Investor Presentaiton

Nexstar 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

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