Investor Presentaiton

Local Leadership Combined with Disciplined Operating Strategies Driving Record FCF Continued growth of non-core revenue channels - - - Political: NXST exceeded its 2020 full year political revenue guidance, generating $507 million in political advertising revenue Retransmission: Contract renewals for >200 agreements in last three years • Repriced ~70% of sub base in 2019 with ~18% repriced in 2020 Agreements with ABC / FOX/CBS / NBC include equally attractive economics for OTT platforms Digital: Profitable growth of station-level and Nexstar Digital platform . New revenue applications / monetization of mobile leading to growth in continuing operations • Strong operating fundamentals, accretive M&A, share repurchases and balance sheet driving record FCF - NXST reinstated guidance and expects to generate pro-forma average annual free cash flow of ~$1.27 billion over the 2021/2022 cycle • Highly accretive Tribune Media acquisition proving to be a strategically / financially compelling growth opportunity - Created largest US broadcast television affiliate station group with leading digital media platform - Positions NXST to more effectively compete with other media and innovate - Further diversifies affiliation mix and increases Nexstar's attractiveness as a network partner - Upsized and overachieved year one synergies of $185 million - Generating significant average annual pro forma FCF growth • Financial capacity / flexibility to reduce leverage while returning capital to shareholders • - Cash dividend increase of 25% to $2.80 annually in 2021, marking eighth annual consecutive increase - Opportunistic share repurchases of ~750,000 shares in 2018, ~440,000 shares in 2019, ~2,400,000 shares in 2020 and ~808,500 shares in 1Q21 – ~$1.05 billion remains under NXST's share repurchase authorization as of March 31, 2021, including the $1.0 billion new share repurchase program authorized by the Board of Directors on January 27, 2021 - Reported total net leverage ratio at Marc 31, 2021 was ~3.4x, while NXST's senior leverage ratio was 2.14x versus a 4.25x covenant FCC's proposed rulemaking to modernize ownership rules and facilitate the voluntary adoption of new ATSC 3.0 standards for innovative Next Gen TV services would result in stronger competitive positioning for broadcast TV industry - Potential new long-term revenue opportunities through the development of ATSC 3.0 related products/services *Before one-time transaction expenses 18

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