The following information contains, or may be deemed to contain, "forward-looking statements" (as defined in the U.S. Private Securities Litigation

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2 Safe Harbor The following information contains, or may be deemed to contain, "forward-looking statements" (as defined in the U.S. Private Securities Litigation Reform Act of 995). Any statements about our expectations, beliefs, plans, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. We base these forward-looking statements on our expectations, assumptions, estimates and projections about our business and the industry in which we operate as of the date of this presentation. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future and cannot be predicted, quantified or controlled, and as such these statements could cause actual results to differ materially from those set forth in, contemplated by or underlying any forward-looking statements. Statements made in these presentation materials and during this presentation and factors set forth under the title Risk Factors in our Form 0-K, 0-Qs, and 8-Ks filed with the SEC, describe factors, among others, that could contribute to or cause any material difference in outcome from those set forth in, contemplated by or underlying any forward-looking statements. However, additional factors and risks not currently known to us or that we deem immaterial may also materially and adversely affect our financial condition and results of operation, and you should review the factors and risks we describe in reports we file with the Securities and Exchange Commission or that are provided to you by us from time to time. You are cautioned not to place any undue reliance on any forward-looking statements, which speak only as of the date made. All subsequent forward-looking statements are expressly qualified in their entirety by the cautionary statements contained or referred to herein. We undertake no obligation to update these statements or publicly release revisions to these statements to reflect subsequent events, except as required by law.

3 Key Investment Highlights Largest television broadcaster with substantial scale Diverse operations with broad national reach Strong industry trends bolstering growth Why SBGI Solid track record of accretive acquisitions and equity value creation Robust free cash flow generation and strong balance sheet Value in other investments, content and spectrum opportunities Experienced management team with significant ownership stake Based on number of stations pro forma for pending transactions

4 Only SBG Has Both National Reach & Size Owned and Operated 2 Television Stations Average: SBGI Nexstar Gray MEG/LIN Raycom Gannett Tribune CBS Hearst FOX NBC Scripps/Jrn Meredith ABC 44% U.S. TV Households Reach of Approximately 38%,3 38% 38% 37% 30% 27% 23% 23% 8% 8% 6% Average: 24% 3% 0% 7% Tribune SBGI CBS FOX Gannett NBC ABC MEG/Lin Hearst Scripps/Jrn Nextstar Raycom Meredith Gray Source: Company filings and presentations for public companies and websites for private companies Pro forma for pending acquisitions, net of dispositions 2 Includes stations to which Sinclair provides programming, operating or sales services 3 24.% US TV household reach under UHF discount

5 Diversified Assets Geographically Diverse Channel Affiliation Mix,2 FOX, 45 CBS, 29 Non- Network, 63 CW, 44 Spanish, 7 NBC, 22 ABC, 32 MNT, Markets 76 News Markets 64 Stations 380 Channels 27 Network affiliated 63 Non-Network cable channel 4 radio stations Revenue Mix by Content 3 Local News, 26% Local Sports, 8% Paid/DR, 5% Syndicated 33% Pro forma for announced transactions 2 Includes primary and DigiNet channels as reported Network, 28%

6 Accretive Acquisitions Stations Acquired 2, Net: 05 Average Seller Multiple: 9.7x SBG Average Purchase Multiple: 6.8x Total Net Assets Acquired: $3.3 Billion Total EBITDA Acquired 3 : $343 Million Synergies Created: $49 Million ¹ Information is on a pro forma basis assuming completion of all pending acquisitions, net of dispositions, since //2 ² Includes stations which we own and operate or provide certain programming, operating or sales services ³ Total EBITDA Acquired is based on an average of EBITDA for 2 years (odd and even years) including results pre- and post-acquisitions. The periods included in Total EBITDA Acquired varies based on the year in which the acquisition was completed

7 Revenue Growth Opportunities Spectrum Monetization Broadcast Partnerships Cable Channels Original Content Digital Interactive Retransmission Fees Advertising 3 Years Out 2 Years Out < Year Out Infancy Stages Infancy Stages Early Stages Core Business

8 Broadcast TV: Dominant Medium Young People Purchase Decisions Influenced by TV TV Newspaper Radio Magazines Internet 4% TV Set is Viewing Device of Choice 2 TV Set Laptop Tablet Smartphone 82% 3% 2% 3% 7% 4% 7% 8% 8 34 TVB 2: YouGove for Broadstream Solutions 2: Totals o not add up to 00% because users use multiple screens

9 TV Advertising: Increasing Share TV expected to remain the preferred medium for advertisers 206 spending expected to exceed $90 billion 4.9% CAGR ( ) U.S. Ad Spending by Medium Mobile 2% Internet 4% TV 35% Mobile 7% Internet 6% TV 37% Direct Mail 20% Outdoor 3% Magazines 6% Radio 7% Newspapers 3% Direct Mail 5% Outdoor 4% Newspapers Magazines 9% 5% Radio 7% SNL Kagan

10 Broadcast TV: Leading Local News Source Young Adults Rank Local TV as Primary Source for Local News % 84% 79% 7% 20% 3% 4% 2% 2% 8% 3% % Stepleader Note: Each medium includes its primary, social and web distributions TV Newspaper Social Media

11 Importance of Local News SBG News Platform:,800 hours of local news content per week Over M households watching Expanding news and dayparts Morning news shares up 9% (Nov 0 vs. Nov 3 P25 54) Allbritton D.C. News bureau Local News cable network

12 Sinclair Digital Interactive Strategy TV Internet Advertising Industry Revenue¹ ($ in Billions) $.9 $.8 $.7 $.5 $.4 $.2 SNL Kagan 20A 202E 203E 204E 205E 206E

13 Importance of Local and Original Content

14 Retransmission Fee Growth TV broadcast captures only 9% of $35 billion in affiliate fees paid by MVPDs, despite TV broadcast representing 40% of audience share Broadcast Retransmission Revenue 9% CAGR Cable Nets Retrans $50.3 $38.9 $42.9 $5. $46.6 $5.9 $6.6 $34.9 $4.3 $3.3 $3.6 $34.6 $37.8 $40.7 $ E 204E 205E 206E 207E SNL Kagan

15 Why the Networks Need Their Affiliates Affiliates bring value to the networks Local branding of network content Local news lead-in/ lead-out programming drives network ratings Contribution to sports rights fees Reverse retrans payments ($ in Millions) 204E Industry Wide Reverse Retrans Revenue by Affiliate¹ $229.4 $265.7 $268. $99.9 FOX CBS ABC NBC SNL Kagan

16 Power of the Network/ Affiliate Relationship 4,277, ,000 Fox Broadcasting FX Cable Fox Broadcasting and FX Cable household avg. May 4, M-F Prime Neilsen

17 Local Broadcast Content Dominates Cable Networks Local Viewing: El Paso, TX National Viewing 5, ,000 4,077 2,669,42,02 00,000 ROH AMC Scripps Cable News (2) Discovery ROH CNBC No. of Channels: ROH KFOX (FOX) vs Cable Nets P25-54 Nov 3, Sunday 6p-7p ROH hour viewing in 32% of country vs. CNBC total day viewing in 9% of country May 3, HH Nielsen Nov 3 2 Cable News P25-54 M-F Prime Time

18 Broadcast Content Beats Cable Networks Oklahoma City P8-49 M-F Prime-time Nov 3 5,75 4,874 5,9 3,964,820 KOCB (CW) Discovery Cable News Scripps AMC No. of channels Nielsen Nov 3

19 Broadcast Spectrum: The Next Generation Wireless Data Network

20 Regulatory Inequity 250 Market Cap (in billions) (2) () Market caps as of September 2, 204. Cox and Mediacom are privately held and based on a valuation of $4,000 per subscriber. (2) The top 5 public TV broadcasters include Sinclair Broadcast Group, Meredith Corporation, Nexstar Broadcasting Group, The E.W. Scripps Company, and Media General and LIN Media (Combined)

21 Financial Highlights

22 203 Highlights: Solid Results in Non-Political Year Financial metrics are shown as reported 2 EBITDA does not reflect bank adjustments 3 Free Cash Flow per SBG s definition

23 H-4 Financial Highlights Record-setting performance YoY : $778 net broadcast revenues (up 46%) $292M EBITDA (up 40%) Free Cash Flow 2 of $65M (up 59%) Other Highlights: 34% EBITDA margin 59% EBITDA conversion rate $6.B Enterprise Value Financial metrics are shown as reported 2 Free Cash Flow per SBG s definition

24 Revenue Growth: Political Ad Spend Industry¹ Local news is key to connect with potential voters 0% Industry expected growth rate (206 vs. 202) 20% Industry expected growth rate (204 vs. 200) Sinclair 60% 2-year pro forma growth rate(202 vs 200) Sinclair well-positioned: In Nation s capital, 20 state capitals, and 0 swing states Drivers: Super Pacs, elimination of campaign donations caps, and Issue advertising ($ in Billions) $2. $2.9 $2.5 $3.2 $2.7 $3.4 ($ in Millions) $6 2 $258 2 $97 $3 $4 $42 200A 202A 204E 206E 208E 2020E SNL Kagan; based on Broadcast TV political advertising 2 Pro forma for all transactions

25 Exceptional Free Cash Flow & Liquidity Metrics Free Cash Flow $50M liquidity 7x FCF multiple ($ in Millions) 2 $373 Potential Uses: Investments in content, DI, cable nets Station optimization Dividends Share repurchases Debt repayment $ $ PF 6/30/4 pro forma for all transactions and financings 2 Pro forma for full year results of all pending transactions including synergies 3 As reported

26 Balance Sheet Strengths Pro Forma Maturity Schedule 2 Total Revolver,328 Senior Unsecured Notes 378 Term Loans /203 PF 2-year total net leverage includes all announced transactions 2 Excludes capital lease obligations, amortization of debt, VIE and non-recourse debt Note: Term Loan balance does not account for Delayed Draw Term Loan

27 Key Investment Highlights Largest television broadcaster with substantial scale Diverse operations with broad national reach Strong industry trends bolstering growth Why SBGI Solid track record of accretive acquisitions and equity value creation Robust free cash flow generation and strong balance sheet Value in other investments, content and spectrum opportunities Experienced management team with significant ownership stake Based on number of stations pro forma for pending acquisitions