Investor Presentaiton

IRENIC 0.0% (1.0%) (2.0%) (3.0%) (4.0%) (5.0%) (6.0%) (7.0%) (8.0%) (1.0%) Fox business is deeply interwoven with the declining cable bundle Despite strong execution, Fox is subject to the inexorable decline in the pay television ecosystem "But of course, we recognize that the trends in the paid subscriber universe has an impact on our business. As you know, we are dependent on our traditional and digital distribution partners and their business plans for our inclusion in their pay television retail offerings. And while I'm not going to predict where a normalized pay TV subscriber base ends up in the near to medium-term, I know that this ecosystem will still be the largest component of our revenues for some time." - Lachlan Murdoch, Fox Corporation CEO, Fox Q2 FY2020 Earnings Call (05 2020 February) Fox Subscribers are Declining Industry Pay-TV Cord Cutting Continues Apace Q4 2019 (JUN) Q1 2020 (SEP) (4.1%) Q2 2020 (DEC) (6.0%) Q3 2020 (MAR) (5.2%) Q4 2020 (JUN) (6.5%) Q1 2021 (SEP) (6.0%) Q2 2021 (DEC) Q3 2021 (MAR) (5.2%) (4.5%) Q4 2021 (JUN) (4.4%) Q1 2022 (SEP) (4.5%) Q2 2022 (DEC) (4.8%) Q3 2022 (MAR) Q4 2022 (JUN) (4.8%) (5.8%) Q1 2023 (SEP) (7.0%) (2.0%) (4.0%) (6.0%) (8.0%) (10.0%) (12.0%) Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 0.0% -0.2% -0.2% -0.2% -0.2% -0.1% -0.1% -0.2% -0.2% -0.5% Source: Fox Corporation earnings calls Source: Moffett Nathanson Research "In our opinion, the 200bp increase in the pace of cord cutting seen over the last year is likely to accelerate next year due to cable companies trying to optimize their businesses for price in the absence of unit growth, which may end up driving more price increases in video. Fox is also among the most exposed to legacy TV advertising (~40% of revenues) across legacy media peers and while the impact of macro should be offset to some extent by its news and sports exposure (2/3rd of ad revenue), Fox is unlikely to be immune to these pressures." - Barclays (01 November 2022) Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 -0.8% -1.2% -1.3% -1.4% -1.5% -1.7% Q4 2016 -2.1% Q1 2017 -2.8% Q2 2017 -3.0% Q3 2017 -3.3% Q4 2017 -3.4% Q1 2018 -3.4% Q2 2018 -3.4% Q3 2018 -3.7% Q4 2018 -4.2% Q1 2019 -4.9% Q2 2019 -5.7% Q3 2019 -6.5% Q4 2019 -7.2% Q1 2020 -7.9% Q2 2020 -8.4% Q3 2020 -8.5% Q4 2020 -8.7% Q1 2021 -9.0% Q2 2021 -8.8% Q3 2021 -8.8% Q4 2021 -8.9% Q1 2022 -9.0% Q2 2022 -9.7% PAGE 32

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