4 May 2021

ASX Markets Announcements Office ASX Limited 20 Bridge Street NSW 2000

PRESENTATION TO MACQUARIE CONFERENCE

4 May 2021: Attached is a copy of Nine’s presentation to the Macquarie Australia Conference 2021.

Authorised for lodgment by Mike Sneesby, Chief Executive Officer.

Further information: Nola Hodgson Victoria Buchan Head of Investor Relations Director of Communications +61 2 9965 2306 +61 2 9965 2296 [email protected] [email protected]

nineforbrands.com.au Nine Sydney - 1 Denison Street, North Sydney, NSW, 2060 ABN 60 122 203 892

MIKE SNEESBY | CHIEF EXECUTIVE OFFICER Important Notice and Disclaimer as a result of reliance on this document. as a general guide only, and should not be relied on This document is a presentation of general as an indication or guarantee of future performance. background information about the activities of Nine Forward Looking Statements Forward looking statements involve known and unknown risks, uncertainty and other factors which Entertainment Co. Holdings Limited (“NEC”) current This document contains certain forward looking can cause NEC’s actual results to differ materially at the date of the presentation, (4 May 2021). The statements and comments about future events, from the plans, objectives, expectations, estimates information contained in this presentation is of including NEC’s expectations about the performance and intentions expressed in such forward looking general background and does not purport to be of its businesses. Forward looking statements can statements and many of these factors are outside complete. It is not intended to be relied upon as generally be identified by the use of forward looking the control of NEC. As such, undue reliance should advice to investors or potential investors and does words such as, ‘expect’, ‘anticipate’, ‘likely’, ‘intend’, not be placed on any forward looking statement. not take into account the investment objectives, ‘should’, ‘could’, ‘may’, ‘predict’, ‘plan’, ‘propose’, Past performance is not necessarily a guide to future financial situation or needs of any particular investor. ‘will’, ‘believe’, ‘forecast’, ‘estimate’, ‘target’ and performance and no representation or warranty is These should be considered, with or without other similar expressions within the meaning of made by any person as to the likelihood of professional advice, when deciding if an investment securities laws of applicable jurisdictions. Indications achievement or reasonableness of any forward is appropriate. of, and guidance on, future earnings or financial looking statements, forecast financial information or NEC, its related bodies corporate and any of their position or performance are also forward looking other forecast. Nothing contained in this presentation respective officers, directors and employees (“NEC statements. nor any information made available to you is, or shall Parties”), do not warrant the accuracy or reliability of Forward looking statements involve inherent risks and be relied upon as, a promise, representation, this information, and disclaim any responsibility and uncertainties, both general and specific, and there is warranty or guarantee as to the past, present or the liability flowing from the use of this information by any a risk that such predictions, forecasts, projections and future performance of NEC. party. To the maximum extent permitted by law, the other forward looking statements will not be NEC Parties do not accept any liability to any person, achieved. Forward looking statements are provided organisation or entity for any loss or damage suffered

2 CREATE DISTRIBUTE ENGAGE

GROWTH THROUGH DIGITAL

Nine has a portfolio of media assets that together are expected to grow consistently through the cycle, and provide enhanced returns to shareholders

3 NINE – AUSTRALIA’S MEDIA COMPANY

CREATE THE CONTENT PLATFORMS COMPETITIVE ADVANTAGE TO DISTRIBUTE AND ENGAGE THROUGH

NEWS BROADCAST PUBLISHING VOD MARKETPLACES SPORT Scale – Ability to leverage multiple ENTERTAINMENT & Efficient delivery Migration to digital Audience growth Leveraging Nine’s platforms for content and sales DRAMA and promotional and monetisation reach to grow yield capacity and geographic share Data – Far ahead of all traditional Content decisions based on competitors driving incremental whole of business optionality and margins margins

Increasingly variablised content Technology – investments largely commitments completed for future operating models With a focus on long term profitability and platform growth

Focus on growing value for shareholders

4 NINE IS AUSTRALIA’S LEADING TELEVISION BUSINESS

FREE TO AIR TELEVISION BROADCAST VIDEO ON DEMAND

• Content – entertainment, sports, • Extends reach of content beyond news & scripted linear • Audience – volume • Targeted audience proposition for • Advertisers – brand-focused advertisers • Promotional • Operates in broader digital video market

NINE EXPECTS MAINTAINABLE REVENUE GROWTH IN TV COMBINED

SUBSCRIPTION VIDEO ON DEMAND

• Premium ad free content – scripted/drama and sports • Subscription model + • Higher yield

5 STRONG AUDIENCE PERFORMANCE ACROSS ALL PLATFORMS DRIVEN BY NINE’S PREMIUM CONTENT

6 NINE HAS LEAD AUDIENCE SHARES IN BROADCAST

NO.1 FREE TO AIR NETWORK – YEAR TO DATE, BY WEEK 25-54s, PRIME TIME, MAIN CHANNEL

55.0% 50.0% 45.0% 40.0% 35.0% 30.0% 25.0% 20.0% 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18

2019 2020 2021

NO.1 NETWORK – YEAR TO DATE

14.5% 14.0%

12.7%

2019 2020 2021

Source: GfK Radio Ratings, SMBP Survey 1-8 2019, Survey 1-2 & 6-8 2020, Survey 1-2 2021, Mon-Sun 5.30am-12MN, Market Share %, AP10+, – 2GB, 2UE, 3AW, Magic1278, 4BC, 4BH, 6PR. 7 Historical Data includes Macquarie AUDIENCES ARE ALSO STRONG ACROSS NINE’S DIGITAL BUSINESSES

1 19% GROWTH IN STREAMS 73% GROWTH IN APP LAUNCHES1 1 35% GROWTH IN TOTAL 25% GROWTH IN MINUTES STREAMED 2 1 OzTAM DATA, 12 MTHS TO APRIL ON PCP VIEWING OF FIRST RUN SHOWS 40% GROWTH IN LISTING VIEWS DATA, Q3, 3 MTHS TO MARCH ON PCP 1 NIELSEN DIGITAL CONTENT RATINGS MARCH 2021 VS MARCH 2020 2 DOMAIN DATA MARCH 2021 VS MARCH 2020

26% GROWTH IN READERSHIP3 6% GROWTH IN READERSHIP3 15% GROWTH IN READERSHIP3

DIGITAL SUBSCRIPTION REVENUE GROWTH OF 20%-PLUS (MAR QTR)

3 EMMA DATA, DEC QUARTER 2020 (LATEST AVAILABLE) 8 MORE THAN HALF NINE’S REVENUE COMES FROM GROWTH SEGMENTS

Publishing - retail 4%

Subscription & licensing inc. Digital Platforms 23%

Advertising - traditional 41% Marketplaces 12%

Advertising - structural growth 20% smh.com.au | age.com.au afr.com.au

9 BY FY24, NINE IS FOCUSSED ON ACHIEVING

~$230M ~60%+ ~30% >35%

STRUCTURAL (P&L) OF EBITDA FROM OF NINE’S REVENUE OF GROUP REVENUES COST OUT1 DIGITAL BUSINESSES FROM VOD FROM SUBSCRIPTION2

1 From FY19 (net across FTA, Radio and Publishing) – FY23 original target 2 Domain Digital revenue included as subscription revenue 10 WE ARE ON TRACK TO ACHIEVE KEY TARGETS

~80% of $230M COST OUT DELIVERED ~60% of EBITDA FROM DIGITAL BUSINESSES $M 1600 1400 1200 1000 800 600 400 >40% DIGITAL 200 0 FY19 FY20 FY21E 2020 2021E FTA Radio Publishing Digital Non-Digital

~30% of REVENUE FROM VOD >35% of REVENUE FROM SUBSCRIPTION

>25% OF GROUP REVENUE ~20% VOD

2020 2021E FY20 FY21E VOD Other Stan Publishing Domain @59% 11 MEASUREMENT ADVERTISING VIRTUAL OZ PRODUCT

AUDIENCE TAKE UP & ADVERTISING SHARE REVENUE

CONTENT DEVELOPMENT CONSUMER & ACQUISITION EXPERIENCE

12 LIVE SELL-THRU RATE CPM

+37%1, + up to 20% ~35% of premium for data ~40% ~30% of inventory monthly Daily Active Monthly sold with data Users minutes minutes 1 1 +6% +25% CATCH UP SELL-THRU RATE CPM

+ up to 20% +19%1, ~60% premium for data ~65% of ~50% of inventory monthly sold with data minutes

1past 12 Months on PCP 13 STAN REVENUE A FUNCTION OF SUBSCRIBERS AND ARPU Stan Sports Premium launches at Mid-tier (+$2 to $14) +$2 to $19 $10 per month Introduction of tiers and premium tier - mid-tier +$2 to (+$2 to $17) $12; basic tier remains $10, premium $15 per month

$10 entry pricing

Jun-15 Dec-15 Jun-16 Dec-16 Jun-17 Dec-17 Jun-18 Dec-18 Jun-19 Dec-19 Jun-20 Dec-20 June 2021 (f)

ARPU Average active subscribers

14 ON TRACK TO DELIVER, BY FY24

~$230M ~60%+ ~30% >35%

STRUCTURAL (P&L) OF EBITDA FROM OF NINE’S REVENUE OF GROUP REVENUES COST OUT DIGITAL BUSINESSES FROM VOD FROM SUBSCRIPTION

15 TRADING UPDATE

BROADCASTING PUBLISHING STAN DOMAIN

• Q3 FY21 Metro FTA market • Digital subscription revenue • Subscriber numbers • Q3 Digital revenue up 8% revenue +6% (on pcp). Nine‘s growth of 20%+ in Q3 (on pcp) consolidating post COVID (on pcp), and Total revenue share of >41%. up 2% (both adjusted for • FY21 Publishing costs down • Commencement of Stan divestments) • Nine’s June qtr Metro FTA double-digits Sports and NBCU content revenue growth est ~50%. deals to drive medium term • April new residential listings • Advanced discussions with subscriber numbers rebounded strongly from • FY21 FTA costs down 3% (-5% Google and Facebook COVID-affected comps excl revenue-related costs). • Stan Sports active subscribers H2 impacted by COVID- approaching 150k • General property indicators related comps, mainly NRL. remain positive • Strong growth in ARPU driven • Q3 BVOD market revenue by Stan Sports • FY21 costs now expected to growth ~50% on pcp and increase in the mid-single share ~50%. Trends • H2 EBITDA < H1 due to digits (from FY20 base of continuing in Q4. content phasing (Sport and $177.2m) NBCU) • Q3 FY20 Radio market down 4%. Share up 1.3% pts. June qtr growth est >50%

16 AUSTRALIA’S MEDIA COMPANY