Investor Presentaiton

News Corp is worth substantially more than its trading price - investment research commentary Investment research analysts all agree that News Corp is worth substantially more than the market price "As we've noted several times previously, we believe the $3.4b of market value attributable to non-REA assets (as of 10/14 close) grossly understates their true value...our updated SOTP highlights that Dow Jones alone could be worth ~$7b even at multiples below comps like NYT or SPGI - with further implied upside from Book Publishing, Realtor.com, subscription video, and legacy news." (18 October 2022) "Shares continue to trade at a substantial discount to the company's SOTP value... only about $2b of market cap is currently being attributed to News Corp's assets excluding REA...we believe HarperCollins alone should be worth nearly $2b using just a 7x EBITDA multiple on our CY22 estimates. This would mean Dow Jones, which includes The Wall Street Journal, is essentially being assigned zero value. There will likely always be a degree of conglomerate discount for News Corp shares, but we do think the current disconnect is too significant in light of management's continued efforts to improve disclosure and streamline the business... However, we do believe management can continue to increase disclosure." J.P.Morgan (27 January 2021) "In our view, News Corp has continued to trade in the public market at a valuation well below the value of its individual components (our $34 SOTP target is well above the current $15.60 share price). We view Digital Real Estate, Dow Jones, and Foxtel all as candidates that if spun-out from NWSA could create shareholder value (currently, NWSA shares trade at a significant discount to our SOTP valuation)." GUGGENHEIM (17 October 2022) "As we have written in the past, the main opportunity we see for NWSA shareholder value un-lock (i.e. a reduction in SOTP discount) would come as a result of further simplification of NWSA's asset portfolio (e.g. REA and FOXTEL investments)...and we think the most upside for existing NWSA shareholders likely comes if such asset sales/spins are executed by NWSA itself." Morgan Stanley (17 October 2022) "Once we strip out News Corp's REA holding, the stock is now trading on a 12-month forward EV/EBITDA multiple of only 2.0x, which in our view illustrates the value on offer, especially when we consider the strong recent operating performance from Dow Jones, Move and HarperCollins and an improving trajectory at FOXTEL." CREDIT SUISSE (22 September 2021) IRENIC PAGE 29

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