Investor Presentaiton

Dow Jones - Supplemental Valuation Analysis ($ IN MILLIONS) $13,000 $12,250 $11,500 $10,750 $11,744 $11,427 $10,686 $10,000 $9,734 $10,058 $9,250 $8,500 $8,676 $7,750 $7,000 Trading Comparables NTM EBITDA of $529 and multiples between 16.4x - 18.4x Transaction Comparables NTM EBITDA of $529 and multiples between 20.2x-22.2x Note: Analysis prepared by 3rd-party investment bank Trading comps at 1.0x range from 60%/40% wtd. Average of NYT/TRI NTM of 17.4x. DCF exit multiple sensitized 0.5x on transaction comp average IRENIC Discounted Cash Flow Discounted at 7.8% 9.8% with a Terminal Multiple of 20.7x-21.7x PAGE 43

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