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Investor Presentaiton

News Corp Select Trading Comps Digital Real Estate 26.9x 26.4x 22.4x 21.3x EV/ Mean EBITDA (x) NTM: 18.4x 2023E: 18.7x 17.0x 16.9x 16.4x 15.0x 15.8x 15.0x 14.8x 14.1x Price / Earnings (x) 38.9x 36.6x 34.3x 33.5x 32.9x 31.8x Mean NTM: 29.5x 2023E: 30.2x 7.2% Free Cash Flow Yield (%) Mean NTM: 4.2% 2023E: 3.6% 28.8x 26.6x 25.7x 4.6% 25.1x 22.1x 4.5% 4.6% 22.0x 4.2% 4.1% 3.3% 3.1% 3.1% 2.6% 2.8% 2.6% hemnet REA Group rightmove 2 Zillow Domain Group Scout24 REA Group Ohemnet 2 Zillow Domain Group Scout24 rightmove 2 Zillow rightmove Scout24 Domain Group Ohemnet REA Group Business and Information Services EV / EBITDA (x) Mean NTM: 19.7x Price / Earnings (x) Mean NTM: 29.5x 2023E: 29.2x 2023E: 19.6x 36.0x 25.0x 24.3x 23.7x 23.4x 19.6x 19.4x 19.4x 19.1x 16.2x 16.1x 15.1x 14.9x 35.0x 31.5x 31.1x 31.1x 30.8x 29.9x 29.2x 27.9x 27.4x 21.1x 20.9x 4.9% 4.6% 4.3% 4.2% Free Cash Flow Yield (%) Mean NTM: 3.6% 2023E: 3.7% 3.7% 3.6% 3.6% 3.5% 3.1% 3.2% The The The FACTSET MOODY'S S&P Global THOMSON REUTERS New York Times & RELX MOODY'S THOMSON REUTERS New York Times FACTSET S&P Global & RELX New York Times & RELX THOMSON REUTERS NTM 2023E NTM 2023E Source: FactSet Research Systems, S&P Capital IQ, Bloomberg and Company Press Releases IRENIC Note: Analysis prepared by 3rd-party investment bank 2.5% 2.5% S&P Global FACTSET MOODY'S NTM 2023E PAGE 49
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