Sinclair Broadcast Group Investor Presentation — February 2022

Document content

President & Chief Executive Officer

EVP, Chief Financial Officer

Chief Operating Officer

President of BroadcastF o u r t h Q u a r t e r 2 0 2 1

C o n f e r e n c e C a l l

F e b r u a r y 2 3 , 2 0 2 2

2NON -GAAP FINANCIAL MEASURES

This presentation contains certain financial measures, including Adjusted EBITDA and Adjusted Free Cash Flow, which are not p repared 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 transaction and transition services, COVID, legal and regulatory costs, as well as certain non -cash items such as stock -based co mpensation expense, the deferred

portion of the management fee, and sports rights amortization; less sports rights payments and programming payments. Adjusted Fr ee Cash Flow is defined as free cash flow

(which is calculated in accordance with the reconciliations found on Sinclair's website, www.sbgi.net , under "Investors -Non GAAP Measures") as adjusted for non -recurring

transaction and transition services, COVID, legal and regulatory costs. These non -GAAP financial measures should not be construe d as an alternative to the financial measures

presented in accordance with GAAP and may not comply with the SEC rules governing the presentation of non -GAAP financial measures that are applicable to filings with the SEC.

In addition, some of the adjustments that are reflected in Adjusted EBITDA and Adjusted Free Cash Flow as presented in this p resentation may not be allowed under Regulation S -

K and our measurements of, and methodology for calculating, Adjusted EBITDA and Adjusted Free Cash Flow may not be comparable tosimilarly titled measures presented by

other companies. It should be noted that companies calculate non -GAAP financial measures differently; as a result, the non -GAAP financial measures presented herein may not be

comparable to similarly -titled measures reported by other companies. Further information with respect to and reconciliations of such measures to net income, the most directly

comparable GAAP financial measure, or to other non -GAAP financial measures, as applicable, can be found on Sinclair's website, w ww.sbgi.net, under "Investors -Non GAAP

3FORWARD LOOKING STATEMENT

The matters discussed in this presentation, particularly those in the section labeled "Outlook," include forward -looking stateme nts 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