Investor Presentaiton

Irenic Valuation Assumption Notes - Appendix REA Group: 1. 2. REA Group mark-to-market valuation as of 11 November 2022 closing price of A$121.69 converted into U.S dollars at $0.6741 per Australian dollar News Corp holds 81,141,397 shares of REA Group per REA Group's Shareholder Information Disclosures Dow Jones: 1. 2. 3. 4. 5. NTM EBITDA multiple of 17.4x represents the blended multiple of 60% of The New York Times (16.2x NTM EBITDA) and 40% Thomson Reuters (19.4x NTM EBITDA) Note that Thomson Reuters Enterprise Value is adjusted for its $6.2bn equity method interest in Refinitiv per company filings Mix shift towards Professional Information business likely supports even higher multiple given earnings mix will be increasingly weighted towards higher margin business (e.g., OPIS & Base Chemicals) DCF analysis prepared by 3rd party investment bank supports a higher multiple (DCF valuation range supports 19.0x-21.6x NTM) relative to the 17.4x NTM used in our analysis Transaction comparables with an average of 19.7x support a higher multiple relative to the 17.4x NTM used in our analysis HarperCollins/Book Publishing: 1. NTM EBITDA multiple of 11.0x, a 3.6x discount to the agreed upon price for Penguin Random House's (owned by Bertelsmann) $2.175bn acquisition of Simon & Schuster from Paramount Further supported by transaction comparable multiple average of 11.1x EBITDA, would likely command a premium to transaction comparables as the #2 player in a consolidated industry 2. News Media: 1. 2. 3. 4. NTM EBITDA multiple of 5.8x in-line with newspaper peer average of Gannett (5.0x) and Lee Enterprises (6.4x) Increasing digital mix, growth in paid-subscribers, shift away from pure advertising model, and the addition of high-margin licensing revenue from Apple, Google, Facebook, etc. likely warrants premium multiple to its peers. Peer average used for the sake of conservatism. If the business exhibits durability of high-margin licensing revenue from large tech platforms and paid digital subscribers, it should support a higher multiple over time DCF analysis prepared by 3rd party investment bank supports a higher multiple (DCF valuation range supports 9.2x-11.1x NTM) relative to the 5.8x NTM used in our analysis Consensus 2023E EBITDA is depressed due to investments related to the launch of Talk TV ($20mm incurred in Q1'23 with additional investments announced) FOXTEL/Subscription Video Services: 1. 2. 3. 4. NTM EBITDA multiple of 4.5x in-line with Australian pay-tv peer average of Nine Entertainment (5.9x) and Seven West Media (3.1x) The transition to a profitable streaming business with lower capital intensity likely merits a higher multiple than legacy-Pay TV centric businesses but valued at the mid-point of its local peers for the sake of conservatism News Corp extended a A$700mm intercompany loan to FOXTEL which is an asset to News Corp worth $472mm (U.S. dollars for sake of clarity) In November 2020, FOXTEL reportedly received an offer from a SPAC led by Leo Hindery (former Chairman and CEO of The YES Network) at a $2bn valuation; which would imply 6.2x on FYE June 2020 EBITDA of $323mmm Move, Inc.: 1. 2. NTM multiple of 2.9x NTM revenue is a 30% discount to Zillow Group's 4.1x NTM revenue multiple as of 16 November 2022 Bloomberg does not provide consensus level estimates for Move, Inc. The $619mm estimate is applying a comparable reduction to FY2022 sales relative to consensus estimates for Zillow Group (-13% versus LTM period; Zillow IMT+Mortgages LTM revenue of $2,057mm compared to Bloomberg consensus NTM estimates of $1,789mm) Overhead, Corporate Adjustments and other general notes: 1. 2345 Net debt reflects $2.0bn of debt attributable to News Corp less $1.4bn of cash (excluding $110mm of cash held by REA Group). News Corp does not disclose cash held at other partially owned consolidated subsidiaries (e.g. FOXTEL and Move, Inc.) Includes balance sheet assets of $298mm including $208mm of equity securities (primarily comprised of Tremor, certain investments in China and HT&E limited) Assumed corporate expense of $190mm in-line with Fiscal Year 2022. Reported $221mm adjusted by $11mm for U.K. Newspaper Matters costs and $20mm of legal costs related to Insignia settlement NTM estimates are per segment level consensus provided by Bloomberg unless otherwise noted Share count of 575.6mm shares per 09 November 2022 10Q ("as of November 4, 2022, 382,351,488 shares of Class A Common Stock and 193,276,309 shares of Class B Common Stock were outstanding") IRENIC PAGE 50

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