Investor Presentaiton

Significant 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

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