News : Foxtel Group Strategy Day September 30, 2021 (Form 8-K)

Foxtel Group Strategy Day September 30, 2021

2 The information (Information) in and accompanying this presentation (Presentation) has been prepared by, or on behalf of NXEA Australia Pty Limited (NXEA) and its subsidiaries (together the Foxtel Group), solely for informational purposes to assist the reader to gain a general understanding of the Foxtel Group and its operations. Information about past performance in this Presentation is for illustrative purposes only and should not be relied on as, and is not, an indication of future performance. The statements (including any statements related to the ongoing impact of the COVID-19 pandemic), estimates, projections, targets, forecasts opinions contained in this Presentation involve elements of subjective judgment and analysis. 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Such factors may include, but are not limited to, increased competition; changes in technology and consumer and customer preferences; changes in expected demand for new and existing streaming and broadcast offerings; the ability to obtain and retain programming rights and other content; the impact of the ongoing COVID-19 pandemic; general global economic conditions; unanticipated business disruptions; pricing actions; changes in relationships with NXEA's significant suppliers and other business partners; changes in advertising demand; regulatory or legal changes, restrictions or actions; and unanticipated expenses. More information regarding these risks and uncertainties and other important factors that could cause actual results to differ materially from those in the forward-looking statements are contained in News Corporation's filings with the Securities and Exchange Commission (the SEC), including the risk factors set forth in News Corporation's Form 10-K, as updated from time to time in subsequent filings with the SEC. As such, reliance should not be placed on any forward looking statement. Nothing contained in this presentation is, or shall be relied upon as, a promise, representation, warranty or guarantee, whether as to the past, present or future. The statements contained in this Presentation are made only as the date of this Presentation unless otherwise stated and remain subject to change without notice. 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Finally, while NXEA believes its own estimates and research are reliable, such estimates and research have not been verified by any independent source. The financial information in this Presentation has been prepared based on U.S. generally accepted accounting principles (US GAAP) rather than International Financing Reporting Standards (IFRS). In addition, certain financial measures in this Presentation such as EBITDA, while derived from US GAAP based measures, are not financial measures recognized under US GAAP. These non-GAAP measures may not be comparable to other similarly titled measures of other companies and should not be considered as substitutes for measures reported in accordance with US GAAP or for the information about NXEA contained in News Corporation's consolidated financial statements and related notes. We provide definitions and reconciliations to US GAAP and IFRS at the end of this presentation. All references to $ are references to Australian dollars unless specifically stated otherwise. Disclaimer

Overview & Strategy Patrick Delany

Stuart Hutton Chief Financial Officer Hilary Perchard Chief Customer, Marketing & Revenue Officer Today's presenters Patrick Delany Chief Executive Officer Les Wigan Chief Technology & Operations Officer Amanda Laing Chief Commercial & Content Officer Julian Ogrin CEO, Kayo Sports, BINGE & Flash 4

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FY20 FY21 Record number of subscribers 2.9M 4.0M +40% 6 Total closing subscribers as at 30 June 2020 and 30 June 2021, which includes 2.8M and 3.9M paid subscribers, respectively, across residential and commercial broadcast and streaming platforms, with the remainder being trialists on streaming platforms.

More than 50% of subscribers are streaming FY16 FY21 Residential 86% Commercial 6% Streaming 8% Residential 41% BINGE 20% Kayo 27% Commercial 6% Foxtel Now 6% 92% Broadcast 53% Streaming 7 Total closing subscribers as at Financial Year End 30 June, includes paid and trialist subscribers.

A Foxtel Group product is in of Australian households with subscription TV 8 Source: FiftyFive5 Research, June 2021. The figure represents the number of Australian households which use any FOXTEL Group product as a proportion of the number of Australian households which use any subscription TV product. Subscription TV includes paid TV and paid video services.

Subscribers streaming more than ever 2016 2021 Purpose-built platforms for streaming Streaming as a % of total viewing minutes 1% Total monthly minutes viewed on a Streaming platform as a percentage of the total monthly minutes viewed across Streaming and Broadcast. Comparison of July 2016 vs July 2021. 23% 9

Our business is IP-led 10

Strong digital advertising growth Financial Year End 30 June. $26.0M $40.1M FY19 FY21 14% Digital ad revenue Digital ad revenue as % of total ad revenue% 9% 11

Local partner of choice for studios and global apps 12

Grow through streaming Strengthen Foxtel Win with world class content and technology Foxtel Group strategy 1 2 3 13

Grow through streaming 14

842k FY19 2,134k FY21 Kayo BINGE Foxtel Now 2.1M+ total streaming subscribers Total closing streaming subscribers as at 30 June 2019 and 30 June 2021, which includes 777K and 2,006K paid subscribers, respectively, with the remainder being trialists. 15

$151M FY19 $360M FY21 Record streaming revenue 16 +138% Financial Year End 30 June. All figures presented in A$ under US GAAP. Total streaming revenue includes subscription and advertising revenue for FOXTEL NOW, BINGE, Kayo and other streaming products, of which 0% and 5% is advertising revenue for FY19 and FY21, respectively.

0.0 1.0 2.0 3.0 4.0 5.0 2019A 2020A 2021F 2022F 2023F 2024F 2025F SVOD Pay TV SVOD driving growth in total Pay TV Sector size Australian Pay TV Sector Size ($bn) (A$bn) Pay TVSVOD 17 Source: PwC The Australian Entertainment and Media Network 2021 - 2025 (July 2021). Pay TV sector relates to paid subscription 'premium box', which covers satellite and traditional cable services and not SVOD or Free-to-Air television.

7.7 9.1 FY21 (Today) FY25 SVOD growth from more subscribing households ... SVOD Subscribing Households (millions) 77% 85% Household Penetration +18% 18 Source: 2Q-2021 Ampere Analysis

2.7 3.6 FY21 (Today) FY25 … and more subscriptions per household SVOD Subscriptions per Household 21 33 Total SVOD Subscriptions (m) US FY21 benchmark +33% 19 Source: 2Q-2021 Ampere Analysis

Foxtel Group is strongly positioned to capture the benefits of streaming 20 Australia's transition to streaming is now a positive for the Foxtel Group Growing sector with the ability for greater penetration Breadth of choice and opportunity for multiple subscriptions per household Variety of flexible price points to suit subscriber needs Clear demand for a local champion to aggregate Lower subscriber acquisition costs and a reduced cost to serve

Q3 Q4 Q4Q3Q1 Q2Q1Q2 FY20 vs. FY19 FY21 vs. FY20 Residential Broadcast Kayo & BINGE Subscription revenue YoY change ($) New streaming products providing scalable revenue 21 Financial Year End 30 June.

Strengthen Foxtel 22

Residential Broadcast ARPU has risen for 4 consecutive quarters 23 Q4 FY20 $81.2 Q1 FY21 Q2 FY21 Q3 FY21 Q4 FY21 $78.1 $78.8 $79.7 $80.2 Financial Year End 30 June.

8+ years 58% <3 years 13% 3-8 years 29% Residential Broadcast subscriber ARPU $50 - 99 ARPU 50% $99+ ARPU 39% <$50 ARPU 11% Total closing Residential Broadcast subscribers as at June 2021. Stabilising revenue with premium, long-tenured customer base 24 Residential Broadcast subscriber tenure

Win with world class content & technology 25

Major studios Partner channels Free to air channels Local & global apps Premium aggregator of diverse entertainment 26

Leading Australian and international sports live and on demand 27

We are a technology-led streaming company 28 IP-led Foxtel set top Streaming services Advertising technology CRM & marketing tech

With a scalable core for growth 29

Revenue growth Opportunity for margin expansion Capex to RevenueSubscribers Three-year ambitions 30

Strategy to achieve our ambitions 31 1 2 3 Grow through streaming • Launch additional streaming products • Introduce new digital advertising products Win with world class content and technology Strengthen Foxtel • Offer existing customers more value • Further reduce cost to sell and serve • Continue to transform costs, streamlining across platform • Grow revenue through content aggregation

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Strategy for growth 33

Grow through Streaming Julian Ogrin

Purpose-built for live sport streaming 50+ sports live and on-demand ~1.1M total subscribers As at 30 June 2021. Total closing Kayo subscribers as at 30 June 2021 includes 1,054K paid subscribers, with the remaining 25K being trialists. 35

36 50+ sports

Kayo product 37

Source: Internal Metrics for the 13-month period ending September 2021. 38 of total Kayo viewership is on a TV-sized screen 68%

Kayo product 39

BASIC PAY-PER-VIEWPREMIUM Kayo product suite 40 2 streams, HD 3 streams, HD Pay-per-view (boxing, UFC, WWE) Monetised through ads

Kayo sales strategy and channel partners 41 Promotional partners Brand awareness & acquisition Product & sport targeted Low cost per acquisition, direct marketing

Kayo is growing and engaging sports fans 42 Winter codes and Telstra Live Pass Sport returned during COVID COVID hit Dec-18 Jun-19 Dec-19 Jun-20 Dec-20 Jun-21 1.1M Total subscribers Total closing Kayo subscribers as at 30 June 2021, which includes 1,054K paid subscribers, with the remaining 25K being trialists.

Strong Kayo subscription revenue growth 43 FY19 FY20 FY21 +87% YoY Financial Year End 30 June. Includes Kayo subscription revenue only.

of Kayo subscribers watch 3 or more sports 23% watch more than 8 62% Number of sports watched over the last 12 months by all subscribers active, as at 30 June 2021. 44

Kayo marketing 45

As at 30 June 2021. Total closing BINGE subscribers as at 30 June 2021 includes 733K paid subscribers, with the remainder being trialists. 10,000+ hours of content ~830K total subscribers 46

BINGE product 47

STANDARDBASIC PREMIUM BINGE product suite 48 2 streams, HD 4 streams, HD1 stream, SD

BINGE sales strategy and channel partners Other promo partners Content focused Mix of tentpole and performance marketing 49

BINGE has grown rapidly in its first year Total subscribers Jun-20 Dec-20 Jun-21 ~ Total closing BINGE subscribers as at 30 June 2021, which includes 733K paid subscribers, with the remainder being trialists. 50

BINGE subscription revenue growth since launch 4x Q1 FY21 Q2 FY21 Q3 FY21 Q4 FY21 51 Financial Year End 30 June 2021. Includes BINGE subscription revenue only.

BINGE subscribers come for new releases, but stay for the binge-worthy bests Vigil Zack Snyder's Justice League Mr. Inbetween New releases driving acquisition Mare of Easttown Friends: The Reunion The Undoing A Discovery of Witches The Act Superstore Game of Thrones NCIS Deep library driving retention The Walking Dead Keeping Up With the Kardashians Sex and the City Below Deck Modern Family Real Housewives 90 Day Fiancé 52

of BINGE subscribers watch 3 or more series in a month watch more than 8 in a month Number of unique series viewed over the last 30 days of active subscribers as at 30 June 2021. 53

Breadth of partners Global and local news sources, offering diversity of opinion and perspective First of its kind Dedicated live news streaming service offering live and on demand A clear opportunity Ability to serve segments across news consumers The biggest news brands on a leading streaming platform 54

Deep dive into the stories that matter to you Follow unfolding events from multiple perspectives with multi-screen viewing. Jump to the big moments in news Curate content and notifications based on channel, category or topic Flash product 55 SplitView FlashPoint FlashNav Personalisation

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World Class Technology Les Wigan 57

A tech stack with 21st century streaming, ad tech, and customer lifecycle capability Scalability Reliability Customer- centric 58

Investing in major technology projects streaming tech stacks and operations Provide best in class Kayo and BINGE experience on Foxtel products and modernise broadcast infrastructure Increase resilience and reduce costs with latest cloud-based technology Foxtel customer management and marketing systems Improve customer experience, engagement and retention, and reduce cost to serve audience and targeted advertising capability Leverage 4M and growing subscriber base to generate new and diverse advertising revenue 59

Technology at the Foxtel Group 60 Highly scalable, reliable, and customer-centric streaming tech stack 1 Modernising existing platforms and systems that support core Foxtel products2 Proven track record in delivery3

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Strengthen Foxtel Hilary Perchard 62

Residential Broadcast subscribers Total closing Residential Broadcast subscribers as at 30 June 2021 63 1.6M+ Net revenue and customer lifetime value Differentiated, premium, aggregated experience

Differentiated, premium, aggregated experience Net revenue and customer lifetime value 64

Revolutionary new iQ5 set top enables a streaming-led future Fully self-install • Plug and play, instant viewing • IP enabled, no cable or satellite hardware required • Opens Foxtel experience up to new customers Streaming enabled • Leverages our investment in streaming • All your apps in one ecosystem Sales and service efficiency • Simplified back-end billing • Lower cost to sell and serve, no truck roll 65

Enabling a better customer experience 66 Enhanced viewing experience with even more features - voice remote, record, personalization, enhanced search, UHD, the best service Premium features and service Live and on demand, from Foxtel and global apps - providing the best of linear and VOD Content our subscribers love

Differentiated, premium, aggregated experience Net revenue and customer lifetime value 67

Maintaining strong retention rates with premium subscribers 68 39% of base 11% of base 50% of base Residential Broadcast churn rate by subscriber ARPU 0% 10% 20% 30% 40% 50% 60% 70% Jul-20 Aug-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 <$50 $50 to $99 $99+

Broadcast business has focused on high lifetime value subscribers 69 Residential Broadcast subscriber ARPU 11% <$50 ARPU 39% $99+ ARPU 50% $50-99 ARPU 13% <3 years 58% 8+ years 29% 3-8 years Residential Broadcast subscriber tenure Total closing Residential Broadcast subscribers as at June 2021.

Maximising value of the subscriber base has stabilised Residential Broadcast revenue declines 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 0 50 100 150 200 250 300 350 400 450 500 550 Q4 FY20Q3 FY 20Q2 FY20 Q1 FY21Q1 FY20 Q2 FY21 Q4 FY21Q3 FY21 Residential Broadcast revenueResidential Broadcast ARPU 70 Financial Year End 30 June.

Commercial business is strong, stable and diverse Small BusinessLicensed Venues Accommodation Mining Health & Corporate Q1 Q2 Q3 Q4 FY20 FY21 FY20 FY21 FY20 FY21 FY20 FY21 FY20 FY21 COVID impact COVID impact COVID impact Commercial revenue by sector 71 Financial Year End 30 June.

World Class Content Amanda Laing 72

25 years 73 of delivering premium content to Australians, all in one place

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Securing deals with long-term partners with us from the start 75

Group-wide content strategy Foxtel Originals Channel partners 76 TV and movie studio deals Local and global apps Australian and international sport

NewReturning A diverse and exciting pipeline of new and returning titles 77 Peacemaker LOVE, ME

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20212000 2005 2010 2015 C u m u la tiv e y e ar s o f p ar tn e rs h ip 26 23 20 19 18 16 12 4 6 5 79 The trusted long-term partner for sports

A full slate of sports coverage year round JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 80 NRL CRICKET AFL MOTORSPORTS BASKETBALL SURFING FA CUP WNBA NFL NFL NBA NBA NCAA COLLEGE BASKETBALLNCAA COLLEGE BASKETBALL NBL UFC BOXING WWE BEIN SPORTS - TENNIS BEIN SPORTS - RUGBY RUGBY BEIN SPORTS - FOOTBALL NHL GOLF MLB US OPEN SKY RACING

Financial Overview Stuart Hutton 81

Strong financial performance c.$2.8bn Revenue c.$460m EBITDA #1 Australian Media Company by Revenue(1) Financial Year End 30 June 2021. All figures presented in A$ under US GAAP. (1) Ranked by total LTM revenue to 30 June 2021. 82

Revenue stabilised and repositioned for growth FY20 FY21 Financial Year End 30 June. All figures presented in A$ under US GAAP. (1) Advertising revenue of $261 million in FY20 comprised of c. 98% Broadcast and 2% Streaming and $281 million in FY21 comprised c. 94% Broadcast and c. 6% Streaming. Broadcast revenue includes residential and commercial subscribers. Please refer to page 93 for further details on composition of FOXTEL revenue. Revenue ($m)(1) 2,801 2,767 91% Broadcast 1% Other8% Streaming 86% 1% Other 13% Streaming Broadcast 83

-10% • Right-sized functional areas and consolidated capabilities • Renegotiated rights and focused on premium sports and entertainment rights • Lighter operational costs, right-sized for streaming era • Streamlining and digitizing process flows - some savings reinvested in new streaming products • Ongoing efficiency and investment in technology and operating model to deliver a stabilised cost base Financial Year End 30 June. All figures presented in A$ under US GAAP. Total Expenses ($m) 2,552 2,305 FY19 FY21 84 Transforming the cost base

Delivery of consistent EBITDA positioned for growth FY20 FY21 85 EBITDA ($m) 17% 475 462 17% Financial Year End 30 June. All figures presented in A$ under US GAAP. (1) News Corporation Subscription Video Services (SVS) Segment EBITDA margin for the fiscal years ended 30 June 2020 and 2021 were 17% and 17%, respectively. EBITDA Margin and SVS Segment EBITDA Margin are calculated by dividing EBITDA and SVS Segment EBITDA, respectively, by revenue for the applicable fiscal year. Refer to Slide 94 for a reconciliation of Foxtel EBITDA to News Corporation SVS Segment EBITDA calculated in accordance with US GAAP. EBITDA margin(1)

Financial Year End 30 June 2021. Capex cost to install a new subscriber includes total box and installation expenses. Traditional Satellite iQ5 Streaming Capex cost to install a new subscriber, by platform $630 - 650 $320 - 340 c. $0 86 As the business transforms to new technology, the cost to install a subscriber falls

Transition to a capital light model from digital strategy 87 Capital Expenditure as a Percentage of Revenue (%) 14% 10% 7% 2% 2% 1% FY19 FY20 FY21 Total Capex % of Revenue Maintenance Capex % of Revenue • Transition from traditional to digital technology lowering overall asset intensity • Switch to iQ5 has materially reduced subscriber acquisition costs, with investment to continue as rollout progresses • New streaming subscribers acquired with no additional capital investment as technology already in the home (1) Financial Year End 30 June. All figures presented in A$ under US GAAP. (1) Maintenance capex includes product, capability and platform capex and excludes installation costs

Highly cash generative 88 Financial Year End 30 June. All figures presented in A$ under US GAAP Note: Numbers may not sum due to rounding (1) Refer to Slide 94 for a reconciliation of Foxtel EBITDA to News Corporation SVS Segment EBITDA calculated in accordance with US GAAP EBITDA less Capex ($m) EBITDA ($m)(1): CAPEX ($m): 519 (423) 475 (292) 462 (188) 96 184 274 FY19 FY20 FY21

Summary & Takeaways Patrick Delany 89

Foxtel Group is repositioned for growth Premium capital lite IP-led company with over 4 million subscribers Multiple and growing revenue streams with strategic pricing flexibility Diverse and innovative streaming products growing rapidly Strengthened Foxtel business with loyal, high value subscribers Competitive position with premium sport and entertainment content combined with long term partner relationships Transformed digital operations with sustained efficiencies High cash generation supports investment in growth and returns 90

Q & A 91

Appendix 92

Foxtel Group Revenue 93 June Year End (A$m) FY20 FY21 Broadcast(1) 2,287 2,110 Streaming(2) 216 343 Subscription 2,504 2,453 Broadcast(1) 256 265 Streaming(2) 4 17 Advertising 261 281 Other 37 32 Total Revenue 2,801 2,767 Note: Numbers may not sum due to rounding. All figures presented in A$ under US GAAP. (1) Broadcast includes Residential and Commercial (2) Streaming includes Kayo, FOXTEL NOW and BINGE and other streaming products

EBITDA Reconciliation: US GAAP to IFRS Note: Numbers may not sum due to rounding. Translation from USD to AUD based on sum of quarterly financial information at respective quarterly exchange rates as reported in News Corp's FY21 earnings release filed on Form 8-K (the FY21 Release. (1) As reported in News Corp's Form 10-K filed with the SEC. Segment EBITDA is calculated on a US GAAP basis as revenues less operating expenses and selling, general and administrative expenses and does not include restructuring charges and certain other items as described in the FY21 Release (2) A non-GAAP measure derived from News Corporation Subscription Video Services Segment EBITDA, a measure calculated in accordance with US GAAP (3) IFRS and US GAAP have different classifications for certain transponder and property leases. Under US GAAP these are recognised as operating leases, with expense recognized within EBITDA. ASU 2016-02 was adopted in Fiscal 2020 (4) Consists primarily of differences in accounting for hedges between US GAAP and IFRS and gain/loss on disposal of assets (5) Foxtel IFRS EBITDA is calculated on an IFRS basis as profit before depreciation, amortisation, net finance costs and income tax, as reported in the Foxtel Group's statutory accounts, excluding equity earnings of affiliates. Foxtel IFRS EBITDA includes restructuring charges and reflects the other accounting differences described in notes (3) and (4), which are not included in the calculation of News Corporation Subscription Video Services Segment EBITDA June Year End FY19 FY20 FY21 News Corp Subscription Video Services US GAAP EBITDA(1) (US$m) 380.0 323.0 359.0 (Less: Impact of other businesses) (US$m) (9.9) (6.8) (15.0) (Less: Intercompany segment eliminations and other) (US$m) 1.6 1.8 - FOXTEL US GAAP EBITDA(2) (US$m) 371.7 318.0 344.0 FOXTEL US GAAP EBITDA (A$m) 518.9 475.3 462.0 Lease Adjustment(3) (A$m) - 96.5 51.9 FOXTEL IFRS EBITDA before restructuring and other costs (A$m) 518.9 571.8 513.9 Restructuring costs (A$m) (9.6) (19.3) (10.1) Other(4) (A$m) (6.6) 1.3 3.0 FOXTEL IFRS EBITDA (A$m) 502.7 553.8 506.8 94