Sinclair Broadcast Group Investor Presentation — May 2024

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Earnings Presentation

Sinclair, Inc.NON- GAAP FINANCIAL MEASURES

This presentation contains certain financial measures ofSinclair, Inc. (the “Company”), including Adjusted EBITDA which isnotprepared inaccordance with U.S. generally

accepted accounting principles ("GAAP") (collectively, the"non -GAAP financial measures"). Adjusted EBITDA is defined asearnings before interest, tax, depreciation and

amortization, and non-recurring transaction, implementation, legal, regulatory and other costs, aswell ascertain non-cash items such as stock -based compensation

expense and other gains and losses; less program contract payments. The Company considers Adjusted EBITDA tobean indicator of the Company's operating

performance and theability to service itsdebt. The Company also believes that Adjusted EBITDA isfrequently used byindustry analysts, investors and lenders asa

measure of valuation and ability toservice debt. The Company also discloses segment Adjusted EBITDA asanindicator oftheoperating performance of itssegments in

accordance with ASC 280, Segment Reporting. Thisnon-GAAP financial measures should notbe construed asanalternative tothefinancial measures presented in

accordance with GAAP and may not comply with theSEC rules governing thepresentation of non-GAAP financial measures that are applicable to filings with the SEC. In

addition, some of the adjustments that arereflected inAdjusted EBITDA aspresented inthis presentation may notbe allowed under Regulation S-Kand our

measurements of,and methodology forcalculating, Adjusted EBITDA may not be comparable tosimilarly titled measures presented byother companies. Further

information with respect toand reconciliations of such measures tonet income, themost directly comparable GAAP financial measure, ortoother non-GAAP financial

measures, as applicable, can be found on Sinclair's website, www.sbgi.net ,under "Investors –Financial Reports".

21Q24 Earnings PresentationFORWARD 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 identify forward- looking statements. Such statements are subject to a number of risks and uncertainties. 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