Outlines Significant Growth Opportunities with Strong Momentum in Core Business and Adjacencies

REA Group is targeting "double-digit revenue and EBITDA growth through the cycle,” as it foresees "significant growth opportunities" in its core business and adjacencies (REA defines the property cycle as 3-5 years).¹

REA is Australia's largest digital real estate business and is 61.4% owned by News Corp; the company shared the update at its first Investor Day in Sydney, Australia earlier today.

Highlights from the REA Investor Day included:

• REA target of double-digit revenue and EBITDA growth through the cycle resulting from the core business benefiting from higher yields as a result of value enhanced products and services. Revenue to be driven by continued growth in traditional advertising, next generation marketplaces, scaling adjacent businesses and REA India.

• REA has achieved unrivalled scale in Australia - Realestate.com.au remains Australia’s #1 address for property with 127 million average monthly visits, 3.3x more than the closest competitor, and is Australia’s 6^th largest online brand. This large and engaged audience is critical in driving significant buyer, seller and finance leads.

• REA showcased Premiere+, a new bundle within its core residential business, for customers and the most complete marketing package on offer in Australia.

• REA sees significant growth opportunities across its Property Data and Financial Services businesses. With unique propositions in large addressable markets, the company is targeting PropTrack and Mortgage Choice to become Australia’s #1 property data and branded franchise mortgage businesses respectively.

• REA highlighted its focus on developing transformative products and sees a large opportunity for property research site, property.com.au to stimulate new listings and mortgages by driving confidence in property owners to sell.

• REA sees India as a significant growth opportunity backed by strong macro drivers and rapid digitization. Strong momentum within REA India has seen the business achieve and sustain the #1 audience position for the past six months and REA has a clear strategy to extend leadership and expand its offering.

“REA’s investor day has shone a bright light on the company’s thriving outlook and the benefits of being the undisputed market leader in Australia, including the peerless value that the company brings to consumers and to agents,” said News Corp Chief Executive Robert Thomson. “We are also delighted by the increased collaboration between realtor.com and REA, which share learnings and insights, and leverage that intelligence to improve their services and their profitability. We believe the future for both companies is luminously lucrative.”

REA Group Chief Executive Officer Owen Wilson commented: “REA Group’s accelerated transformation and continued investment in both core and adjacent businesses over the last five years has delivered an exciting platform for growth. Our first investor day has been a significant opportunity to share a detailed view of the growth trajectories for each business and the momentum achieved within the broader growth agenda of the Group.”

With its strong presence in the US, Australia, India and Southeast Asia, News Corp is a global leader in digital real estate. Through the third quarter of Fiscal Year 2022, ended March 31, News Corp's Digital Real Estate Services segment, which includes contributions from REA Group and Move, operator of realtor.com^®, generated $1.3 billion in total revenues, up 32% year-over-year, leading to 20% Segment EBITDA growth. In addition, Digital Real Estate Services represented 33% of News Corp's Total Segment EBITDA year-to-date (through March 31), making it the largest segment contributor to the company's profitability.

The full REA Group Investor Day presentation is available here and contains additional information and details regarding the highlights presented in this release, including the statistics and metrics provided above.

Forward-Looking Statements

This release contains forward-looking statements based on current expectations or beliefs, as well as assumptions about future events, and these statements are subject to factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. The words “expect,” “estimate,” “anticipate,” “predict,” “believe,” “potential” and similar expressions and variations thereof are intended to identify forward-looking statements. These statements appear in a number of places in this release and include statements regarding REA Group’s intent, belief, goals, objectives, initiatives, commitments or current expectations with respect to REA Group’s businesses and operations, market conditions, results of operations and financial condition, funding requirements and risk management practices. Readers are cautioned that any forward-looking statements are not guarantees of future performance and involve risks and uncertainties. Many factors could cause actual results to differ materially from those described in these forward-looking statements. The forward-looking statements in this release speak only as of this date and News Corp and REA Group undertake no obligation (and expressly disclaim any obligation) to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

About News Corp

News Corp (Nasdaq: NWS, NWSA; ASX: NWS, NWSLV) is a global, diversified media and information services company focused on creating and distributing authoritative and engaging content and other products and services. The company comprises businesses across a range of media, including: digital real estate services, subscription video services in Australia, news and information services and book publishing. Headquartered in New York, News Corp operates primarily in the United States, Australia, and the United Kingdom, and its content and other products and services are distributed and consumed worldwide. More information is available at: http://www.newscorp.com.

¹ REA Group financial reporting is in Australian dollars and on an International Financial Reporting Standards basis.

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