Investor Presentaiton

Management has consistently highlighted Dow Jones' superiority to The New York Times... "And so, the Dow Jones results certainly rise above those of The New York Times, both in circulation now in the news segment and in digital advertising, which was almost double that of The New York Times. And so it is, in essence, the enduring quality of the Journal that gives us momentum. And those are very positive wins that we're seeing now and are confident that we'll see in the future." - Robert Thomson, Q3 FY 2021 Earnings Call (06 May 2021) "...I say, without being too hubristic about it, any fight [with The New York Times] over statistics or metrics with The Wall Street Journal tends to be an unfair fight...And we see growth potential, not just in the U.S., but globally. International subs at the moment at Dow Jones are a mere 15% of the total current. The team is very much focused on that. And look, as you know, we have a thriving professional information business there." - Robert Thomson, Morgan Stanley TMT Conference (04 March 2021) "Well, it's a bit of an unfair comparison [to The New York Times] because obviously Dow Jones is a much more successful business. The reason for putting it out was precisely that that we believed it was an underappreciated asset...you didn't get a full picture of the potential of or the trajectory of Dow Jones. And clearly that was a priority for us, and quite frankly we thought that have affected our share price...the great story about Dow Jones is the ongoing subscriber growth at WSJ.com, for Barron's and now for MarketWatch. And there are 2 priorities really that are, obviously, to reach as many people as possible with most trusted news brand in America, but also to be the leading provider of business news in the world." - Robert Thomson, UBS TMT Virtual Conference (09 December 2020) "And in the quest for transparency, beginning this quarter, we are presenting Dow Jones as a separate segment. This will highlight what we believe are two incontrovertible facts; the substantial and growing value of that company [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) "...Dow Jones, which we believe is the best business news and analysis brand in the world. We are working towards making that company's potential more obvious and highlighting its various strengths [relative] to other business brands, and for example, to The New York Times." - Robert Thomson, Q3 FY 2020 Earnings Call (07 May 2020) IRENIC PAGE 16

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