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Investor Presentaiton

Prudent Allocation of Capital Stock Buybacks 16% NXST 2020 Capital Allocation Mix (%) NXST brought ~28% of every net revenue dollar to the free cash flow line in 2020, allowing the Company to strategically deploy cash in a manner that is consistent with its commitment to leverage reduction and shareholder returns M&A 22% Cash Dividends 6% 2020 Total ~$1.77 billion Sources of Capital: (in millions) Operating free cash flow $ 1,280 After-tax proceeds from divestitures / litigation settlements $ 320 Debt Reduction 56% Mission borrowings and asset conversions 140 Other $ ՄՌ 30 TOTAL $ 1,770 • Uses of Capital: (in millions) Debt reduction $ 1,000 Complementary accretive acquisitions $ 389 Opportunistic share repurchases $ 282 Quarterly cash dividends $ ՄՌ 101 TOTAL $ 1,770 Despite the pandemic, NXST's total net leverage at year-end 2020 was 3.60x, compared to 5.18x at year-end 2019 and in-line with the Company's previously stated goal of reaching high-3x by year-end 2020 17
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