Investor Presentaiton

HarperCollins Select Transaction Comps ($ IN MILLIONS) Mean 8.4x 8.1x 8.3x Target HHARLEQUIN COURIER COMMUNICATIONS The Cy 9.8x 14.6x 13.1x Penguin Random House P Pearson Houghton Mifflin Harcourt SIMON & (22% Stake) (US K12 Courseware Division) SCHUSTER 15.0x Dennis Acquirer HarperCollins Publishers (rr BERTELSMANN N NEXUS CAN TA Penguin Random J L HarperCollins Publishers FUTURE House PLC Enterprise Value $415 $305 $4,466 $250 $2,175 $349 $416 EBITDA $51 $37 $531 $26 $149 $27 $28 Announced Date 05/14 10/14 07/17 02/19 11/20 03/21 08/21 Source: FactSet Research Systems, S&P Capital IQ, Bloomberg and Company Press Releases Note: Analysis prepared by 3rd-party investment bank IRENIC 11.1x PAGE 47

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