marks, trademarks and trade names. It should not be assumed that Starboard will make investments in the future similar to those described herein. O Starboard Value 2023 All Rights Reserved#3News Corp Overview News Corporation ("News Corp" or the "Company") is a global operator of media assets with a diverse revenue mix. $12 Billion Enterprise Value 7.9x Enterprise Value / FY24 EBITDA News Corp Financial Profile News Corp Digital Real Estate Services 15% Subscription Video Services 20% $9.9 Billion FY23 Revenue Book Publishing 20% News Media 23% Dow Jones 22% News Corp owns a highly valuable collection of assets in its portfolio. Source: Public company filings, Capital IQ, Wall Street consensus estimates. Market data as of October 13, 2023. STARBOARD VALUE 2#4News Corp Owns a Valuable Collection of Businesses News Corp's portfolio is comprised of a combination of valuable media assets, including a highly-valuable controlling stake in REA Group Ltd ("REA Group"), which is publicly traded in Australia. Digital Real Estate Services REA Group Dow Jones Consumer THE WALL STREET JOURNAL. BARRON'S MarketWatch INVESTOR'S BUSINESS DAILY move realtor.com® Professional Information Services OPIS A DOW JONES COMPANY D DOW JONES RISK & COMPLIANCE CHEMICAL MARKET ANALYTICS BY OPIS, A DOW JONES COMPANY Source: Public company filings, company websites. Business Overview News Corp Book Publishing News Media Subscription Video Services NEW YORK POST FOXTEL THE AUSTRALIAN The Telegraph BINGE Harper Collins THE TIMES We believe News Corp owns a diverse portfolio of high-quality businesses. ANC STARBOARD VALUE 3#5Today, News Corp's Portfolio Is Valued at $12 Billion $12 Billion Current Enterprise Value News Corp Today We believe News Corp trades at an attractive valuation. Source: Public company filings, Capital IQ, Wall Street consensus estimates. Market data as of October 13, 2023. 7.9x FY24E EBITDA (1) Multiple STARBOARD VALUE 4#6News Corp Owns a Highly Valuable Stake in REA Group News Corp owns a controlling stake in REA Group, a leading digital real estate business in Australia. Digital Real Estate Services Dow Jones ✰ REA Group move realtor.com® Flagship Business News THE WALL STREET JOURNAL. BARRON'S MarketWatch INVESTOR'S BUSINESS DAILY Source: Public company filings, company websites. OPIS ADOW JONES COMPANY Business Overview News Corp Book Publishing News Media Subscription Video Services NEW YORK POST FOXTEL THE AUSTRALIAN BINGE DOW JONES Harper Collins The Telegraph ANC RISK & COMPLIANCE CHEMICAL MARKET ANALYTICS BY OPIS, A DOW JONES COMPANY THE TIMES We believe News Corp owns a diverse portfolio of high-quality businesses. STARBOARD VALUE 5#7REA Group BUY 9:41 AM realestate.com.au Australia lives here RENT Q Search suburb or address SOLD Saved PROPERTIES SEARCHES ichmond 3121 & 2 more 3+ 21 For Sale Up to $900k mond 3121, South Yarra 3141, South 3006, South Melbourne 3205 work For Rent Up to $350 PW • 3121, South Yarra 3141, South South Melbourne 3205 Swimming pool, Gym, Security... a 3141 & 2 more B1 Foz Sate 9:41 с 99+ STARBOARD VALUE 6#8REA Group Is a Leading Digital Real Estate Business REA Group is an Australian digital real estate business that is publicly-traded on the Australian Stock Exchange. Market Positioning realestate.com.au #1 in Australia 3.3x audience of the nearest competitor 0 REA Overview Financial Performance ($ in millions) Revenue (1) 10% CAGR $752 $666 $674 $592 $525 $437 $459 $1,029 $937 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 EBITDA Margin: 55% 57% 57% 57%) 57% 58% 61% 58% 54% News Corp owns 61% of REA Group, a market leading business with an attractive financial profile. Source: Public company filings, company websites. (1) FY2015 calculated as News Corp's Digital Real Estate Services revenue less Move revenue. FY2016 through FY2023 revenue is REA Group revenue disclosed by News Corp. STARBOARD VALUE 7#9Share Price (AUD) REA Group Has Been an Incredible Investment for News Corp News Corp initially acquired a 44% stake in REA in the early 2000s and has grown its ownership to 61% over time. REA Group shares not held by News Corp trade freely on the Australian Stock Exchange. $200.00 $160.00 $120.00 $80.00 REA Group Share Price Performance (¹) and Valuation (2) REA Market Cap: $13 Billion M +354% News Corp's 61% Ownership $40.00 $0.00 Oct-13 Oct-14 Oct-15 Oct-16 Oct-17 Oct-18 Oct-19 Oct-20 Oct-21 Oct-22 Oct-23 Market Value of News Corp's Stake: ~$8 Billion We applaud News Corp for making the investment in REA Group but believe it is not receiving full credit for the value of its REA Group stake. Source: Public company filings, Capital IQ. Market data as of October 13, 2023. (1) Returns adjusted for dividends and are from October 13, 2013 to October 13,2023. (2) REA market capitalization shown in USD. STARBOARD VALUE 8#10Excluding the Value of Its Stake in REA Group, the Implied Value for News Corp's Other Businesses Is Only $4 Billion News Corp Today $12 Billion Total News Corp Enterprise Value $8 Billion Current Value of News Corp's Stake in REA Group $4 Billion Total News Corp Enterprise Value ex REA Group Stake 4.0x FY24E EBITDA (¹) Multiple We believe that News Corp's other businesses are significantly undervalued in the market today. Source: Public company filings, Capital IQ, Wall Street consensus estimates. Market data as of October 13, 2023. (1) Calculated as consensus News Corp FY24 EBITDA minus consensus REA FY24 EBITDA converted to USD at an exchange rate of 0.63. STARBOARD VALUE 9#11Dow Jones Is the Key Business Within News Corp's Portfolio Dow Jones is a global provider of news and business information for both consumer and professional use cases. Digital Real Estate Services Dow Jones Consumer Business Overview News Corp Book Publishing News Media Subscription Video Services ✰ REA Group move realtor.com® THE WALL STREET JOURNAL. BARRON'S MarketWatch INVESTOR'S BUSINESS DAILY NEW YORK POST FOXTEL THE AUSTRALIAN BINGE Professional Information Services Harper Collins The Telegraph ANC OPIS A DOW JONES COMPANY D DOW JONES RISK & COMPLIANCE Source: Public company filings, company websites. CHEMICAL MARKET ANALYTICS BY OPIS, A DOW JONES COMPANY THE TIMES We believe News Corp owns a diverse portfolio of high-quality businesses. STARBOARD VALUE 10#12THE WALL STREET JOURNAL. DDOW JONES News Corp DJIA 36432.72 104.27 0.3% What's News TUESDAY, NOVEMBER 9, 2021 VOL. CCLXXVIII NO. 111 NASDAQ 15982.36 0.1% STOXX 600 483.61 0.03% 10-YR. TREAS. 13/32, yield 1.496% OIL $8193 $0.66 Open Arms for Vaccinated Travelers TAX Business Finance WSJ.com ★★ $5.00 GOLD $1,827.40 $11.00 EURO $1.1588 YEN 113.23 China's Tech Clampdown Hits SoftBank Value of holdings fell heaval that has hit the tech- nology industry in China this $54 billion with Beijing year. As the Communist gov- tightening control on internet companies BY MEGUMI FURKAWA ernment tightens its grip on internet companies, one of its biggest targets is e-commerce giant Alibaba Group Holding Ltd., in which SoftBank owns a nearly one-quarter stake. TOKYO-SoftBank Group "It is a time of severe trials Cams took a more than $50 far Ching's high tack stocks י NOVEMBER 2020 WSJ. THE WALL STREET JOURNAL MAGAZINE Dow Jones SoftBank took a more than $50 billion beating from Beijing's tech crack down, but its leader said it still had money for share buybacks and was glad to be less dependent on China. Al Tesla shares fell 4.8% af- ter CEO Elon Musk, the com pany's largest stockholder, signaled he was open to to call ing 10% of his holdings. Al ♦ Major U.S. stock in- dexes hit records, with the Dow, S&P 500 and Nasdaq gaining 0.3%, 0.09% and 0.07%, respectively. BIO The Fed's Quarles said he would resign his position around the end of this year, giving Biden as many as four seats to fill on the cen tral bank's seven-member board in coming months as Kennedy Airport, New York City he weighs how to fill the job of Fed chaiman. Al 000 四、ㄨㄚ DOW JONES, A NEWS CORP COMPANY DJIA 35651.30 0295▼ S&P 500 4679.75 CAS Robinhood said an in- Dulles Airport, truder gained access to the trading app's systems last week and made off with Virginia SHARE the personal information of millions of its users. Bl New York state gam bling regulators approved online sports-betting li- censes for nine operators including FanDuel, DraftK- ings and BetMGM to oper- ate in the new market. B5 The SEC moved to com- plete its overhaul of the federal audit watchdog, naming four new members B wscom C B About VISJ Nandes 15660.52 000 US. 10 27/32 Vield 1479% A Crude Oil 71.77 0.82 Eure 1292 046% Y THE WALL STREET JOURNAL. English Edition Print Edition Video Podcasts Latest Headin Home World US Politics Economy Business Tech Markets Opinion Books & Arts Real Estate Life & Work WSJ Magazine Spe LIFE & WORK | BONDS What to Say When Someone Asks 'How Are You?' And Other Conv Tips Our communication skills have gotten rusty. Here are five ways to sharpen them. in 1:317 <Back WSJ A THE WALL STREET JOURNAL. Ecuyers Open Li & Work WILL Mignon Sp ESSAY Why Do We Shout When We Argue? Lack of Confidence Research shows that we are everconfidentin cur beliefs but underconfident about being heard compensate by being loud People Who From Home Secret: They ye Two Jobs mic freed employees from having office, some saw an opportunity to ry on the sly. Why be geodatone t, when they could be mediocre at By Vanessa Boln August21 2021121 AA 2 A Reched Feintar 201105th A Side MOST POPULARNEWS How Much For ere bored. Or worried about layoffs. Ortired of working hund ager rase every year. They got another job offer. cy have a secret. dedicated group of white-collar workers, in industries from hancing to insurance, say they have found a way to double Work two full-time mete jobs, don't tell anyose and, for x part, cont detoomuch work either their heme offers they toggle between two hetops. They tris" with their calendars, trying to dodge endless meetings mes they log onto two meetings at one. They use paid time of me ases, aclimited-to juggle the occasional project pata now gig. Many say they don't work more than 4 has CA H The Extricis V the Videos of Urtan Call Aperale B BTS THE INNOVATORS ISSUE STARBOARD VALUE 11#13Dow Jones Has Delivered Strong Revenue Growth and Margin Expansion Dow Jones has an attractive financial profile, with an increasing mix of professional information services revenue. Revenue Dow Jones Financial Overview EBITDA & EBITDA Margin (¹) ($ in millions) 22% CAGR ($ in millions) r ! Professional Information Services | I now represents 35% of revenue L $2,153 $2,004 $1,702 $1,500 $1,549 $1,590 760 579 13% CAGR 479 410 423 451 $1,425 $1,393 $1,090 $1,126 $1,139 $1,223 5% CAGR $208 $184 $170 $280 $450 $390 FY18 FY19 FY20 FY21 FY22 FY23 FY18 FY19 FY20 FY21 FY22 FY23 Consumer ■Professional Information Services EBITDA Margin: 11% 12% 13% 16% 19% 21% We believe Dow Jones is well-positioned to continue delivering healthy growth and margins. Source: Public company filings. (1) EBITDA fully burdened for unallocated corporate costs. Corporate cost allocation calculated on a percentage of total revenue basis. STARBOARD VALUE 12#14Dow Jones Compares Favorably to The New York Times Company When compared with The New York Times Company (NYT), Dow Jones is more profitable, has more digital exposure, and has a greater subscription mix. D DOW JONES Side-by-Side Comparison of Dow Jones and The New York Times Company Digital Revenue as a % of Subscription / Circulation Revenue ( (1) 69% D DOW JONES Subscription / Circulation as a % of Total Revenue (1) LTM EBITDA Margin % (2) D The New York Times 78% 21% DOW JONES For reference, the NYT trades at >15x The New York Times 65% The New York Times 68% The New York Times 15% NTM EBITDA We believe Dow Jones is a high-quality business and should garner a premium valuation. Source: Public company filings, Capital IQ, Wall Street consensus estimates. Market data as of October 13, 2023. (1) Dow Jones revenue is based on circulation and subscription revenue, per company disclosures, and The New York Times revenue is based on subscription revenue, per company disclosures. (2) EBITDA margin fully burdened for unallocated corporate costs. Corporate cost allocation calculated on a percentage of total revenue basis. Note: All metrics included in the "Side-by-Side Comparison of Dow Jones and The New York Times Company" are based on LTM figures. STARBOARD VALUE 13#15News Corp Is Significantly Undervalued Excluding the value of its stake in REA Group, News Corp is valued at just 4x EBITDA, compared to The New York Times Company at greater than 15x EBITDA. News Corp Today REA Group Stake 8x EBITDA News Corp Today FOXTEL BINGE Harper Collins move NEW YORK POST The New THE THE TIMES AUSTRALIAN ANC The Telegraph THE WALL STREET JOURNAL. MarketWatch BARRON'S INVESTOP'S BUSINESS DAILY OPIS D A DOW JONES COMPANY DOW JONES RISK & COMPLIANCE CHEMICAL MARKET ANALYTICS York Times Company >15x NTM EBITDA RemainCo 4x EBITDA (1) BY OPIS, A DOW JONES COMPANY We believe the valuation discrepancy between News Corp and The New York Times Company represents a huge value creation opportunity. Source: Public company filings, Capital IQ, Wall Street consensus estimates. Market data as of October 13, 2023. (1) Calculated as consensus News Corp FY24 EBITDA minus consensus REA FY24 EBITDA converted to USD at an exchange rate of 0.63. STARBOARD VALUE 14#16We Believe Dow Jones Is A Highly Valuable Business We believe Dow Jones should garner a premium valuation, but even at the same multiple as The New York Times Company, Dow Jones would be worth more than $7 billion. ~$475 Million Consensus FY24 EBITDA (¹) 15x NTM EBITDA Dow Jones Valuation $7+ Billion Dow Jones Estimated Value We believe Dow Jones is meaningfully undervalued inside of News Corp's portfolio today. Source: Public company filings, Capital IQ, Wall Street consensus estimates. Market data as of October 13, 2023. (1) EBITDA fully burdened for unallocated corporate costs. Corporate cost allocation calculated on a percentage of total revenue basis. Note: All estimates are based on information obtained from sources believed to be reliable and incorporate certain assumptions. Such information and assumptions could turn out to be inaccurate. The estimates included here for the "Dow Jones Valuation" chart are based on several data points. STARBOARD VALUE 15#17Excluding the Value of Its Stake in REA Group, the Implied Value for News Corp's Other Businesses Is Only $4 Billion News Corp Today $12 Billion Total News Corp Enterprise Value $8 Billion Current Value of News Corp's Stake in REA Group $4 Billion Total News Corp Enterprise Value ex REA Group Stake 4.0x FY24E EBITDA (¹) Multiple We believe that News Corp's other businesses are significantly undervalued in the market today. Source: Public company filings, Capital IQ, Wall Street consensus estimates. Market data as of October 13, 2023. (1) Calculated as consensus News Corp FY24 EBITDA minus consensus REA FY24 EBITDA converted to USD at an exchange rate of 0.63. STARBOARD VALUE® 16#18News Corp Also Owns a Collection of High-Quality Businesses News Corp's other segments contain a collection of valuable, market-leading businesses in a variety of media verticals. Digital Real Estate Services REA Group move realtor.com® Source: Public company filings, company websites. Dow Jones Flagship Business News Business Overview News Corp Book Publishing News Media Subscription Video Services THE WALL STREET JOURNAL. BARRON'S MarketWatch INVESTOR'S BUSINESS DAILY NEW YORK POST FOXTEL THE AUSTRALIAN BINGE OPIS ADOW JONES COMPANY DOW JONES Harper Collins The Telegraph ANC RISK & COMPLIANCE CHEMICAL MARKET ANALYTICS BY OPIS, A DOW JONES COMPANY THE TIMES We believe News Corp owns a diverse portfolio of high-quality businesses. STARBOARD VALUE 17#19We Believe News Corp's Other Assets Are Also Extremely Valuable News Corp's businesses highlighted below are critical sources of news, entertainment, and real estate information for customers worldwide. Move (80% Ownership) realtor.com Ⓡ + News Corp Business Segment Valuation Harper Collins Harper Collins + News Media NEW YORK POST THE AUSTRALIAN The Telegraph THE TIMES Subscription Video FOXTEL (65% Ownership) ANC $4+ Billion We believe there is significant value in these assets within News Corp's portfolio. Source: Public company filings. Note: All estimates are based on information obtained from sources believed to be reliable and incorporate certain assumptions. Such information and assumptions could turn out to be inaccurate. The estimates included here for the "News Corp Business Segment Valuation" chart are based on several data points. STARBOARD VALUE 18#20We Believe News Corp's Assets Are Trading at a Significant Discount We believe News Corp trades at a meaningful discount to the value of the sum of its parts. $4 Billion News Corp Enterprise Value ex REA Group Stake News Corp Today Dow Jones HarperCollins News Media Move Foxtel 4x FY24 EBITDA (1) $11+ Billion Estimated Value of News Corp Assets ex REA Group Stake We believe Dow Jones is meaningfully undervalued at News Corp's current valuation. Source: Public company filings, Capital IQ, Wall Street consensus estimates. Market data as of October 13, 2023. (1) Calculated as consensus News Corp FY24 EBITDA minus consensus REA FY24 EBITDA converted to USD at an exchange rate of 0.63. Note: All estimates are based on information obtained from sources believed to be reliable and incorporate certain assumptions. Such information and assumptions could turn out to be inaccurate. The estimates included here for the "News Corp Today" chart are based on several data points. STARBOARD VALUE 19#21A Separation of Digital Real Estate Assets Could Help Unlock $7+ Billion of Value We believe that separating News Corp's Digital Real Estate businesses would help unlock significant shareholder value. News Corp Value Creation Opportunity News Corp Enterprise Value REA Group Stake $8 Billion $12 Billion RemainCo EV $4 Billion Valued at same multiple as NYT but a better business! Dow Jones $7+ Billion Other Assets $4+ Billion $11+ Billion Estimated Value We believe the market is significantly undervaluing News Corp's valuable collection of businesses. Source: Public company filings, Capital IQ. Market data as of October 13, 2023. Note: All estimates are based on information obtained from sources believed to be reliable and incorporate certain assumptions. Such information and assumptions could turn out to be inaccurate. The estimates included here for the "News Corp Value Creation Opportunity" chart are based on several data points. FOXTEL Harper BINGE Collins move NEW YORK POST THE TIMES THE AUSTRALIAN ANC The Telegraph THE WALL STREET JOURNAL. MarketWatch BARRON'S INVESTOP'S BUSINESS DAILY OPIS D A DOW JONES COMPANY DOW JONES RISK & COMPLIANCE CHEMICAL MARKET ANALYTICS BY ORS. A DOW JONES COMPANY STARBOARD VALUE 20#22We Believe News Corp's Collection of Assets Is Worth Over $33 Per Share Even when using conservative assumptions, News Corp has an opportunity to create significant shareholder value through a separation of certain assets. News Corp Sum-of-the-Parts Valuation ~50% Upside ~$22 News Corp Current Price (1) Digital Real Estate Businesses $3 ~$14 REA Group Stake Move ~$4 ~$33 ($1) -$12 Dow Jones Collection of Other Assets Net Debt News Corp SOTP Value We believe separating the Digital Real Estate Assets will unlock substantial value at News Corp. Source: Public company filings, Capital IQ. Market data as of October 13, 2023. (1) News Corp Class B Share Price as of October 13, 2023. Note: All estimates are based on information obtained from sources believed to be reliable and incorporate certain assumptions. Such information and assumptions could turn out to be inaccurate. The estimates included here for the "News Corp Sum-of-the-Parts Valuation" chart are based on several data points. STARBOARD VALUE 21#23STARBOARD VALUE®