Investor Presentaiton

2021 YTD Highlights: Operations, Capital Structure, Leverage Reduction & Return of Capital Record 1Q21 revenue, broadcast cash flow, adjusted EBITDA and free cash flow primarily reflecting double-digit digital and distribution revenue and a continued recovery in core advertising, which offset the year-over-year decline in cyclical political advertising revenue • 1Q21 adjusted EBITDA and free cash flow include ~$178mm in distributions from equity investments related to NXST's 31% ownership in the TV Food Network In 1Q21, NXST allocated ~$75 mm in funds from operations and investments toward debt reduction, lowering its first lien net leverage ratio from 2.28x at year-end 2020 to 2.14x at March 31, 2021; total net leverage ratio at March 31, 2021 was 3.4x, compared to 3.6x at year-end 2020 In 1Q21, NXST returned $30.4 mm to shareholders in the form of dividends and allocated $121 mm of cash from operations to opportunistically repurchase 808,530 NXST shares, reducing its basic share count to ~43 mm outstanding class A common shares • In early 2021, NXST's Board of Directors approved a 25% increase in the quarterly cash dividend to $0.56 per share beginning in 1Q21, marking the eighth annual consecutive rise in its cash dividend In early 2021, NXST's Board of Directors also approved an additional $1.0 bn share repurchase authorization, reflecting the attractiveness of NXST's free cash flow yield and a potential acceleration of share repurchases as leverage moderates and large-scale acquisitions become more scarce given current regulations NXST reiterated its pro-forma average annual free cash flow guidance of approximately $1.27 billion over the 2021/2022 cycle In March 2021, NXST had a ratings review with S&P which resulted in a one-notch upgrade on our Corporate Issuer rating to BB; a two-notch upgrade to BBB- on NXST's Secured Debt rating and a one-notch upgrade on NXST's Unsecured Bond rating to B+ • S&P's commentary centered on the rapid deleveraging exhibited post-Tribune acquisition and improved economic recovery Announced the promotion of experienced media executive Andy Alford to President of Broadcasting Division, effective June 1, 2021. Mr. Alford will replace Tim Busch who is retiring after serving NXST for more than 20 years In March 2021, NXST rebranded WGN America as News Nation and expanded its news and talk programming line-up to five hours 12 12

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