News Corp Valuation Overview

Dow Jones Has Delivered Strong Revenue Growth and Margin Expansion Dow Jones has an attractive financial profile, with an increasing mix of professional information services revenue. Revenue Dow Jones Financial Overview EBITDA & EBITDA Margin (¹) ($ in millions) 22% CAGR ($ in millions) r ! Professional Information Services | I now represents 35% of revenue L $2,153 $2,004 $1,702 $1,500 $1,549 $1,590 760 579 13% CAGR 479 410 423 451 $1,425 $1,393 $1,090 $1,126 $1,139 $1,223 5% CAGR $208 $184 $170 $280 $450 $390 FY18 FY19 FY20 FY21 FY22 FY23 FY18 FY19 FY20 FY21 FY22 FY23 Consumer ■Professional Information Services EBITDA Margin: 11% 12% 13% 16% 19% 21% We believe Dow Jones is well-positioned to continue delivering healthy growth and margins. Source: Public company filings. (1) EBITDA fully burdened for unallocated corporate costs. Corporate cost allocation calculated on a percentage of total revenue basis. STARBOARD VALUE 12

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