Barclays High Yield Bond & Syndicated Loan ConferenceJune 2016

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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 1995). 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 10-K, 10-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.

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Sinclair Broadcast Group –Connecting People With Content

Leader

Creator

Innovator

Free cash flow generator

Only Broadcaster with Economies of Scale, National Reach, and Diversified Asset Base:

173 TV stations

483 channels

81 markets

50 Multi-station markets

77 news markets

44M TV households

No market more than 5% of revenue

Largest ABC, CBS, FOX, CW, MNT affiliate groups; 3rd largest NBC group; affiliations with Spanish-language networks

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Leading Broadcaster

Note: After pending transactions

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Creating & Diversifying Content Offerings

Net Time Sales by Content Type

30% 29% 29%

8%

4%

0%

10%

20%

30%

40%

Local News Syndicated Network Local Sports Paid/DR

2015 Ad Revenues by Content Type

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Creating & Diversifying Original Content

Benefits: Lower programming costs; syndication & streaming rights

Local News Over 2,200 hours per week

Over 50% of SBG newscasts ranked #1 or #2 in their markets

National news show, ‘Full Measure with Sharyl Attkisson’

Circa – next generation digital-first news

Sports Tennis Channel

American Sports Network - College and high school sports, racing

ROH Wrestling

Syndication Tornante JV - First run/low cost game, talk, court, and comedy shows

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Creating New Sales Channels

Programmatic/Audience Network:

Compete for advertising budgets reserved for cable network buys

OxMyx Media Group, Programmatic JV with Visible World

Aggregate and sell Sinclair and other broadcasters’ impressions on a national scale across multiple dayparts

Automate the spot buying process

Warehouse linear and non-linear inventory

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Creating Multiple Delivery Platforms

Digital:

Break local news on Desktop, Mobile Apps, Social Media

Package digital sales with/without linear TV spots

Engage Millennials

Offer Advertising Agency services

Compete for Internet advertising dollars

Addressable and dynamic ad insertion

24/7 Networks:

Tennis Channel

American Sports Network

COMET – Sci-Fi partnered with MGM

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Creating Multiple Delivery Platforms

Multicast Channels:

Leader in over-the-air broadcast channel offerings (473 channels)

Digital-only Magazines:

Seattle, Cincinnati and D.C. ‘Refined’ digital lifestyle/City magazines

Companion TV show

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Innovating Industry Technology

Digital Content Management & Video Management Systems:

Automate content workflow - Break news first on digital platforms

Customizable Mobile Apps with playlist functionality

Alarm clock features

Dedicated Weather Apps

Dynamic ad insertion with addressable ads

Patent-pending VMS

NGBP will allow broadcasters to do what they do today, only BETTER!

Provides for mobility

IP end-to-end

Increases capacity

UHD/4K content delivery

New business use cases:

Targeted advertising

Data leasing

Subscription-based offerings

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Next Generation Broadcast Platform –Pro Consumer

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NGBP Economics – Sinclair Only

$46mm$154mm

$1.5bn

$.000021 $.000022 $.00022

Current Spectrum (Additional Channels)

Future Spectrum (Additional Channels)

Future Spectrum (Wireless)

Broadcast Priceper Gigabyte

Wired / Wireless Wholesale Price per Gigabyte

$0.01 – 0.05Wired

$0.01 – 0.05Wired

$2.00-$3.00Wireless

Source: CompanyAssumes full capacityWholesale wireless pricing: Google paying Sprint $2 per GB/ Retail wireless pricing: T-Mobile plan priced at $10 per GB1 Current pricing2 Assumes 1/10,000th of the wireless price

$652

$786

$1,071

$1,502

$1,899

$273$341

$442

$592

$718

$450-488 (1) $488-525 (1)

$153 $179 $238$320

$371

-

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

Avg2010/2011 Avg2011/2012 Avg2012/2013 Avg2013/2014 Avg2014/2015 Avg2015/2016 Avg2016/2017

Media Revenues EBITDA FCF

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Growing Key Financial Metrics

4-Year CAGRs (FY2011 – FY2015):Net Broadcast Revenue: 33%EBITDA: 28%Free Cash Flow: 26%

• Acquisitions net of dispositions.• Media Revenues, EBITDA and FCF are all As Reported (in millions)• A reconciliation of Net Income to EBITDA, and Net Income to Free Cash Flow, is included on the Company’s website under

Non-GAAP metrics(1) Public guidance on 2/24/16 for 2015/2016 combined FCF of $900 - $975 million and 2016/2017 combined of $975 - $1,050 million

5.4x

6.3x

4.0x4.2x 4.3x

4.6x 4.7x5.0x

Low to Mid-3xs

-

1.0

2.0

3.0

4.0

5.0

6.0

7.0

2006 2009 2010 2011 2012 2013 2014 2015 2016

2016:AcquiredTC for $350M

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Declining Net Leverage

**Stations acquired net of dispositions.

Great Recession

2012: Acquired 31 stations for

$1.1B

2013: Acquired 58 stations for

$1.0B

2014: Acquired 14 stations for

$1.2B

Pre-Recession

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Strong Balance Sheet

$304

$632 $640

$950

$950 $550$350

2016 2017 2018 2019 2020 2021 2022 2023 2024 2026

Revolver

Senior Unsecured Notes

Term Loans

No near-term refinancing risk for 2 years

Healthy credit statistics

Total Net Leverage (‘14/’15 avg) of 4.7x

Total Net Leverage (‘15/’16 avg) of 4.0x estimated

5.0% Avg. Cost of Debt

$1,694

Excludes capital lease obligations, amortization of debt, VIE and non-recourse debt

FCF Metrics

2016/2017 FCF Yield ~ 16%

50% EBITDA conversion for 2015

2016/2017 FCF per share of $5.33

2015 Uses of FCF:

18% Acquisitions/Investments

17% Dividends

16% Scheduled debt repayment

8% Share repurchases

Free Cash Flow

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Free Cash Flow Generator

($ in Millions)

FCF and EBITDA Conversion are As ReportedFCF uses includes pending transactions(1) Public guidance on 5/4/16 for 2015/2016 combined FCF of $900 - $975 million and 2016/2017 combined FCF of $975 - $1,050 million

$179

$238

$320

$372

$469

Avg '11/'12 Avg '12/'13 Avg '13/'14 Avg '14/'15 Avg '15/'16

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Outperforming Equity Returns

Ticker: SBGIMarket Cap: $2.9BEnterprise Value: $6.6B

Source: Yahoo Finance as of May 11, 2016Shows the cumulative return on SBGI stock and the S&P 500 from 12/31/2012 through 5/11/2016.

SBGI: 47% p.a.S&P 500: 13% p.a.

0%

250%

2012 2013 2014 2015 2016

Cumulative Equity Performance 2012 - 2016

SBGI

S&P 500

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Value Drivers

Components Metric Commentary/Opportunities

Core Business Core ad – GDP growth

Net Retrans – Teen growth %

Digital – mid-20% growth in

2016E

Political – $270-280M in 2016E

$4.74 - $5.13 FCF/share est.

average for 2015/2016

$5.13 - $5.53 FCF/share est.

average for 2016/2017

All segments growing

NGBP/ATSC 3.0 Multicast capacity

Wholesale data

Mobility

Multicast – adds $100M

Wholesale – adds $1.5B

Excludes One Media intellectual

property licensing

Digital Assets Content & Video Management

Systems

CIRCA

Refined

Compete for Internet $

Millennial users

Increased impressions

Proprietary technology

Dynamic Ad insertion

Customizable Apps

Content Assets ASN, NC8, ROH, Full Measure,

SOP

Higher ratings

Lower programming costs

Syndication rights

Streaming rights

Network Assets Tennis Channel

COMET

ASN

Higher CPMs

Subscribers

Live Sports and niche programming

Increased distribution

Programmatic Audience Network

OXMYX

Compete for Network $

Aggregate impressions

Automate the buying process

Eventually include linear and non-

linear impressions

Other OperatingDivisions

Real estate, signage company,

Alarm company

$300-400M of value ($3-4/share) $200M of net invested capital

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Why Sinclair Broadcast Group

Broadcast leader with scale, reach and diversification

Original content creator (local news, live sports, first run

syndication)

Revenue innovator (retrans, Digital CMS, programmatic)

Multi-platform distributor (OTA, MVPD, digital, networks,

mobile apps)

Technology innovator (NGBP)

Free cash flow generator