Nexstar Media Group, Inc. (NXST) Corporate Media Kit

2020 Highlights: Operations, Capital Structure, Leverage Reduction & Return of Capital • Record FY20 revenue, broadcast cash flow, adjusted EBITDA and free cash flow primarily reflecting the realization of Tribune synergies, distribution agreement renewals executed in 2H19 and strong political advertising revenue • Achieved free cash flow budget and June 2019 forecast despite affects of pandemic • FY20 adjusted EBITDA and free cash flow include ~$224mm in distributions from equity investments related to NXST’s 31% ownership in the TV Food Network • NXST implemented a range of COVID-related cost-cutting initiatives throughout 2020 which resulted in operating and corporate expense savings of $75 mm from budgeted levels without furloughs, staff reductions or pay cuts • In FY20, NXST allocated ~ $1.0 bn in funds from operations and investments toward debt reduction , lowering its first lien net leverage ratio from 3.52x at year-end 2019 to 2.28x at December 31, 2020; total net leverage ratio at December 31, 2020 was 3.6x, compared to 5.18x at year-end 2019 • In FY20, NXST returned $101 mm to shareholders in the form of dividends and allocated $282 mm of cash from operations to opportunistically repurchase ~2.4 mm NXST shares , reducing its basic share count to ~43 mm outstanding class A common shares • NXST completed the purchase and sale agreements with Fox , whereby NXST purchased the WJZY (FOX) and WMYT (MyNetworkTV) in Charlotte, and divested KCPQ (FOX) and KZJO (MyNetworkTV) in Seattle and WITI (FOX) in Milwaukee for net after tax proceeds of ~$240 mm • NXST reached settlement with Sinclair, resolving the outstanding litigation inherited in the Tribune transaction • As part of the resolution, Sinclair agreed to sell NXST WDKY-TV in Lexington, KY and the non-license assets of KGBT-TV in Harlington, TX , in addition to making a cash settlement payment of ~$98 mm to NXST • Completed the accretive acquisitions of WPIX-TV* and digital consumer product recommendations company BestReviews in December 2020 • NXST launched the News Nation prime-time newscast on September 1, 2020 , which reaches ~75 mm U.S. TV households and is complemented by the 24/7 mobile news app, newsnationnow.com 9 *Purchased by Mission Broadcasting.