Sinclair Broadcast Group Investor Presentation — August 2024

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12Q24 Earnings Presentation

Sinclair, Inc.NON- GAAP FINANCIAL MEASURES

This presentation contains certain financial measures of Sinclair, Inc. (the “Company”), including Adjusted EBITDA, which are not prepared in accordance with U.S.

generally accepted accounting principles ("GAAP") (collectively, the "non- GAAP financial measures"). Adjusted EBITDA is defined as earnings before interest, tax,

depreciation and amortization, and non- recurring and unusual transaction, implementation, legal, regulatory and other costs, as well as certain non- cash items such

as stock- based compensation expense and other gains and losses; less amortization of program costs. Adjusted EBITDA is a non- GAA P operating performance

measure that management and the Company’s Board of Directors use to evaluate the Company’s operating performance and for exec utive compensation purposes.

The Company believes that Adjusted EBITDA provides useful information to investors by allowing them to view the Company’s bus iness through the eyes of

management and is a measure that is frequently used by industry analysts, investors and lenders as a measure of valuation. . Non-GAAP measures are not

formulated in accordance with GAAP and are not meant to replace GAAP financial measures and may differ from other companies’ uses or formulations. Further

information with respect to and reconciliations of Adjusted EBITDA to net income (or to segment operating income with respect toAdjusted EBITDA for the

Company’s segments), the most directly comparable GAAP financial measures, or to other non- GAAP financial measures, as applicabl e, can be found on Sinclair's

website, www.sbgi.net , under "Investors –Financial Reports".

The matters discussed in this presentation, particularly those in the section labeled "Outlook," include forward- looking statements regarding, among other things,

future operating results. When used in this presentation, the words "outlook," "intends to," "believes," "anticipates," "expects," "achieves," "estimates," and similar

expressions are intended to identify forward- looking statements. Such statements are subject to a number of risks and uncertaint ies. Actual results in the future could

differ materially and adversely from those described in the forward- looking statements as a result of various important factors, including and in addition to the

assumptions set forth therein, but not limited to the rate of decline in the number of subscribers to services provided by tr aditional and virtual multi -channel video

programming distributors (“Distributors”); the Company’s ability to generate cash to service its substantial indebtedness; the s uccessful execution of outsourcing