#1Nexstar MEDIA GROUP, INC. Nexstar Media Group, Inc. Investor Presentation Perry A. Sook, Founder, Chairman & CEO Tom Carter, President, COO & CFO JUNE 2021#2Disclaimer Forward-Looking Statements This presentation includes forward-looking statements. We have based these forward-looking statements on our current expectations and projections about future events. Forward-looking statements include information preceded by, followed by, or that includes the words "guidance," "believes," "expects," "anticipates," "could," or similar expressions. For these statements, Nexstar claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The forward-looking statements contained in this presentation, concerning, among other things, future financial performance, including changes in net revenue, cash flow and operating expenses, involve risks and uncertainties, and are subject to change based on various important factors, including the impact of changes in national and regional economies, the ability to service and refinance our outstanding debt, successful integration of acquired television stations and digital businesses (including achievement of synergies and cost reductions), pricing fluctuations in local and national advertising, future regulatory actions and conditions in the television stations' operating areas, competition from others in the broadcast television markets, volatility in programming costs, the effects of governmental regulation of broadcasting, industry consolidation, technological developments and major world news events. Nexstar undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this presentation might not occur. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this presentation. For more details on factors that could affect these expectations, please see Nexstar's other filings with the Securities and Exchange Commission. Definitions and Disclosures Regarding non-GAAP Financial Information Adjusted EBITDA is calculated as net income, plus interest expense (net), loss on extinguishment of debt, income tax expense (benefit), depreciation, amortization of intangible assets and broadcast rights, (gain) loss on asset disposal, goodwill and intangible assets impairment, loss (income) on equity investments, distribution from equity investments and other expense (income), minus reimbursement from the FCC related to station repack and broadcast rights payments. We consider Adjusted EBITDA to be an indicator of our assets' operating performance and a measure of our ability to service debt. It is also used by management to identify the cash available for strategic acquisitions and investments, maintain capital assets and fund ongoing operations and working capital needs. We also believe that Adjusted EBITDA is useful to investors and lenders as a measure of valuation and ability to service debt. Given the Company's previous disclosure that effective November 1, 2020 it combined its broadcast and digital operations, commencing with the fourth quarter of 2020, Nexstar no longer reports broadcast cash flow but investors can calculate a comparable metric for the combined broadcast and digital operations by adding back corporate expense to Adjusted EBITDA. Free cash flow is calculated as net income, plus interest expense (net), loss on extinguishment of debt, income tax expense (benefit), depreciation, amortization of intangible assets and broadcast rights, (gain) loss on asset disposal, stock-based compensation expense, goodwill and intangible assets impairment, loss (income) on equity investments, distribution from equity investments and other expense (income), minus payments for broadcast rights, cash interest expense, capital expenditures, proceeds from disposals of property and equipment, and net operating cash income taxes. We consider Free Cash Flow to be an indicator of our assets' operating performance. In addition, this measure is useful to investors because it is frequently used by industry analysts, investors and lenders as a measure of valuation for broadcast companies, although their definitions of Free Cash Flow may differ from our definition. For a reconciliation of these non-GAAP financial measurements to the GAAP financial results cited in this presentation, please see the supplemental tables at the end of Nexstar's first quarter financial results press release dated May 4, 2021. With respect to our forward-looking guidance, no reconciliation between a non-GAAP measure to the closest corresponding GAAP measure is included in this release because we are unable to quantify certain amounts that would be required to be included in the GAAP measure without unreasonable efforts and we believe such reconciliations would imply a degree of precision that would be confusing or misleading to investors. In particular, a reconciliation of forward-looking Free Cash Flow to the closest corresponding GAAP measure is not available without unreasonable efforts on a forward-looking basis due to the high variability, complexity and low visibility with respect to the charges excluded from these non-GAAP measures such as the measures and effects of stock-based compensation expense specific to equity compensation awards that are directly impacted by unpredictable fluctuations in our stock price and other non-recurring or unusual items such as impairment charges, transaction-related costs and gains or losses on sales of assets. We expect the variability of these items to have a significant, and potentially unpredictable, impact on our future GAAP financial results. 2#3Nexstar Media Group, Inc. (Nasdaq: NXST) Overview - North America's largest local media company – Positioned for the ongoing enhancement of shareholder value • Local media and content leader with unrivaled geographic scale, reach, consumption - #1 US television broadcaster with 199 stations in 116 markets and meaningful presence in top 50 DMAS - Owns or provides services to more than one TV station in over half of its 116 total markets • • Long-term record of revenue, net income and free cash flow ("FCF") growth - - FY20 net revenue of $4.5 bn, net income of $808.1 mm (including one-time transaction expenses of $44.4 mm), Adjusted EBITDA of $2.0 bn and FCF of $1.3 bn (before one-time transaction expenses) 1Q21 net revenue of $1.1 bn, net income of $199.2 mm (including one-time transaction expenses of $1.2 mm), Adjusted EBITDA of $572.6 mm and FCF of $484.6 mm (before one-time transaction expenses) Capital allocation focused on driving shareholder returns - FY20 paid down ~$1.0 bn in debt and returned ~$383 mm to shareholders in the form of share repurchases and dividends 1Q21 paid down ~$75 mm in debt and returned ~$151 mm to shareholders in the form of share repurchases and dividends Leading industry consolidator with proven ability to extract value from M&A activities Completed highly accretive acquisition of Tribune Media (NYSE: TRCO) for $7.2 bn in 3Q19 • Recurring cash distribution from 31% interest in TV Food Network offsets historical Q1 seasonality ● Upsized and overachieved year one synergies of $185 mm - In 2020, NXST closed on the sale / purchase of stations with FOX, netting after tax proceeds of ~$240 mm for debt reduction and corporate purposes In 2020, completed the accretive acquisitions of WPIX-TV* and digital consumer product recommendations company BestReviews Disciplined management team with history of operational excellence and strong record of delivering shareholder value - - Accretive M&A, growing dividend, opportunistic share repurchases and leverage reduction Ongoing focus on expense management and capital structure CEO / CFO placed 1st in the 2018, 2019 and 2020 Institutional Investor All America Executive Team survey for the TMT sectors Over the last five years, NXST share price performance has significantly outpaced our peer group, the Dow Jones, S&P 500 and Russell 3000 indices *Purchased by Mission Broadcasting. 3#4Largest Local Affiliate Broadcast Group by U.S. TV Household Reach #1 local broadcast TV affiliate station group and one of the largest producers and distributors of local news, lifestyle, sports and network programming % of U.S. Television Households Reached, Inclusive of UHF Discount 38% 32% 25% 25% 25% 24% 21% 20% 39% FCC Cap on National TV Ownership¹ 13% 12% 6% 4% Nexstar TEGNA SBG FOX gray OCBS abc HEARST сох GH GRAHAM HOLDINGS MEDIA GROUP, INC. SINCLAIR BROADCAST GROUP NBC SCRIPPS meredith Company filings and SNL Kagan. Pro forma for all transactions announced to date. Includes both Nexstar-owned stations and stations to which Nexstar provides services pursuant to contractual agreements 4#5Superior Geographic Diversification and Scale MINOT WILLISTON PORTLAND BILLINGS BISMARCK DICKINSON SACRAMENTO SAN FRANCISCO FRESNO LAS VEGAS BAKERSFIELD (1) LOS ANGELES SAN DIEGO SALT LAKE CITY DENVER GRAND JUNCTION RAPID CITY SIOUX FALLS COLORADO SPRINGS ALBUQUERQUE SIOUX CITY DES MOINES MARQUETTE WATERTOWN BURLINGTON SYRACUSE UTICA GREEN BAY ROCHESTER SPRINGFIELD LA CROSSE BUFFALO ALBANY GRAND RAPIDS ERIE 1 ROCKFORD LANSING PROVIDENCE ELMIRA BINGHAMTON HARTFORD NEW YORK CLEVELAND WILKES-BARRE HARRISBURG PHILADELPHIA 199 Local & Network Affiliated TV Stations¹ WICHITA CHICAGO QUAD CITIES FORT WAYNE YOUNGSTOWN ALTOONA PEORIA CHAMPAIGN TOPEKA WHEELING COLUMBUS INDIANAPOLIS DAYTON KANSAS CITY TERRE HAUTE CHARLESTON ST. LOUIS EVANSVILLE JOPLIN CLARKSBURG BLUEFIELD HAGERSTOWN WASHINGTON, D.C. 116 U.S. Markets RICHMOND NORFOLK LEXINGTON ROANOKE TRI-CITIES RALEIGH SPRINGFIELD KNOXVILLE NASHVILLE AMARILLO JACKSON GREENBORD/HIGH POINT WINSTON-SALEM CHARLOTTE GREENVILLE FORT SMITH OKLAHOMA CITY MEMPHIS LUBBOCK WICHITA FALLS ABILENE B DALLAS TYLER WACO SAN ANGELO AUSTIN HOUSTON LITTLE ROCK JACKSON SHREVEPORT MONROE ALEXANDRIA HATTIESBURG SAVANNAH MOBILE DOTHAN LAFAYETTE BATON ROUGE PANAMA CITY NEW ORLEANS HUNTSVILLE SPARTANBURG AUGUSTA MYRTLE BEACH BIRMINGHAM CHARLESTON COLUMBUS 460 Local Websites and Mobile Apps MIDLAND EL PASO HONOLULU _ Nexstar MEDIA GROUP, INC. BROWNSVILLE Includes both Nexstar-owned stations and stations to which Nexstar provides services pursuant to contractual agreements. TAMPA 40 U.S. States 5#6Strong Local Television Brands with Leading Local News and Content Award-winning journalism, top-rated network programming and premium local and regional multi-platform marketing opportunities STORM TEAM KTLA 5 NEW 00 5 KT OS ANGELES 17 Top 25 U.S. Television Markets ~82.5 Million U.S. TV Households Hours of Local Content Annually +270,000 Hours STORM TEAM & ~94 Million Unique Users 32 State Capital News Bureaus STORM 8 ~5,500 Local Multi-Media Journalists +1,400 Combined Sales Personnel 6#7Launch of News Nation, WGN America's Primetime National Newscast NewsNation draws on the local, regional, and national expertise of Nexstar's 5,500 journalists in local newsrooms across the country NEWSNATION NSNAT COMING SEPTEMBER 1 WGN AMERICA s a s ■ NXST launched its primetime national newscast, NewsNation, on Sept. 1, 2020 ■ WGN America was rebranded as NewsNation and expanded its programming on March 1, 2021 ■ NewsNation airs daily, in primetime from 6 p.m. to 11 p.m. ET and reaches ~75 million television households across the country ■ The broadcast delivers news reporting that is fact-based, impactful, and unbiased ■ NewsNation's team of reporters and producers also delivers news twenty-four hours a day online through News Nation's mobile app, NewsNation Now ■ NewsNation's anchor teams and correspondents feature award-winning journalists ■ Excluding one-time capital expenditures of ~$20 million, the ongoing operations of NewsNation will be cost-neutral as it replaces existing syndicated programming on WGN America ■ News Nation creates another opportunity for monetization and revenue diversification 7#82020: Record Financial Results NXST Generated Record 2020 Financial Results NXST 2020 Financial Results Y/Y and Political Even-Year Comparison 1,2 12M Ended Dec. 31 12M Change (%) (in millions) 2020 2019 Net Revenue $4,501.3 $3,039.3 2018 $2,766.7 '20 vs. '19 '20 vs. '18 +48.1% Net Income $808.1 $236.3 $388.3 +242.0% +62.7% +108.1% Adjusted EBITDA (Before 1x Transaction Exp.) $1,995.6 $972.3 $1,031.9 +105.3% +93.4% Adjusted EBITDA $1,951.2 $898.1 $1,023.4 +117.2% +90.7% Free Cash Flow (Before 1x Transaction Exp.) Free Cash Flow $1,304.6 $520.9 $692.7 $1,280.1 $439.5 $684.2 +150.5% +191.3% +88.3% +87.1% $ millions Television Advertising Revenue Core +49.9% Political NXST 2020 Revenue Growth Distribution, Digital & Other Revenue Distribution Digital +46.6% ■ NXST generated record net revenue, Adjusted EBITDA and free cash flow in 2020 Though guidance was suspended, NXST full year 2020 free cash flow was ultimately in line with pre- pandemic expectations ■ NXST lowered YE20 total net leverage to 3.6x, in line with previously stated goal of reaching high 3.0x by YE20 ■ Other $2,423 $223 Other 1% $47 Retrans & Digital 53% $2,079 $1,652 $1,387 $508 $42 $52 $242 $2,153 $1,335 FY19 $1,571 FY20 $1,369 FY19 For a reconciliation of non-GAAP financial measurements, please see the supplemental tables at the end of Nexstar's second quarter financial results press release dated February 23, 2021 For detailed disclosure, please see Company's Annual Report on Form 10-K for the twelve month period ended December 31, 2020 FY20 NXST FY20 Revenue Mix (% of Total Net Revenue) NXST FY20 Net Revenue ~$4.5 Billion Television Advertising 46% 8#92020 Highlights: Operations, Capital Structure, Leverage Reduction & Return of Capital • • • Record FY20 revenue, broadcast cash flow, adjusted EBITDA and free cash flow primarily reflecting the realization of Tribune synergies, distribution agreement renewals executed in 2H19 and strong political advertising revenue • • Achieved free cash flow budget and June 2019 forecast despite affects of pandemic FY20 adjusted EBITDA and free cash flow include ~$224mm in distributions from equity investments related to NXST's 31% ownership in the TV Food Network NXST implemented a range of COVID-related cost-cutting initiatives throughout 2020 which resulted in operating and corporate expense savings of $75 mm from budgeted levels without furloughs, staff reductions or pay cuts In FY20, NXST allocated ~$1.0 bn in funds from operations and investments toward debt reduction, lowering its first lien net leverage ratio from 3.52x at year-end 2019 to 2.28x at December 31, 2020; total net leverage ratio at December 31, 2020 was 3.6x, compared to 5.18x at year-end 2019 In FY20, NXST returned $101 mm to shareholders in the form of dividends and allocated $282 mm of cash from operations to opportunistically repurchase ~2.4 mm NXST shares, reducing its basic share count to ~43 mm outstanding class A common shares NXST completed the purchase and sale agreements with Fox, whereby NXST purchased the WJZY (FOX) and WMYT (MyNetworkTV) in Charlotte, and divested KCPQ (FOX) and KZJO (MyNetworkTV) in Seattle and WITI (FOX) in Milwaukee for net after tax proceeds of ~$240 mm NXST reached settlement with Sinclair, resolving the outstanding litigation inherited in the Tribune transaction • As part of the resolution, Sinclair agreed to sell NXST WDKY-TV in Lexington, KY and the non-license assets of KGBT-TV in Harlington, TX, in addition to making a cash settlement payment of ~$98 mm to NXST Completed the accretive acquisitions of WPIX-TV* and digital consumer product recommendations company Best Reviews in December 2020 NXST launched the News Nation prime-time newscast on September 1, 2020, which reaches ~75 mm U.S. TV households and is complemented by the 24/7 mobile news app, newsnation now.com *Purchased by Mission Broadcasting. 6#102020 Highlights: Capital Markets Transactions / Strategic Operational Alignment NXST completed two capital market transactions that allowed the Company to eliminate its most expensive debt while extending maturities . NXST and Mission entered into an incremental secured revolving credit facility in an aggregate principal amount of $280 mm, of which $250 mm was allocated to Mission and $30 mm allocated to NXST NXST completed the offering of $1 bn of 4.75% senior notes due 2028 and used the net proceeds to redeem in full its $900 mm 5.625% senior notes due 2024 and to pay related premiums, accrued and unpaid interest, and fees and expenses, with the remainder available for general corporate purposes The resulting interest expense savings, combined with the declining borrowings and attractive rate environment, will allow NXST to de-lever while affording the financial flexibility to act on other opportunities to enhance shareholder value • NXST combined Nexstar Broadcasting and Nexstar Digital subsidiaries to drive synergies, create operational efficiencies, reduce expenses and enhance financial results In October, NXST promoted Tom Carter to President and Chief Operating Officer, while he retains his current responsibilities as Chief Financial Officer • During his 11 year tenure, he has played a major role in executing the Company's growth plan through the completion and successful integration of accretive acquisitions which have significantly expanded NXST's free cash flow and operating portfolio while cementing the Company's position as the nation's largest local television broadcaster In November, NXST combined its two primary operating subsidiaries, merging Nexstar Digital LLC, and Nexstar Broadcasting, Inc. creating a new single operating subsidiary, Nexstar Inc. . • • New operational structure aligns the Company's national leadership in local content production with its broadcasting and digital management teams to maximize the value of NXST's media content, national reach and significant consumer digital usage across multiple platforms NXST will strengthen its focus on distributing content consumers want most, delivered the way they prefer to consume it, which the Company believes will drive near- and long-term operating results and improvements NXST expects a mid-seven figure expense savings in 2021 as a result of the synergies, efficiencies, and streamlined reporting structure resulting from this realignment 10 10#112021: Record First Quarter Financial Results NXST Generated Record First Quarter Financial Results in 2021 NXST 2021 Financial Results Y/Y and Non-Political Odd-Year Comparison 1,2 3M Ended Mar. 31 (in millions) 3M Change (%) Net Revenue 2021 $1,113.9 2020 $1,091.8 2019 $626.6 '21 vs. '20 +2.0% Net Income $199.2 $157.7 $56.9 +26.3% '21 vs. '19 +77.8% +250.1% Adjusted EBITDA (Before 1x Transaction Exp.) $572.6 $565.2 $183.8 +1.3% +211.5% Adjusted EBITDA $571.4 $557.2 $178.4 +2.5% Free Cash Flow (Before 1x Transaction Exp.) Free Cash Flow $484.6 $430.4 $125.8 $483.5 $423.0 $120.4 +12.6% +14.3% +220.3% +285.2% +301.6% $ millions Television Advertising Revenue Core $473 $55 Political ■ NXST's record first quarter net revenue reflects double-digit digital and distribution revenue and a continued recovery in core advertising ■ NXST's record first quarter Adjusted EBITDA and free cash flow include ~$178 mm in cash distributions from NXST's 31.3% ownership stake in TV Food Network ■ NXST lowered total net leverage to 3.4x, compared to 3.6x at year-end 2020 NXST First Quarter 2021 Revenue Growth Distribution, Digital & Other Revenue NXST 1Q21 Revenue Mix (% of Total Net Revenue) Distribution $417 $5 Digital ■ Other $697 $619 $9 $66 $13 $56 Other 1% $373 Retrans & Digital 62% NXST 1Q21 $7 Net Revenue $53 $621 ~$1.1 Billion $550 $253 $1 $417 $412 $252 $314 1Q19 1Q20 1Q21 1Q19 1Q20 1Q21 For a reconciliation of non-GAAP financial measurements, please see the supplemental tables at the end of Nexstar's second quarter financial results press release dated May 4, 2021 For detailed disclosure, please see Company's Annual Report on Form 10-Q for the twelve month period ended March 31, 2021 Television Advertising 37% 11 1=1#122021 YTD Highlights: Operations, Capital Structure, Leverage Reduction & Return of Capital Record 1Q21 revenue, broadcast cash flow, adjusted EBITDA and free cash flow primarily reflecting double-digit digital and distribution revenue and a continued recovery in core advertising, which offset the year-over-year decline in cyclical political advertising revenue • 1Q21 adjusted EBITDA and free cash flow include ~$178mm in distributions from equity investments related to NXST's 31% ownership in the TV Food Network In 1Q21, NXST allocated ~$75 mm in funds from operations and investments toward debt reduction, lowering its first lien net leverage ratio from 2.28x at year-end 2020 to 2.14x at March 31, 2021; total net leverage ratio at March 31, 2021 was 3.4x, compared to 3.6x at year-end 2020 In 1Q21, NXST returned $30.4 mm to shareholders in the form of dividends and allocated $121 mm of cash from operations to opportunistically repurchase 808,530 NXST shares, reducing its basic share count to ~43 mm outstanding class A common shares • In early 2021, NXST's Board of Directors approved a 25% increase in the quarterly cash dividend to $0.56 per share beginning in 1Q21, marking the eighth annual consecutive rise in its cash dividend In early 2021, NXST's Board of Directors also approved an additional $1.0 bn share repurchase authorization, reflecting the attractiveness of NXST's free cash flow yield and a potential acceleration of share repurchases as leverage moderates and large-scale acquisitions become more scarce given current regulations NXST reiterated its pro-forma average annual free cash flow guidance of approximately $1.27 billion over the 2021/2022 cycle In March 2021, NXST had a ratings review with S&P which resulted in a one-notch upgrade on our Corporate Issuer rating to BB; a two-notch upgrade to BBB- on NXST's Secured Debt rating and a one-notch upgrade on NXST's Unsecured Bond rating to B+ • S&P's commentary centered on the rapid deleveraging exhibited post-Tribune acquisition and improved economic recovery Announced the promotion of experienced media executive Andy Alford to President of Broadcasting Division, effective June 1, 2021. Mr. Alford will replace Tim Busch who is retiring after serving NXST for more than 20 years In March 2021, NXST rebranded WGN America as News Nation and expanded its news and talk programming line-up to five hours 12 12#13Growth in NXST Retransmission Revenue TV ratings and programming cost analysis supports continued growth in retransmission fee revenues given broadcast's strong viewership trends compared to basic cable SNL Kagan Programming Cost Estimates Comscore TV Essentials Ratings Data¹ 2015 2016 2017 2018 2019 2020 Share of Ratings Total % Broadcast $ 6.4 $ 8.0 $ 9.4 $ 10.6 $ 11.7 $ 12.8 Total Broadcast (8 Networks) 10.81 35% Basic Cable $ 36.3 $ 38.0 $ 39.5 $ 41.0 $ 42.6 $ 44.3 Total Cable (196 Basic Cable Nets) 19.88 65% RSN $ 5.2 $ 5.5 $ 5.8 $ 6.2 $ 6.6 $ 6.8 Total Ratings 30.69 Total $ 47.9 $ 51.5 $ 54.7 $ 57.8 $ 60.9 $ 63.9 Relative Share to Ratings Basic Cable Nets (%) Broadcast as % of Total CBS 2.74 12% 13.4% 15.5% 17.2% 18.3% 19.2% 20.0% NBC 2.57 11% ABC 2.55 11% • NXST led industry in securing retransmission consideration beginning in 2005 FOX 1.31 6% The CW 0.47 2% . Acceleration in retransmission revenue post-contract renewal cycle highlights ability to negotiate favorable rates which also leads to competitive advantages in deriving value from station acquisitions - Distribution revenues: FY20 $2.2 bn (+57.3% Y/Y) -~70% of sub base repriced in 2019, ~18% of sub base repriced in 2020 Univision 0.46 2% Telemundo 0.43 2% MyNetwork 0.29 1% Total Broadcast 10.81 35% 1 Q3 2019 data 13#14Growth in NXST Political and Issue Advertising ■ NXST significantly exceeded its 2020 full year political revenue guidance, generating $507 million in political advertising revenue ■ NXST is well positioned headed into the 2022 mid-term election cycle with a strong presence in markets with key races ■ House race 435 seats total; 88 competitive races total 2022 Senate Races Alabama Arkansas - Broad exposure to races in NXST markets. California Colorado Connecticut Florida Georgia Hawaii (34 Total Races; 29 in NXST Markets) Market Incumbent Party Open* R Boozman Padilla 2022 Gubernatorial Races (38 Total Races; 29 in NXST Markets) Market Incumbent Party Alabama Arkansas Ivey Open* D California Newson Bennet D Colorado Polis Blumenthal D Connecticut Lamont Rubio R Florida Warnock Georgia DeSantis Kemp DDD RR Schatz D Hawaii Open* D - 75 competitive races in states where NXST has presence Illinois Duckworth Illinois ■ Senate race 34 seats total; 9 competitive races total 29 total races in NXST markets Indiana Iowa Kansas Kentucky Young R Iowa Pritzker Reynolds Grassley R Kansas Kelly D Moran R Maryland Open* Paul R Massachusetts Baker - 7 competitive races in NXST markets Louisiana Kennedy R Michigan Whitmer Maryland Van Hollen D Nevada Sisolak Missouri ■ Gubernatorial elections 38¹ total; 15 competitive races total Open* R New Mexico Lujan Grisham Nevada Cortez-Masto D New York - 29 total races in NXST markets - 12 competitive races in NXST markets New York Schumer D Ohio North Carolina Open* R Oklahoma Cuomo DeWine Stitt North Dakota Hoeven R YOUR LOCAL ELECTION HEADQUARTERS VOIE TE VOTE Ohio Oklahoma Oregon Pennsylvania Open* Lankford R Oregon Pennsylvania Wyden Open* D Rhode Island South Carolina South Dakota Open* Open* McKee McMaster Noem South Carolina Scott R Tennessee Lee 2020 South Dakota Thune R Texas Abbott Utah Lee R Vermont Scott Vermont Leahy D Virginia Open* Wisconsin Johnson R Wisconsin RDDDDRRDDDRRRRRD D 1The Virginia and New Jersey gubernatorial elections take place on November 2, 2021. Evers *Senators Richard Shelby (AL), Rob Portman (OH), Richard Burr (NC), Pat Toomey (PA) have announced they will not be seeking re-election. Incumbents for open gubernatorial races cannot seek reelection due to term limits. 14#15Growth in Local Broadcast TV News Viewership and NXST Digital User Engagement ■ Local broadcast television remains an essential source for critical information and updates on the coronavirus, as well as a key source of entertainment ■ Local broadcast television evening news viewership among adults and millennials age 18 to 34 remains impressively high, even as markets reopen ■ Nexstar's digital network delivered record growth and audience engagement in 2020, ranking #1 in local news for every month of the year (Source: Comscore) ■ Nexstar's digital network reached all-time highs across key performance indicators in 2020 (Source: Comscore): Average monthly users of 91 million Total pageviews of 7.8 billion - - - - Total multiplatform minutes of 10.4 billion. Total digital video views of 1.6 billion Age 18+ Local Broadcast TV Evening News Viewership (Live +1) Average Cumulative Weekly Impressions Impressions (000) and Percent Increase vs. 2019 2019 2020 +52% +59% +29% +30% +18% +15% +7% 38,132 37,946 34,590 26,854 25,058 23,800 Live+1 March Live+1 April Live+1 May 30,870 29,765 26,238 22,916 Live+1 June Live+1 July 29,898 28,001 26,645 23,107 Live+1 August Live+1 September Source: TVB, Nielsen, NLTV, monthly average of weekly cumulative impressions in the 25 LPMs. M-F Local News: M-F 4-8p. ABC, CBS, CW, Fox, NBC, Tel, Uni Age 18-34 Local Broadcast TV Evening News Viewership (Live +1) Average Cumulative Weekly Impressions Impressions (000) and Percent Increase vs. 2019 2019 2020 +159% 3,469 +152% +83% +89% +64% +55% +41% 3,195 2,777 2,519 2,374 1,514 1,340 1,451 1,266 1,330 1,340 2,225 2,082 1,581 Live+1 September Live+1 Live+1 April Live+1 May Live+1 June Live+1 July Live+1 March August Source: TVB, Nielsen, NLTV, monthly average of weekly cumulative impressions in the 25 LPMs. M-F Local News: M-F 4-8p. ABC, CBS, CW, Fox, NBC, Tel, Uni 15#16Significant Pro Forma FCF Growth ($ in millions) NXST Average Annual Free Cash Flow Growth (FY) Based on Two-Year Cycles 3 $1,270 $227 $123 $58 2011/2012 2013/2014 2015/2016 1 Reported average annual free cash flow before transaction expenses in the twenty-four month period 2017/2018 2 Reported average annual free cash flow before transaction expenses in the twenty-four month period 2019/2020 3 Estimated average annual free cash flow before transaction expenses in the twenty-four month period 2021/2022 . • 1 $577 2 $872 2017/2018 2019/2020 2021/2022 Management reinstated guidance and expects to generate pro-forma average annual free cash flow of ~$1.27 bn over the 2021/2022 cycle Reflecting 2020 and 2021 share repurchase activity, NXST has ~43 mm shares outstanding at March 31, 2021 ● Debt reduction and return of capital to shareholders (through dividend payments and share repurchases) are priorities, along with the potential opportunistic accretive M&A 16#17Prudent Allocation of Capital Stock Buybacks 16% NXST 2020 Capital Allocation Mix (%) NXST brought ~28% of every net revenue dollar to the free cash flow line in 2020, allowing the Company to strategically deploy cash in a manner that is consistent with its commitment to leverage reduction and shareholder returns M&A 22% Cash Dividends 6% 2020 Total ~$1.77 billion Sources of Capital: (in millions) Operating free cash flow $ 1,280 After-tax proceeds from divestitures / litigation settlements $ 320 Debt Reduction 56% Mission borrowings and asset conversions 140 Other $ ՄՌ 30 TOTAL $ 1,770 • Uses of Capital: (in millions) Debt reduction $ 1,000 Complementary accretive acquisitions $ 389 Opportunistic share repurchases $ 282 Quarterly cash dividends $ ՄՌ 101 TOTAL $ 1,770 Despite the pandemic, NXST's total net leverage at year-end 2020 was 3.60x, compared to 5.18x at year-end 2019 and in-line with the Company's previously stated goal of reaching high-3x by year-end 2020 17#18Local Leadership Combined with Disciplined Operating Strategies Driving Record FCF Continued growth of non-core revenue channels - - - Political: NXST exceeded its 2020 full year political revenue guidance, generating $507 million in political advertising revenue Retransmission: Contract renewals for >200 agreements in last three years • Repriced ~70% of sub base in 2019 with ~18% repriced in 2020 Agreements with ABC / FOX/CBS / NBC include equally attractive economics for OTT platforms Digital: Profitable growth of station-level and Nexstar Digital platform . New revenue applications / monetization of mobile leading to growth in continuing operations • Strong operating fundamentals, accretive M&A, share repurchases and balance sheet driving record FCF - NXST reinstated guidance and expects to generate pro-forma average annual free cash flow of ~$1.27 billion over the 2021/2022 cycle • Highly accretive Tribune Media acquisition proving to be a strategically / financially compelling growth opportunity - Created largest US broadcast television affiliate station group with leading digital media platform - Positions NXST to more effectively compete with other media and innovate - Further diversifies affiliation mix and increases Nexstar's attractiveness as a network partner - Upsized and overachieved year one synergies of $185 million - Generating significant average annual pro forma FCF growth • Financial capacity / flexibility to reduce leverage while returning capital to shareholders • - Cash dividend increase of 25% to $2.80 annually in 2021, marking eighth annual consecutive increase - Opportunistic share repurchases of ~750,000 shares in 2018, ~440,000 shares in 2019, ~2,400,000 shares in 2020 and ~808,500 shares in 1Q21 – ~$1.05 billion remains under NXST's share repurchase authorization as of March 31, 2021, including the $1.0 billion new share repurchase program authorized by the Board of Directors on January 27, 2021 - Reported total net leverage ratio at Marc 31, 2021 was ~3.4x, while NXST's senior leverage ratio was 2.14x versus a 4.25x covenant FCC's proposed rulemaking to modernize ownership rules and facilitate the voluntary adoption of new ATSC 3.0 standards for innovative Next Gen TV services would result in stronger competitive positioning for broadcast TV industry - Potential new long-term revenue opportunities through the development of ATSC 3.0 related products/services *Before one-time transaction expenses 18#19Historical Financial Summary (in millions) FY Net Revenue $1,103 $896 $313 $306 $379 $502 $631 $3,039 $2,767 $2,432 $4,501 FY Income From Operations $758 $655 $506 $287 $173 $206 $100 $103 $31 $48 $1,375 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 FY Adjusted EBITDA (1) $1,951* $1,023* $898* $743* $405* $112 36% 2010 $96 31% $146 $167 $235 $305 39% 33% 37% 34% 37% 31% 37% 30% 43% 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 FY Free Cash Flow(1) * $469* $160 $208 $245* $60 $34 $81 $85 $684* $439 * $1,280* 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 1) Definitions and disclosures regarding non-GAAP financial information can be located in the Company's Fourth Quarter 2020 Financial Results press release dated February 23, 2020 *Reported Adjusted EBITDA and Free cash flow including transaction expenses in the twelve month period ended December 31 of $44.4 million in 2020, $74.1 million in 2019, $8.5 million in 2018, $58.9 million in 2017 and $8.9 million in 2016. 2020 Adjusted EBITDA and FCF includes $223.7 million of cash distributions from Nexstar's 31% ownership of TV Food Network. Adjusted EBITDA before transaction expenses in the twelve month period ended December 31 was $1,995.6 million (44.0% margin) in 2020, $972.3 million (32.0% margin) in 2019, $1,031.9 million (28.6% margin) in 2018, $802.2 million (33.0% margin) in 2017 and $414.3 million (37.6% margin) in 2016 Free cash flow before transaction expenses in the twelve month period ended December 31 was $1,304.6 million in 2020, $520.9 million in 2019, $692.7 million in 2018, $528.0 million in 2017 and $253.6 million in 2016 19#20Summary 1Q21 Financial Results Three Months Ended March 31 Summary 1Q21 Financial Highlights ($ in thousands) Core advertising revenue Political revenue Total Advertising revenue Distribution fee revenue Digital revenue Other revenue Net revenue 2021 2020 Change $411,714 $5,408 $417,379 (1.4)% $55,341 (90.2)% $417,122 $472,720 (11.8)% $621,235 $549,716 +13.0% $66,390 $56,440 +17.6% $9,184 $12,946 (29.1)% $1,113,931 $1,091,822 +2.0% Income from operations $284,920 $305,015 (6.6)% Net (loss) income $199,190 $157,694 +26.3% Adjusted EBITDA before one-time transaction expenses $572,575 $565,173 +1.3% Adjusted EBITDA $571,377 $557,736 +2.4% Adjusted EBITDA margin¹ 51.3% 51.1% Free cash flow before one-time transaction expenses Free cash flow $484,649 $430,400 +12.6% $483,451 $422,963 +14.3% For a reconciliation of non-GAAP financial measurements, please see the supplemental tables at the end of Nexstar's second quarter financial results press release dated February 23, 2021 For detailed disclosure, please see Company's Annual Report on Form 10-K for the twelve month period ended December 31, 2020 20 20#21Debt/Leverage Analysis (in millions) Revolver 12/31/16 12/31/17 TTM ENDED 12/31/18 $ 2.0 $ 3.0 $ First Lien Term Loans 6.875% Sr. Sub Notes 662.2 2,791.9 12/31/19 5.6 $ 2,407.5 12/31/20 $ 327.0 5,860.4 4,559.1 3M ENDED 3/31/21 327.0 4,483.1 520.7 6.125% Sr. Sub Notes 272.6 273.0 273.4 5.875% Sr. Sub Notes 408.1 406.2 5.625% Sr. Sub Notes 884.9 886.5 888.2 5.625% Sr. Sub Notes 890.0 1,792.1 1,791.0 1,790.8 4.750% Sr. Sub Notes 990.9 991.2 Total Debt $ 2,342.4 $ 4,362.5 $ 3,980.9 $ 8,492.5 $ 7,668.0 $ 7,592.1 Cash on Hand $ 87.7 $ 115.7 Reported EBITDA Compliance EBITDA $ 405.5 $ 429.0 SA SA SA $ 145.1 $ 232.1 $ 152.7 $ 339.8 802.2* $ 1,031.9* $ 972.3* SA 1,995.6* SA 572.6* 842.9 $ 1,101.6 $ 1,608.6 $ 2,119.6 $ 2,612.9 Total Leverage: 3.20x 5.06x 3.69x 5.18x First Lien Leverage: 1.38x 3.20x 2.07x 3.52x FCF $ 244.8 $ 528.0* $ 692.7* $ 520.9* *Before one-time transaction expenses SA 2.14x (versus covenant of 4.25x) 3.60x 3.40x 2.28x 1,304.6* $ 483.5* 21 21#22Nexstar MEDIA GROUP, INC. Nexstar Media Group, Inc. Investor Presentation Perry A. Sook, Founder, Chairman & CEO Tom Carter, President, COO & CFO JUNE 2021