Nexstar's FCF and Capital Allocation

KRON4 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

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