News Corp Valuation Overview

We Believe Dow Jones Is A Highly Valuable Business We believe Dow Jones should garner a premium valuation, but even at the same multiple as The New York Times Company, Dow Jones would be worth more than $7 billion. ~$475 Million Consensus FY24 EBITDA (¹) 15x NTM EBITDA Dow Jones Valuation $7+ Billion Dow Jones Estimated Value We believe Dow Jones is meaningfully undervalued inside of News Corp's portfolio today. Source: Public company filings, Capital IQ, Wall Street consensus estimates. Market data as of October 13, 2023. (1) EBITDA fully burdened for unallocated corporate costs. Corporate cost allocation calculated on a percentage of total revenue basis. 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 "Dow Jones Valuation" chart are based on several data points. STARBOARD VALUE 15

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