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

$58 $123 $227 $577 $872 $1,270 2011/2012 2013/2014 2015/2016 2017/2018 2019/2020 2021/2022 Significant Pro Forma FCF Growth 16 1 Reported average annual free cash flow before transaction expenses in the twenty-four month period 2017/2018 2 Reported average annual free cash flow before transaction expenses in the twenty-four month period 2019/2020 3 Estimated average annual free cash flow before transaction expenses in the twenty-four month period 2021/2022 ($ in millions) NXST Average Annual Free Cash Flow Growth (FY) Based on Two-Year Cycles 1 2 3 • Management reinstated guidance and expects to generate pro-forma average annual free cash flow of ~$1.27 bn over the 2021/2022 cycle • Reflecting 2020 and 2021 share repurchase activity, NXST has ~43 mm shares outstanding at March 31, 2021 • Debt reduction and return of capital to shareholders (through dividend payments and share repurchases) are priorities, along with the potential opportunistic accretive M&A