Nexstar's FCF and Capital Allocation

a THE HILL SENATE Democrats Scramble f path forward after e setbacks Biden b anti-U Equa Com HAGO AD 1 AGO 1,135 Diversified Revenue Composition Nexstar's revenue is contractual, diverse and predominantly local. LTM 9/30/22 Net Revenue Composition - By Type Over 50% of LTM Revenue is from contractual, distribution fees. Distribution 52% Political Other Digital 5% 1% 7% Core Television Advertising 35% YTD 9/30/22 Core TV Ad. Rev. Composition - By Category Approximately 2/3 is from categories which represent less than 5% of total, resulting in diverse revenue sources. Auto, 14% Other, 66% Attorneys, 8% Medical/Healthcare, 6% Home Repair/Manuf., 6% YTD 9/30/22 Core TV Ad. Rev. Composition - By Type ~70% of YTD Core Television Advertising Revenue is from more stable local advertising revenues. National, 31% Local, 69% 10

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