News Corp Valuation Overview

We 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

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