News Corp Valuation Overview

Excluding 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

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