Investor Presentaiton

Executive Summary News Corp is a Highly Desirable Collection of Assets - Special Committee Can Unlock Enormous Value I. News Corp owns high quality businesses • REA & Dow Jones are exceptional franchises: • REA is the leading real estate listings business in Australia and is growing throughout India and Southeast Asia II. III. IV. V. • • Dow Jones owns the preeminent financial news brand in the world - The Wall Street Journal - and its professional services businesses (Risk & Compliance, OPIS, Base Chemicals) are underappreciated gems The rest of the businesses - HarperCollins, News Media, Move and FOXTEL - are growing and well-positioned • • HarperCollins is a consistent cash-flow generator with improving margins as it benefits from the digital transition News Media is fundamentally transformed by "digital retrans" - e.g., Australia's News Media Bargaining Code (passed in 2021) Why Irenic believes News Corp is worth $34/share • • REA stake alone is worth $12 per share Dow Jones is a better, larger business than The New York Times - worth an additional $16 per share News Corp management and investment research analysts have consistently highlighted News Corp's substantial undervaluation A News Corp-Fox Corporation recombination has limited strategic merit • • • News Corp and Fox Corporation ("Fox") already suffer from substantial complexity discounts Synergies with Fox are extremely limited. No meaningful synergies between Digital Real Estate and Fox REA's strategic priorities have little overlap with Fox's U.S.-centric cable and broadcast television assets Alternative paths to maximizing value for News Corp shareholders • • • Irenic believes a tax-free separation (not sale) of Digital Real Estate is likely the best approach An independent Dow Jones would unlock significant value as a standalone financial news and information business Existing governance structures can be preserved at any SpinCos Irenic focused on "win-win-win" alternatives for News Corp shareholders, Fox shareholders and the Murdoch Family Trust . • Multiple paths to create substantial value for News Corp shareholders while achieving Murdoch Family Trust goals Irenic invested in News Corp because it believes in the significant long-term value of News Corp's underlying assets IRENIC PAGE/ 5

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