Investor Presentaiton

Revenue & EBITDA ($mm) Dow Jones is more profitable business compared to The New York Times Dow Jones generates ~1.6x the EBITDA of The New York Times on virtually equal revenue Enterprise Value of $5.4 billion $2,500 The New York Times has an $2,000 $1,500 $1,000 $500 $0 $1,500 (1) $2,148 $1,908 $1,795$1,784 $1,702 $1,698 $1,549$1,590 $600 $2,196 1.6x (1) $512 $500 $400 $300 $236 $208 $193 $200 $100 $0 $332 $275 $256 $237 $312 $315 (2) (2) Dow Jones Revenue New York Times Revenue FY2018 FY2019 FY2020 FY2021 Dow Jones EBITDA FY2022 New York Times EBITDA Source: Company filings "...what we believe are two incontrovertible facts; the substantial and growing value of [Dow Jones] and its superior profit profile and prospects to those in The New York Times." -Robert Thomson, Q4 FY 2020 Earnings Call (06 August 2020) Notes: IRENIC ( Dow Jones FY2022 Revenue and EBITDA is Pro Forma for the acquisition of OPIS and Base Chemicals, which closed on 02/28/2022 and 06/01/2022 respectively (2) The New York Times Revenue and The New York Times EBITDA is adjusted to be consistent with News Corp's June fiscal year-end PAGE 15

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