#1Nexstar Media Group, Inc. Investor Presentation January 2023 Perry A. Sook, Founder, Chairman & CEO Tom Carter, President & COO Lee Ann Gliha, EVP & CFO ELIZABETH VARGAS [NEWSNATION] LELAND VITTERT CHRIS CUOMO DAN ABRAMS ASHLEIGH BANFIELD rising ست Itv Home Shows Continue Watching Settings ALL AMERICAN WATCH NOW Nexstar Nexstar MEDIA GROUP, INC. TRENDING NOW ALL AMERICAN BEA ست AVE BOD V10d7#2food network Disclaimer THE HILL OPINION path forward after election, Democrats scramble for setbacks Biden highlights anti-LGBT bills, Equality Act on Comin Abbott bans vaccine r from any entity in Te 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, impairment charges, (income) loss from equity method investments, distributions from equity method 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. 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, impairment charges, (income) loss from equity method investments, distributions from equity method investments and other expense (income), minus payments for broadcast rights, cash interest expense, capital expenditures, proceeds from disposals of property and equipment, and operating cash income tax payments. 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 fourth quarter and full year 2021 financial results press release dated February 22, 2022 and Nexstar's third quarter financial results press release dated November 8, 2022. 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. 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. For example, the definition of Free Cash Flow excludes stock-based compensation expenses specific to equity compensation awards that are directly impacted by unpredictable fluctuations in our stock price. In addition, the definition of Free Cash Flow excludes the impact of non-recurring or unusual items such as impairment charges, transaction-related costs and gains or losses on sales of assets which are unpredictable. We expect the variability of these items to have a significant, and potentially unpredictable, impact on our future GAAP financial results. 2#3THE HILL OPINION Nexstar Media Group, Inc. Overview Nexstar MEDIA GROUP, INC. National Reach 9/30/22 LTM Revenue Composition Key National Properties: The CW, NewsNation, The Hill Digital / Other 8% % of U.S. Covered: 100% Growing Local Reach At Scale Political Advertising 5% Growing-11% of Revenue in 68% 90MM+ 2020 Election Year Core Advertising 35% Consistent 9/30/22 Distribution 52% $4,970MM Recurring and Growing LTM Adj. EBITDA: $2,114MM % Margin: 43% 9/30/22 LTM FCF Allocation LTM Free Cash Flow: % of Adj. EBITDA: $1,400MM 66% CONS BLOG Democrats scramble path forward after e setbacks CONGRESS BLOG Biden highlights bills, Equality A Out Day 101AGO ENERGY & EN Abbott ba from any Nexstar BROADCASTING GROUP 200 owned or partner broadcast stations in 116 U.S. markets THE THEJW One of America's major broadcast networks (75% ownership) <<REWIND ANTENNA TV PLAYBACK THE 80's & 30's▸▸ TV [NEWSNATION] Fastest growing national cable news network in 70MM+ homes food network % of U.S. TV Households: Monthly Unique Visitors: Financial Profile LTM Revenue: Multicast TV networks reaching almost 95% and 50% of US TVHH, respectively nexstar DIGITAL Top 10 digital news & information property Sources: Comscore, Nielsen, Company filings. THE HILL Multi-platform political news 31% ownership stake BEST REVIEWS Consumer products recommendations 3.2x Capital Structure Net Debt/EBITDA (1): Corporate Credit Rating: Ba3 / BB 9/30/22 LTM Return of Capital Dividend: Share Repurch.: Total: Based on credit agreement definition. $3.63/share (2) $20.02/share(2) $23.65/share(2) Based on shares outstanding as of Q3 2022 10-Q. Dividends 10% Share Repurchases 54% Debt Repayment 27% Other 9% 3#4KRON4 Surf's up and so are new beach ules to prevent virus spread TOP STORIES EXAS NEWSNATION TODAY 75° 65° 70° CURRENTLY IN AUSTIN KTLAR LATEST NEWS Police looking for owners of tools found in stolen car in Oakland Broken Spoke delays reopening to g to May 18 following new Gov. Abbott orders Businesses take extra cleaning precautions ahead of May 1 reopening Despite COVID-19, Austin hotel occupancy increases slightly NEWSNATION MORNIN AMER ORNING in AMERICA VZกษร Year In Review • • • • Nexstar MEDIA GROUP, INC. Track Record of Stock Price Performance • One of the best performing stocks in all of media over the last twelve months 5 Year Nexstar Stock Price History Returned $892MM, 64% of free cash flow, to shareholders during the LTM period ended 9/30/22 Increased 2023 dividend by 50% to $5.40 per share p.a., a 2.6% dividend yield $250.00 $200.00 Diversified revenue model insulates revenue and cash flows from recessionary pressures 50%+ of revenue from contractual distribution sources $150.00 $100.00 ~70% of YTD core advertising revenue from resilient local advertising market $50.00 Exposure to record-breaking political television advertising spending Low leverage of 3.2x Undervalued trading to a mid-teens FCF yield Stock price as of 1/27/23.1 $0.00 NXST Stock Price Performance: 5 Years: Cum. Dividends Paid: +158% $11.94 1/26/2018 1/26/2019 1/26/2020 1/26/2021 1/26/2022 1/26/2023 4#5dead in Unprecedented Combination of Powerful National Brands/Reach with the Largest Local Station Group Engaging Local Audiences and Businesses at Scale Inimitable asset portfolio gives Nexstar the unique ability to offer both nationwide reach and local activation. Powerful National Brands National Reach THEJU [NEWSNATION] Nexstar reaches the entire U.S. population via its national TV networks Broadcast Networks TVHH Cable News Networks TVHH THE HILL 123.8 123.8 123.8 123.8 123.8 70.2 73.9 75.1 66.1 Out • IME in bulk sales of Informant Word County man Leat ne from ding to charges O Scaled Local Engagement • ΣΝΕ Nexstar MEDIA GROUP, INC. 116 local markets • 5,500 local journalists • 300,000 hours of local content ANTENNA TV <<REWIND PLAYBACK THE 80's & 90's TV ست ABC CBS NBC FOX NEWSNATION MSNBC Fox News CNN 80% 68% 70% 60% Largest Local Presence Nexstar reaches 68% of the U.S. population via its local TV stations % of TVHH (No UHF Discount) Nexstar's local footprint is ~75%+ larger than the other broadcast network owners 50% 45% 39% 39% 39% 38% 37% 36% 40% 29% 25% 1,500 local salespeople 30% 24% 22% 22% • 40,000 local advertiser relationships 20% 10% 0% Nexstar Univision TEGNA Fox Corp. Sinclair Paramount Comcast Gray Weigel (The CW) (FOX) Global (NBC) Scripps WRNN-TV (Local INYO (CBS) Only) The Walt Disney Co. (ABC) 5 Sources: SNL Kagan, SEC filings, Investor Presentations, Comscore, Nielsen.#6rising 9:41 BESTREVIEWS The best reviews on the internet powered by experts... Wow! I found the perfect television at the best price thanks to BestReview REVIEWED BY EXPERTS 001 Beth Sweeny Cooking THE HILL OPINION nexstar DIGITAL is a Top 10 News & Information Property and Top 40 Overall Nexstar Digital reaches almost 35% of the U.S. digital audience, complementing its TV reach. Nexstar Digital offers local and national advertisers a full suite of products and services including display, programmatic, mobile, social, e-commerce, OTT/CTV advertising Top 10 Digital News & Information Property Sept. 2022 Unique Visitors per Comscore (in '000s) S BLOG Democrats scramble path forward after el setbacks CONGRESS BLOG Biden highlights bills, Equality A Out Day 101400 ENERGY & EN Abbott ba from any risi WmKRYSTAL SAAGA Nexstar Properties 1. Yahoo-BuzzFeed News 175,952 240 mobile applications Mobile 2. Microsoft News 160,192 126 websites Display ste//ar Social 3. The Weather Co. 155,083 781 social media pages 4. CNN Network 146,834 » Linear 200 broadcast stations 5. NBC News 145,513 OTT & CTV 6 OTT properties on all major platforms 6. USA TODAY 132,236 7. Fox News Media 101,166 Stellar is Nexstar's proprietary outcome-driven omni-channel ad campaign platform THE Nexstar OTT Properties NEWS THE HILL tv UN GW NATION 8. NEXSTAR DIGITAL 90,572 9. New York Times 90,542 KRON KTLA WGN9+ 10. CBS News 82,755 6#7E.24 E2 SEE CAL NEWS THAT MAT TRAC TRO kxan. Greg Abbott blames Biden administration for unaccompanied minors at Texas border, says answers are needed TOP STORIES 47D-office Joke and charged w 12:00 The Reinvention of Broadcasting: What's Old is New Again Nexstar generates more free cash flow than its larger media peers. Increasing investor focus on free cash flow generation as the primary method to create shareholder value which favors broadcasting business models Streaming players are eliminating their differentiated consumer offering by adopting superior broadcast television business model and going ad-supported in the national market Advertisers continue to seek out broadcasters as the only place to find audiences at scale Broadcast television is the most important medium for engaging live sports audiences - Audiences prefer broadcast delivery Streaming has challenges for sports: fragmented audiences, consumer cost, technological issues Latest NFL media contract requires the NFL to be on broadcast through 2033 Team owners looking to maximize their local audience, fans and franchise values, are returning to broadcast television (e.g. Clippers on KTLA) Adam Silver recently quoted saying that broadcasters may be an option for underserved NBA content 10/18/22: Netflix Follows Broadcast-Centric Business Models After Years of Innovation (Source: Online Video News) NETFLIX 7/27/22: For the 22/23 Upfront, "Media Dynamics says...that the five broadcast TV networks took in $9.9 billion in primetime sales, up...6.4%" Nielsen: NFL audiences choose local broadcast over Amazon Prime % of In-Market Viewership of TNF through Week 17 (December 29, 2022) Amazon Prime, 33% Local Broadcast, 67% 3/28/21: NFL announces new broadcast deals running through 2033...preserving its custom of keeping all NFL contests on over- the-air television. (Source: NFL) NFL 9/20/22: KTLA 5 Will Exclusively Air 15 Clippers Games This Season and Produce Pre-game, Halftime, and Post-Game Programming (Source: Nexstar) CLIPPERS KTLA 5 7#8kxan o Greg Abbott blames Biden administration for unaccompanied minors at Texas border, says wer are needed TOP STORIES Nexstar Content is Valuable Nexstar produced and programmed content drives its ratings and revenues. Valuable Network Relationships OCBS 12:00 FOX abc my NBC TV • #1, #2 or #3 affiliate for every major broadcast network Airing sports, news, lifestyle and entertainment content Owned Broadcast Networks • Nexstar MEDIA GROUP, INC. Nexstar Produces 300,000 Hours of Local Content Each Year Nexstar Local Station Content Viewership Nexstar's local news and other produced/acquired content is responsible for more than half of the viewership of its local stations. Local advertisers value the local audiences Nexstar delivers. Four Book Average (July - Oct 2022) Nexstar Station Viewership by Content Type Source: Nielsen Nexstar Local Station Advertising Revenue Nexstar's local news and other local and syndicated content accounts for approximately 70% of stations' core advertising revenue. 2021 Nexstar Station Advertising Revenue by Content Type THE JW Network <<REWIND ANTENNA TV Content, PLAYBACK THE 80's & 90's ▸▸ 34% PH Owns The CW, America's 5th major broadcast network Owns and created Antenna TV (ranks in top half of cable networks in terms of viewership) and Rewind TV Nexstar Content (Local and Syndicated), 66% Network Content, 30% Nexstar Content (Local and Syndicated), 70% 8#9Record-Setting Revenue Trends Nexstar MEDIA GROUP, INC. Ten* of the last eleven quarters set all-time quarterly high levels of net revenue for Nexstar. TE a THE HILL SENATE Democrats Scramble f path forward after e setbacks RACK MIA umicari sbad w AGO AGO SNOW Biden h anti-L 1,135 Equa ✓ Continued execution on local and national television advertising sales with incentive plans geared to new business development in local markets ✓ Extensive footprint and focus on large political advertising opportunity in even years ✓ Growth in internally-developed network businesses like NewsNation, Antenna TV and Rewind TV ✓ Ability to grow distribution rates in excess of MVPD subscriber attrition ✓ Focus on high growth digital revenue through organic execution and M&A LTM 9/30 Net Revenue ($ in millions) 8.5% CAGR $4,779 $4,970 $4,225 Q3 LTM 2020 Q3 LTM 2021 Q3 LTM 2022 *The one quarter which did not set a record high was Q4 2021, not an election year quarter, in comparison to Q4 2020, a presidential election quarter; Reflects all quarters since the Tribune Media acquisition. 9#10a THE HILL SENATE Democrats Scramble f path forward after e setbacks Biden b anti-U Equa Com HAGO AD 1 AGO 1,135 Diversified Revenue Composition Nexstar's revenue is contractual, diverse and predominantly local. LTM 9/30/22 Net Revenue Composition - By Type Over 50% of LTM Revenue is from contractual, distribution fees. Distribution 52% Political Other Digital 5% 1% 7% Core Television Advertising 35% YTD 9/30/22 Core TV Ad. Rev. Composition - By Category Approximately 2/3 is from categories which represent less than 5% of total, resulting in diverse revenue sources. Auto, 14% Other, 66% Attorneys, 8% Medical/Healthcare, 6% Home Repair/Manuf., 6% YTD 9/30/22 Core TV Ad. Rev. Composition - By Type ~70% of YTD Core Television Advertising Revenue is from more stable local advertising revenues. National, 31% Local, 69% 10#11Q "Local Moat" Protects and Drives Revenues • • ~70% of Nexstar's core television advertising and the substantial majority of political television advertising revenue is from resilient local sources. Local Assets Nexstar MEDIA GROUP, INC. Engaging Live, Local News and Sports Content Wow found the perfect television at the best price thanks to BestReview. REVIEWED BY EXPERTS Beth Sweeny Cooking We find and review perfect products saving you time and money • 200 local broadcast stations each with a unique local brand 120 local websites Premium live sports, news and other entertaining and engaging content #1 or #2 local news television viewership in 76% of our markets Dedicated 1,500-person local sales force with long- term, established relationships with over 40,000+ local businesses and advertisers 200 Local Broadcast Stations and 120 Local Websites Live, Local Audiences at Scale 1,500+ Person Local Salesforce with 40,000+ Accounts • • Why is this important? Local advertising (generally more "call-to-action") is typically more resilient in a challenging economic environment than national advertising (generally more "brand" focused) Substantial majority of $4BN+ political television advertising market is spent locally Ability to deliver local audiences at scale with engaging live news and sports content You can't sell local without a local sales force 11#12E.24 E2 National Advertising is a Growth Opportunity SEE CAL NEWS THAT MAT TRAC TRO • The national television advertising market is twice the size of the local advertising market. The Opportunity Growing Nexstar national assets of News Nation (the fastest growing cable news network), The CW and multicast networks of Antenna TV and Rewind TV THE NEWSNATION] <<REWIND ANTENNA TV PLAYBACK THE 80's & 90's ▸▸ TV THE HILL 2022E U.S. Television Advertising Market Size $46BN National Television Advertising Market kxan. Greg Abbott blames Biden administration for unaccompanied minors at Texas border, says answers are needed TOP STORIES 47D-office jo and charged w 12:00 • Opportunities for local activation at national scale of local properties Source: Magna Global, June 2022 $23BN Local Television Advertising Market 12#13a THE HILL SENATE Multiple Organic Opportunities for Outsized Long-Term Value Creation ATSC 3.0 (NEXTGEN TV) foo networ [NEWSNATION] Democrats Scramble f path forward after en setbacks Biden! anti-L 1,135 Equa 1 AGO 1,135 1 Fox News and CNN are expected to generate $2.9BN and $1.7BN, respectively of 2022 revenue. Source: SNL Kagan. 2 THE ABC, CBS, NBC and Fox are expected to generate, on average, $5BN of revenue and $800MM of profit in 2022. Source: SNL Kagan. High speed data transmission 3 applications could generate up to $15BN of industry revenue. Source: BIA Kelsey. 13#14NEWSNATION Business Politics Sports World Natond Ente Watch Live Broadcast LIVE TV LIVE EVERY WEEKNIGH 8-11 PM EST/5-8 PM PST Stocks are taking a big nose due to COVID-19 4:07:01 DJ NYA There are now over 1000 con and nine deaths from the viny ved Sunday • • 1 [NEWSNATION] America's Fastest-Growing Cable News Network Leveraging our core competency in news, we are building a profitable and differentiated national news network. News networks are the most watched cable networks Top 3 cable networks in 2022: #1 Fox News, #2 ESPN, #3 MSNBC (Source: Nielsen) NewsNation has comparable distribution to other cable news networks of Fox News, MSNBC and CNN and fills a hole in the cable news market for unbiased news NewsNation has been profitable from its launch Recent high-profile hires are accelerating ratings growth Expectation to transition to 24/5 news in 2023 and 24/7 news by 2024 NewsNation Serves the Independent Majority Percentage of generation identifying as independent (Gallup Poll, August 2022) 52% 52% 60% 50% 44% 40% 33% 26% 30% 20% 10% 0% Silent Generation Baby Boomers Generation X Millenials Generation Z First Class Programming NEWSNATION CABLE NEWS NETWORK Mitch Carr EARLY MORNING Adrianna Bankart MORNING IN AMERICA AMERICA'S FASTEST-GROWING Marni Hughes NEWSNATION LIVE Nichole Berás RUSH HOUR Leland Vittert ON BALANCE Chris Cuana CUOMO Multi-Platform Strategy YouTubeTV hulu fubo™ Dan Abrams DAN ABRAMS LIVE Ashleigh Banfield BANFIELD Natasha Zouv NN PRIME WEEKEND DIRECTV stream sling vidgo stream like a pro. NewsNation App Recognized by Watchdog Groups for Independent Content NewsGuard AllSides™ ad fontes media Rated NewsNation TV as "Most Reliable for News" with its political bias rated as "Middle or Balanced" (1/2023) Gave NewsNation a "Trust Score" of 100, the highest rating of any cable news network (1/2023) Rated NewsNation's online property as "Center" for media bias (9/2022) 14#15ALL AMERICAN THE 2 One of America's Major Broadcast Networks WALKER WHOSE ANYWAY WINCHESTERS PENN&TELLER FLUS • In September 2022, Nexstar acquired a 75% interest in The CW Network for no consideration. Nexstar is the #1 CW affiliate* covering 32% of TVHH, including 5 of the top 10 DMAS. THE w The CW Network provides 14 hours of primetime programming per week and 3 hours on Saturdays THE JUU PLUS The CW Plus provides 24/7 programming for smaller market affiliates ست CW Digital offers its network content and a library of third- party content on cwtv.com and all major OTT platforms with over 90MM downloads Path to Profitability Improve and diversify programming to align with audiences Accelerate digital growth Reduce costs and focus on execution Achieve profitability by 2025 Interim losses primarily funded by recent real estate asset sale net proceeds The Nexstar - CW Opportunity ✓ Solidifies and Creates Better Revenue Opportunities for Nexstar CW Stations and Other CW Affiliates - Protects existing television advertising and distribution revenue generated by Nexstar's 37 CW-affiliated stations Improved CW ratings will create opportunities to increase local advertising revenue Recently signed LIV Golf to an exclusive broadcast deal Positions Nexstar to Respond to Future Changes in the Network/Affiliate Ecosystem Owning our own network/content will provide Nexstar with additional leverage in future negotiations with producers, networks, MVPDs and vMVPDS Increases Nexstar's Exposure to the Lucrative National Advertising Market ✓ Establishes Nexstar as a Player in AVOD The CW App is available on all major platforms with over 90 million downloads Value Creation Opportunity from Improving Profitability of the Network *Including partner stations. 15#16arr food network THE HILL NU BILL BARR Biographical Data, Bill Barr OCCUPATION Former United States At General, 2019-2020 EDUCATION George Washington Columbia Universit University, A.B. • • 3. ATSC 3.0 (NEXTGEN TV) Opportunity • Nexstar is upgrading its spectrum to allow it to monetize it via B2B data transmission services and other opportunities. Nexstar is nearing full utilization of its existing spectrum capacity and conversion to NEXTGEN TV (e.g. ATSC 3.0) will increase revenue growth opportunities Nexstar expects to convert its stations to ATSC 3.0 reaching 50% of the population with consumer adoption of new standard TV sets to follow A BIA Advisory Services study estimated that broadcaster expansion into high-speed broadband data transmission markets could generate up to $15.0 billion of revenue for the industry by 2030 comparable to current industry retransmission revenues of $13.0 billion NEXTGEN TV Revenue Opportunities - Targeted advertising Sports betting . Signal encryption • Other Nexstar Leads the Way in ATSC 3.0 Deployment Nexstar TV Households 45,000,000 40,000,000 35,000,000 MEDIA GROUP, INC. 30,000,000 25,000,000 20,000,000 15,000,000 10,000,000 5,000,000 Nexstar Sinclair TEGNA Fox Gray EW Scripps Hearst Univision Cox Media Graham Media Comcast/NBC ABC/Disney High-Speed Data Transmission Revenue Could Rival Retransmission Revenue Levels NEXTGEN TV Revenue Projection Medium-Term TV Applications: Long-Term B2B Data Applications: • Additional multicast channels • Agriculture ($ in billions) $15.0 • Connected car 2020 Industry Retransmission Revenue: $13.0 BN . Interactive television, $15.0 • including: Digital signage $10.0 • Education and distance learning $10.7 . GPS • IoT $5.0 . Public safety for emergency alerts and other features $6.4 $5.0 $1.7 $0.0 • network applications Telemedicine Telecom for hybrid NextGen TV/5G 2025 2027 2030 Low Middle High Source: BIA and SNL Kagan # of Markets 40 40 35 30 22205 15 10 16#17Long Term Industry Projections Imply Long Term Revenue Growth Projected Local Broadcast Industry Advertising Revenue Growth ($ in millions) $30,000 $25,951 $26,238 $26,754 $26,613 $26,851 $21,453 $25,000 $22,508 $23,309 $23,770 $23,772 $23,958 $20,557 $20,000 $15,000 $10,000 food network $5,000 $0 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 Core station revenues Digital/online Political revenues Illustrative Distribution Revenue Projection Scenarios MVPD/VMVPD Subscribers Historical and Illustrative Projected Nexstar Distribution Revenue (in millions) ($ in millions) 66% of TVHH and 73% of adults ages 45+ (representing over 50% of the adult population) have a Pay TV service. 100.0 9.2 80.0 $5,000 $4,359 12.7 $4,000 14.9 16.7 60.0 17.9 18.4 18.8 19.2 $2,473 $2,572 $3,677 $3,078 $3,000 $2,555 40.0 80.0 $2,153 $2,000 72.9 66.6 59.8 $1,369 54.0 49.6 20.0 46.2 43.3 $1,000 $0 2019 2020 2021 2022 | MVPD Subscribers (-8% '22-26 CAGR) (Combined: -5% '22-'26 CAGR) I VMVPD Subscribers (+4% '22-26 CAGR) Nexstar Distribution Revenue (14% Revenue CAGR Q419 - Q322) 2023 20% Rate CAGR 2024 2025 2026 15% Rate CAGR 10% Rate CAGR 5% Rate CAGR (14% Revenue CAGR) (9% Revenue CAGR) (5% Revenue CAGR) (0% Revenue CAGR) Note: Nexstar Distribution Revenue for 2022 reflects the LTM 9/30/22 period.; Illustrative revenue projection scenarios are based on 68% penetration of MVPD/VMVPD subscribers based on Nexstar TVHH coverage by its television stations. Nexstar closed on its acquisition of Tribune Media in Q3 2019. Sources: Advertising and subscriber projections from SNL Kagan (6/22); Leichtman Research 10/22 and US census. These projections are presented for illustrative purposes and are based on a number of estimates and assumptions which are inherently subject to uncertainties and contingencies. These projections are not presented to represent actual expectations of what distribution revenue growth Nexstar may achieve but rather as a tool to assess what impact subscriber attrition may have on revenue based on a variety of growth rate assumptions for distribution fees per subscriber. There are many other factors such as timing and impact of contract renegotiations, the composition of MVPD and VMVPD subscribers which have different revenue characteristics, the impact of other distribution revenue generated from other sources, among others, which could materially impact timing and outcome of actual revenues. In addition, the Company's ability to generate growth in future distribution revenues is subject to significant risks and will depend upon future events, many of which are not within the Company's control. Under no circumstances should such illustrative projections be construed as a representation or prediction that the Company will achieve any particular results. 17#18Free Cash Flow and Capital Allocation Nexstar returned $892 million, or 64% of FCF to shareholders in the LTM period ended 9/30/22 and increased its 2023 dividend by 50% to $5.40 per share p.a. FCF and Shareholder Returns Capital Allocation Priorities Adjusted Free Cash Flow ($ in millions) % of Adjusted Free Cash Flow Returned to Shareholders . $1,400 Value enhancing operational initiatives $1,400 100% . Accretive M&A $1,280 $1,243 . Modest deleveraging TRAC TRO $1,050 $700 kxan 12:00 $350 ox Greg Abbott blames Biden administration for unaccompanied minors at Texas border, says w are needed TOP STORIES $0 470 ofice kosket and charged w 80% • 64% 60% 53% 40% Shareholder returns: dividends and share repurchases 9/30/22 LTM FCF Allocation $439 30% 29% Dividends 10% 20% Share Repurchases 54% Debt Repayment 27% 0% 2019 2020 2021 LTM 9/30/22 Other 9% Free Cash Flow % of FCF Returned to Shareholders 18#19a THE HILL SENATE bood network Nexstar ESG Principles and Actions Ranked as #1 Best ESG for MidCap Media Companies in the Institutional Investor 2023 Survey and Awarded an ESG rating of "Low Risk" by Morningstar Sustainanalytics Key Principles Environmental Social • Limit our impact on the environment • Fact-based, unbiased journalism • Community involvement • Diversity, equity and inclusion • Governance Maximize shareholder value Provide opportunities for Democratscramble for path forward after actio setbacks AGO Biden highlig anti-LGB LGBT b Equality Ar Coming C vacci ADD 5 from Selected Highlights /Actions ✓ Core business of television broadcasting already has a minimal impact on the environment ✓ Began process of collecting data to measure our environmental impact ✓ Plan to establish strategies to reduce limit our impact in the future ✓ Validated unbiased content at local level, NewsNation and The Hill by third party watchdog groups Community involvement by each of our stations with over 1,675 initiatives each year ✓ Nationwide "Feeding America" partnership ✓ Focus on treating employees fairly, ethically and fostering positive work environments - Company-wide minimum wage above federal and state requirements Established the Nexstar Employee Assistance Fund Broad inclusion of management employees in equity awards ✓ Dedicated diversity, equity and inclusion programs, hiring practices and mentorships - - Employees mirror the communities we represent (1) Above average senior management diversity (2) Effort to increase diversity through expansive recruiting efforts, support of diversity groups inside of Nexstar and mentorship programs • shareholders to make their opinions known Diversity, equity and inclusion One of the best performing media stocks over the last year ✓ Single class of stock (unlike many public media companies) ✓ Virtually entirely independent Board of Directors (8 of 9* directors are independent) ✓ Plan to declassify the Board ✓ Improving Board diversity (2 of 9* directors are women) ✓ Active and accessible investor relations function (1) Nexstar Total: 74% White, 11% African American, 9% Hispanic, 3% Asian, 2% Two or More; National Average: 60% White, 12% African American, 18% Hispanic, 6% Asian, 3% Two or More (2) Nexstar senior management is 35% women versus C-suite National Average of 26% according to "Women in the Workplace 2022", McKinsey *Dennis Miller recently resigned as director to become President, The CW Network; The Board of Directors has initiated a search for his replacement. 19#20News Channel on your side 20 Allstate WCASE STUDIO RADIO 20WGN Invest in Nexstar Nexstar MEDIA GROUP, INC. NXST has one of the best short and long-term stock price performances in media, one of the highest percentage return of free cash flow to shareholders in media, solid long-term growth prospects, and a low valuation ✓ Strong Continued Financial and Stock Price Performance: YTD 2022, Nexstar generated all- time high net revenue and was one of the few stocks with a positive 1-year return in all of media ✓ High Free Cash Flow Generation: Nexstar's business model is focused on free cash flow generation. Consensus estimates show we will generate $2.9BN of cash flow for the Q422 - Q424 period, representing just under 40% of our current market capitalization ✓ Returning Capital to Shareholders: We returned 64% of our LTM 9/30/22 free cash flow to shareholders in the form of dividends and stock repurchases; Increased 2023 dividend by 50% to $5.40/share p.a., a 2.6% yield Strong Balance Sheet: Our credit rating is Ba3/BB and we have low leverage of 3.2x ✓ Excellent short-term visibility and multiple long-term material growth initiatives: 2023 and 2024 will benefit from new retransmission consent deals and 2024 is a presidential political year; we have multiple organic initiatives including NewsNation, The CW and ATSC 3.0 roll- out that could generate material growth for Nexstar The Opportunity: We are the largest company with top-tier operational performance in the sector but trade at a mid-teens '22/'23 FCF Yield Note: Stock price as of 1/27/23. 20 20