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

Prudent Allocation of Capital 17 Debt Reduction 56% Cash Dividends 6% Stock Buybacks 16% M&A 22% NXST 2020 Capital Allocation Mix (%) • NXST brought ~28% of every net revenue dollar to the free cash flow line in 2020, allowing the Company to strategically deploy cash in a manner that is consistent with its commitment to leverage reduction and shareholder returns • Despite the pandemic, NXST’s total net leverage at year -end 2020 was 3.60x, compared to 5.18x at year-end 2019 and in- line with the Company’s previously stated goal of reaching high-3x by year-end 2020 2020 Total ~$1.77 billion Sources of Capital: (in millions) Operating free cash flow $ 1,280 After-tax proceeds from divestitures / litigation settlements $ 320 Mission borrowings and asset conversions $ 140 Other $ 30 TOTAL $ 1,770 Uses of Capital: (in millions) Debt reduction $ 1,000 Complementary accretive acquisitions $ 389 Opportunistic share repurchases $ 282 Quarterly cash dividends $ 101 TOTAL $ 1,770