Investor Presentaiton

Fox is more dependent on advertising than News Corp "While FOX's portfolio of news, sports, and broadcast assets should insulate it better than peers with greater general entertainment exposure, we are wary of the accelerating pace of linear subscriber losses and weakening advertising backdrop - which may challenge medium-term performance..." Fox Revenue % - JP Morgan (01 November 2022) News Corp Revenue % Even on a standalone basis, Dow Jones is significantly less dependent on advertising than Fox Corp Advertising 42% Other 9% Affiliate Fee 49% Real Estate 13% Publishing 20% Other 7% Advertising 18% Other 2% Circulation & Subscription 43% Advertising 22% News Corp Consolidated Circulation and Subscription 76% Dow Jones Source: Company filings "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) IRENIC PAGE 33

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