Amendment No. 1 to the Fourth Amended and Restated Rights Agreement, dated as of September 21, 2021, between News Corporation and Computershare Trust Company, N.A., as Rights Agent

Subject to Section 7(e) hereof, at any time after the Distribution Date the registered holder of any Rights Certificate may exercise the Rights evidenced thereby (except as otherwise provided herein, including the restrictions on exercisability set forth in Section 9(c), Section 11(a)(iii) and Section 23(a) hereof), in whole or in part upon surrender of the Rights Certificate, with the form of election to purchase and the certificate on the reverse side thereof duly executed, to the Rights Agent at the office or offices of the Rights Agent designated for such purpose, together with payment of the aggregate Purchase Price with respect to the total number of one one-thousandths of a share of Preferred Stock (or other securities, cash or other assets, as the case may be) as to which such surrendered Rights are then exercisable, and an amount equal to any tax or charge required to be paid by the holder under Section 9(e) hereof, at or prior to the earlier of (i) 11:59 P.M., New York City time, on September 21, 2021, or such earlier or later date as may be established by the Board prior to the expiration of the Rights (such date, as it may be advanced or extended by the Board, the “Final Expiration Date”), or (ii) the time at which the Rights are redeemed or exchanged as provided in Section 23 and Section 24 hereof (the earlier of (i) and (ii) being herein referred to as the “Expiration Date”).”

The Exhibits to the Fourth Amended and Restated Rights Agreement shall be deemed restated to reflect this Amendment, mutatis mutandis.

The term “Agreement” as used in the Fourth Amended and Restated Rights Agreement shall be deemed to refer to the Fourth Amended and Restated Rights Agreement as amended hereby.

This Amendment shall be effective upon execution by the parties hereto and, except as set forth herein, the Fourth Amended and Restated Rights Agreement shall remain in full force and effect and shall be otherwise unaffected hereby. Notwithstanding anything to the contrary contained herein, each of the Company and the Rights Agent hereby acknowledges and agrees that at 11:59 P.M., New York City time, on the Final Expiration Date (as amended hereby), the Fourth Amended and Restated Rights Agreement shall terminate and be of no further force and effect.

This Amendment may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.