Sinclair Broadcast Group Investor Presentation — May 2022

Document content

President & Chief Executive Officer

EVP, Chief Financial Officer

Chief Operating Officer

President of BroadcastF i r s t Q u a r t e r 2 0 2 2

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

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, programm ingpayments and non -cash gain on asset

dispositions. Adjusted Free Cash Flow is defined as free cash flow (which is calculated in accordance with the reconciliations f ound on Sinclair Broadcast Group’s (“Sinclair,” “SBG”

or the “Company”) 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 construed as an alternative to the financial measures presented in accord ance 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 th at are reflected in Adjusted

EBITDA and Adjusted Free Cash Flow as presented in this presentation may not be allowed under Regulation S -K and our measurement s of, and methodology for calculating,

Adjusted EBITDA and Adjusted Free Cash Flow may not be comparable to similarly 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 comparab le GAAP financial measure, or to other non -GAAP

financial measures, as applicable, can be found on Sinclair's website, www.sbgi.net, under "Investors -Non GAAP Measures".

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