Nexstar's FCF and Capital Allocation

News 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

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