Investor Presentaiton

News Corp is worth substantially more than its trading price - management commentary Management has consistently highlighted News Corp's significant undervaluation "We still see a significant discount in the sum-of-the-parts, and we still believe that the assets across our portfolio are undervalued, not withstanding all the work we've done..." - Susan Panuccio, Deutsche Bank Media, Internet & Telecom Conference (03 March 2022) "...And equally we are firmly of the view that the full value of that digital property assets and their potential is not yet entirely recognized in our share price." - Robert Thomson, Q3 FY2021 Earnings Call (06 May 2021) "Now more than ever, we believe it is evident that News Corp has value above and beyond the sum of our parts. So that mathematical fact is yet to be fully realized for our investors...We plan to continue simplifying the business and are open to making structural changes to maximize value and will continue to address the cost base." - Robert Thomson, Q1 FY2021 Earnings Call (05 November 2020) "And we obviously believe the full value of our Digital Real Estate properties is not reflected in our share price... But, at heart, we are very conscious of that value gap because there's so much value in the company that's not at this stage reflected in the share price." – Robert Thomson, Goldman Sachs Communacopia Conference (17 September 2020) "These ongoing simplification efforts shine a brighter light on the intrinsic and increasing value of our core assets, which have been patently unappreciated and under-appreciated for too long." – Robert Thomson, Q2 FY 2020 Earnings Call (06 February 2020) "..simplification is indeed an ongoing process and it doesn't stop at News America Marketing and Unruly. We're very cognizant that the company trades at a discount to [a] sum of the parts and we are seeking to rectify that situation and maximize value for all shareholders. So it's fair to say that the institutional introspection will continue apace." – Robert Thomson, Q1 FY 2020 Earnings Call (07 November 2019) IRENIC PAGE 28

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