News Corp Valuation Overview

A Separation of Digital Real Estate Assets Could Help Unlock $7+ Billion of Value We believe that separating News Corp's Digital Real Estate businesses would help unlock significant shareholder value. News Corp Value Creation Opportunity News Corp Enterprise Value REA Group Stake $8 Billion $12 Billion RemainCo EV $4 Billion Valued at same multiple as NYT but a better business! Dow Jones $7+ Billion Other Assets $4+ Billion $11+ Billion Estimated Value We believe the market is significantly undervaluing News Corp's valuable collection of businesses. Source: Public company filings, Capital IQ. Market data 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 Value Creation Opportunity" chart are based on several data points. FOXTEL Harper BINGE Collins move NEW YORK POST THE TIMES THE AUSTRALIAN ANC The Telegraph THE WALL STREET JOURNAL. MarketWatch BARRON'S INVESTOP'S BUSINESS DAILY OPIS D A DOW JONES COMPANY DOW JONES RISK & COMPLIANCE CHEMICAL MARKET ANALYTICS BY ORS. A DOW JONES COMPANY STARBOARD VALUE 20

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