Slide 1: Annual Report 2025
ANNUAL REPORT2025 © 2026 SINCLAIR, INC.
Slide 2: Letter to Shareholders
LETTER TO SHAREHOLDERS SINCLAIR, INC. Dear Fellow Shareholders, As we reflect on 2025, our management team was keenly focused throughout the year on execution and momentum in our core business. At the same time, this year may also be remembered as an inflection point for our industry. The regulatory e
Slide 3: Continued Execution in Our Core Business
SINCLAIR, INC. Continued Execution in Our Core Business While industry structure evolves, our focus in 2025 remained unwavering: deliver consistent performance in our core broadcast operations. We met or exceeded expectations across key financial metrics and translated performance into cash generatio
Slide 4: Political Visibility and Cash Flow Acceleration
SINCLAIR, INC. Political Visibility and Cash Flow Acceleration We expect 2026 to generate record mid-term political revenue for Sinclair. Our footprint includes numerous competitive Senate, gubernatorial, and House races. Combined with the trust and reach of our local news operations, we are well po
Slide 5: Ventures and Innovation
SINCLAIR, INC. Ventures and Innovation Our Ventures portfolio continued to generate liquidity and optionality. In 2025, we realized more than $100 million in cash distributions, including the sale of three residential apartment complexes in the fourth quarter. We remain disciplined in monetizing min
Slide 6: Strengthened Balance Sheet and Deleveraging Plan
SINCLAIR, INC. Strengthened Balance Sheet and Deleveraging Plan A central focus of 2025 was reinforcing our financial foundation. We completed a comprehensive refinancing that extended our nearest meaningful debt maturity until December of 2029. We retired the remaining 2027 notes and entered into a t
Slide 7: Looking Ahead
SINCLAIR, INC. Looking Ahead We enter 2026 guided by five clear pillars: 1. Continued execution and momentum in our core broadcast business. 2. High-visibility revenue supported by resilient distribution, stable core trends, record political demand, and a sports-heavy calendar. 3. A disciplined dele
Slide 8: Form 10-K for the Year Ended December 31, 2025
SINCLAIR, INC. SINCLAIR, INC. SINCLAIR BROADCAST GROUP, LLC FORM 10-K FOR THE YEAR ENDED DECEMBER 31, 2025 TABLE OF CONTENTS Business.......................................................................................................................................................................
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Slide 17: Significant Acquisitions and Dispositions
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Slide 18: NextGen Broadcast
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Slide 19: Subsequent Events
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Slide 20: Critical Accounting Estimates
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Slide 23: Consolidated Results of Operations
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Slide 24: Consolidated Results of Operations
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Slide 25: Consolidated Results of Operations
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Slide 26: Broadcasting Segment
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Slide 27: Support Broadcast Segment
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Slide 28: Technology Segment
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Slide 29: Corporate and Eliminations
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Slide 30: Results by Quarter
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Slide 31: Transition to NextGen Broadcast
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Slide 32: Political Advertising Revenue
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Slide 33: Working Capital and Capital Resources
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Slide 34: Contractual Obligations
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Slide 35: Operating Leases and Other Obligations
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Slide 36: Operating Leases and Other Obligations
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Slide 37: Interest Rate and Market Risk
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Slide 38: Graph of Stock Performance
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Slide 39: Controls and Procedures
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Slide 40: Management's Assessment of Internal Control
SINCLAIR, INC. (FIF282FHJO HJ 2LB -44B62F0BJBOO H4 @HJ2FHJO !<c<3UdUcd^ hc:eL8hc3 U<:2 b5 Rhc:e<h_*c <c8 R?'*c >2hU5 )IU:LdhKU V55h:U_ <c8 >2hU5 (hc<c:h<e V55h:U_^ 8b cbd UIaU:d d2<d Rhc:e<h_*c <c8 R?'*c 8hc:ebcL_U :bcd_bec <c8 a_b:U8L_Uc b_ hdc hcdU_c<e :bcd_be bKU_ 5hc<c:h<e _Uab_dhc3 Jhee a_UKUcd
Slide 41: Consolidated Balance Sheets
SINCLAIR, INC. :"?,WA";% "?,! ,>?:>W"+A9)+ @AWA?,) :$))9: *"5 JLKKL451% N/PN30 1MQ2N Q5O 3N2 1MQ2N OQ0Q' B] a9 ?:K:.L:^ ,U* T)T. T)T- BSS>RS >L__Ucd 7ccUdcA ><c2 <c8 :<c2 U`LhK<eUcdc 3 C// 6 EBD 7::bLcdc _U:UhK<;eU^ cUd b5 <eebJ<c:U 5b_ 8bL;d5Le <::bLcdc b5 6W <c8 6E^ _UcaU:dhKUeH /C0 EYD %c:bdU d<I
Slide 42: Consolidated Statements of Operations
SINCLAIR, INC. :"?,WA";% "?,! ,>?:>W"+A9)+ :9A9)U)?9: >( >=);A9">?: (>; 9$) R)A;: )?+)+ +),)U@); IV% TXTG% TXTH% A?+ TXTI *"5 JLKKL451% N/PN30 1MQ2N Q5O 3N2 1MQ2N OQ0Q' T)T. T)T- T)T, S)O)iP)A !U8h< SUKUcLU 3 ,*U-T 6 Y^WZZ 6 Y^Z[E ibc]dU8h< _UKUcLU T0 YD -C Qbd<e _UKUcLU ,*U/2 Y^WXC Y^ZYX VU)S7Q%i'
Slide 43: Consolidated Statements of Comprehensive Income
SINCLAIR, INC. :"?,WA";% "?,! ,>?:>W"+A9)+ :9A9)U)?9: >( ,>U=;)$)?:"7) *W>::' "?,>U) (>; 9$) R)A;: )?+)+ +),)U@); IV% TXTG% TXTH% A?+ TXTI *"5 JLKKL451' T)T. T)T- T)T, iUd .ebcc+ hc:bdU 3 ,22+ 6 YZB 6 .-DB+ Pc_U<ehGU8 .ebcc+ 3<hc bc hcdU_Ucd _<dU cJ<a^ cUd b5 d<IUc ,U+ Z F 78gLcddUcdc db aUcchbc b;e
Slide 44: Consolidated Statements of Equity and Redeemable Noncontrolling Interests
SINCLAIR, INC. :"?,WA";% "?,! ,>?:>W"+A9)+ :9A9)U)?9 >( )<8"9R A?+ ;)+))UA@W) ?>?,>?9;>WW"?& "?9);):9: (>; 9$) R)A; )?+)+ +),)U@); IV% TXTI *"5 JLKKL451% N/PN30 1MQ2N OQ0Q' S6-K0M6^ S7M^:7a0J:^] @0M]] B @0M]] A c:\M6-:J BKK[.[0M\:J c:J::.ML0: @a..a- S\aK2 @a..a- S\aK2 BJJ6\6a-M0 >M^-6-8] #\7:^ $a-Ka
Slide 45: Consolidated Statements of Equity
SINCLAIR, INC. :"?,WA";% "?,! ,>?:>W"+A9)+ :9A9)U)?9 >( )<8"9R (>; 9$) R)A; )?+)+ +),)U@); IV% TXTH *"5 JLKKL451% N/PN30 1MQ2N OQ0Q' S6-K0M6^ S7M^:7a0J:^] @0M]] B @0M]] A ,BKK[.[0M\:J BKK[.[0M\:J @a..a- S\aK2 @a..a- S\aK2 BJJ6\6a-M0 ?:96K6\+ #\7:^ "M6J)(- c:\M6-:J @a.`^:7:-]6Z: $a-Ka-\^a006-8 Ra\M0
Slide 46: Consolidated Statements of Equity
SINCLAIR, INC. :"?,WA";% "?,! ,>?:>W"+A9)+ :9A9)U)?9 >( )<8"9R (>; 9$) R)A; )?+)+ +),)U@); IV% TXTG *"5 JLKKL451% N/PN30 1MQ2N OQ0Q' S6-K0M6^ S7M^:7a0J:^] @0M]] B @0M]] A c:\M6-:J BKK[.[0M\:J @a..a- S\aK2 @a..a- S\aK2 BJJ6\6a-M0 >M^-6-8] #\7:^ "M6J)(- ,BKK[.[0M\:J @a.`^:7:-]6Z: $a-Ka-\^a006-8 Ra\M S
Slide 47: Consolidated Statements of Cash Flows
SINCLAIR, INC. 3):2?6)5& ):2% 27:37?)061.0 3161.=.:13 7, 263* ,?7/3 ,75 1*. -.653 .:0.0 0.2.=4.5 !#& "quot;8& "quot;;& 6:0 "quot;! ()> @+AA+<>9' T)T. T)T- T)T, >7R& ("VNR (SV! VU)S7Q%i' 7>Q%O%Q%)R iUd .ebcc+ hc:bdU 3 ,22+ 6 YZB 6 .-DB+ 78gLcddUcdc db _U:bc:heU cUd .ebcc+ hc:bdU db cUd :<c2 5ebJc 5_bd baU_<dh
Slide 48: Varying Types of Building
SINCLAIR, INC. S($@&B(c* ($@W $#R>S R# R;> @#$S#&(?BR>? =($B$@(B& SRBR>%>$RS V! ?A98;) >( >=);A9">?: A?+ :8UUA;R >( :"&?"(",A?9 A,,>8?9"?& =>W","):B &821FB H4 $LBF82FHJO Rhc:e<h_^ %c:) ./d2U >bda<cH- b_ /Rhc:e<h_-+ hc < 8hKU_ch5hU8 dU8h< :bda<cH Jhd2 c<dhbc<e _U<:2 <c8 < cd_bc3 5b:Lc bc a_bKh8hc3 2h
Slide 49: Financing for Share Exchange Transactions
SINCLAIR, INC. S($@&B(c* ($@W $#R>S R# R;> @#$S#&(?BR>? =($B$@(B& SRBR>%>$RS @HIL8J. QBHF38JF-82FHJ Vc 7a_he Y^ -[-Y^ d2U :bda<cH 5b_dU_eH fcbJc <c Rhc:e<h_ ?_b<8:<cd '_bLa^ %c:)^ < !<_He<c8 :b_ab_<dhbc ./Ve8 Rhc:e<h_-+^ UcdU_U8 hcdb <c 73_UUdUcd b5 R2<_U )I:2<c3U <c8 Ue<c b5 SUb_3<chG<dhbc .d2U /R2
Slide 50: Balance Sheet Reconciliation
SINCLAIR, INC. S($@&B(c* ($@W $#R>S R# R;> @#$S#&(?BR>? =($B$@(B& SRBR>%>$RS QB6BJ2 B66H1J2FJ3 "FHJH1J6BIBJ2O %c ibKUd;U_ -[-Y^ d2U (7R? hccLU8 3Lh8<c:U db hda_bKU _Uab_d<;eU cU3dUcd 8hc:ebcL_U _U`Lh_UdUcdc^ a_hd<_heH d2_bL32 Uc2<c:U8 8hc:ebcL_Uc <;bLd ch3ch5h:<cd cU3dUcd UIaUccUc) Q2U 3Lh8<c:U J<c
Slide 51: Evaluation of Goodwill and Indefinite-Lived Intangible Assets
SINCLAIR, INC. S($@&B(c* ($@W $#R>S R# R;> @#$S#&(?BR>? =($B$@(B& SRBR>%>$RS +IL8FFIBJ2 H4 =HH5/FJJ% +J5B4FJF2B#JF0B5 +J28J3F7JB BOOB2O% 8J5 $2LBF (HJ3#JF0B5 BOOB2O NU UK<eL<dU bL_ 3bb8Jhee <c8 hc8U5hchdU ehKU8 hcd<c3h;eU <ccUdc 5b_ hda<h_dUcd <ccL<eeH hc d2U 5bL_d2 `L<_dU_^ b_ db_U 5_U`LUcdeH^ h5 U
Slide 52: Evaluation of Goodwill and Indefinite-Lived Intangible Assets
SINCLAIR, INC. S($@&B(c* ($@W $#R>S R# R;> @#$S#&(?BR>? =($B$@(B& SRBR>%>$RS N2Uc 5<:db_c hc8h:<dU d2<d d2U_U d<H ;U < 8U:_U<cU hc d2U K<eLU b5 <c U`LhdH dUd2b8 hcKUcddUcd^ JU <ccUcc J2Ud2U_ < ebcc hc K<eLU 2<c b::L__U8) %5 d2<d ebcc hc 8UUdU8 db ;U bd2U_ d2<c dUdab_<_H^ <c hda<h_dUcd ebcc hc _U:b_8
Slide 53: Supplemental Devaluation and Rollforwards of Cash
SINCLAIR, INC. S($@&B(c* ($@W $#R>S R# R;> @#$S#&(?BR>? =($B$@(B& SRBR>%>$RS O1LLJBIBJ28J +J4HFI82FHJ , O282BIBJ2O H4 @8OL >JH/O ><c2 hcdU_Ucd a<h8 5b_ d2U HU<_c Uc8U8 =U:Ud;U_ YZ^ -[-W^ -[-X^ <c8 -[-Y J<c 6Y-X dheehbc^ 6-BE dheehbc^ <c8 6-BX dheehbc^ _UcaU:dhKUeH) ibc]:<c2 hcKUcdhc3 <:dhKhdhUc hc:e
Slide 54: Valuation of Notes
SINCLAIR, INC. S($@&B(c* ($@W $#R>S R# R;> @#$S#&(?BR>? =($B$@(B& SRBR>%>$RS <2PL.LV4P ?U-H/.LULPS :H-HPWH) NU 3UcU_<dU abehdh:<e <8KU_dhchc3 _UKUcLU a_hd<_heH 5_bd d2U c<eU b5 abehdh:<e <8KU_dhchc3 cabdc\ hda_Ucchbcc Jhd2hc bL_ ;_b<8:<cd dUeUKhchbc <c8 8h3hd<e ae<d5b_dc) Ubehdh:<e <8KU_dhchc3 _UKUc
Slide 55: Supplemental Retirement Plan
SINCLAIR, INC. S($@&B(c* ($@W $#R>S R# R;> @#$S#&(?BR>? =($B$@(B& SRBR>%>$RS "HO2#FB2FFBIBJ2 ABJB4F2O NU d<hcd<hc < cLaaeUdUcd<e UIU:LdhKU _Udh_UdUcd ae<c J2h:2 JU hc2U_hdU8 Labc d2U <:`Lhchdhbc b5 :U_d<hc cd<dhbcc) 7c b5 =U:Ud;U_ YZ^ -[-W^ d2U Ucdhd<dU8 a_bgU:dU8 ;UcU5hd b;eh3<dhbc J<c 6ZY dheehbc^
Slide 56: Stock-Based Compensation Plans
SINCLAIR, INC. S($@&B(c* ($@W $#R>S R# R;> @#$S#&(?BR>? =($B$@(B& SRBR>%>$RS T! :9>,Y#@A:)+ ,>U=)?:A9">? =WA?:B %c $LcU ZBBE^ d2U ?b<_8 <8badU8^ Labc <aa_bK<e b5 d2U c2<_U2be8U_c ;H a_bIH^ d2U ZBBE "bc3]QU_d %c:UcdhKU Ue<c ./"Q%U-+) Q2U aL_abcU b5 d2U "Q%U hc db _UJ<_8 fUH hc8hKh8L<ec 5b_ d<fhc3 d<g
Slide 57: Stock Awards
SINCLAIR, INC. S($@&B(c* ($@W $#R>S R# R;> @#$S#&(?BR>? =($B$@(B& SRBR>%>$RS O2H6K#OB22JB5 BLLFB6F82FHJ QF3L2O Q2UcU <J<_8c UcdhdeU 2be8U_c db d2U <aa_U:h<dhbc hc bL_ >e<cc 7 >bddbc Rdb:f bKU_ d2U ;<cU K<eLU b5 U<:2 R7S bKU_ d2U dU_d b5 d2U <J<_8) Q2U R7Sc 2<KU < Z[]HU<_ dU_d Jhd2 KUcdhc3 aU_hb8c _<
Slide 58: Fixed Assets and Goodwill
SINCLAIR, INC. S($@&B(c* ($@W $#R>S R# R;> @#$S#&(?BR>? =($B$@(B& SRBR>%>$RS -ILJH.BB O2H6K "1F6L8OB "J8J Q2U )RUU <eebJc Ueh3h;eU UdaebHUUc db aL_:2<cU >e<cc 7 >bddbc Rdb:f <d CW4 b5 d2U eUccU_ b5 d2U 5<h_ K<eLU b5 d2U :bddbc cdb:f <c b5 d2U 5h_cd 8<H b5 d2U `L<_dU_ <c8 <c b5 d2U e<cd 8<H b5 d2<d `
Slide 59: Goodwill
SINCLAIR, INC. S($@&B(c* ($@W $#R>S R# R;> @#$S#&(?BR>? =($B$@(B& SRBR>%>$RS H! &>>+6"WW% "?+)("?"9)#W"7)+ "?9A?&"@W) A::)9:% A?+ >9$); "?9A?&"@W) A::)9:B 'bb8Jhee^ J2h:2 <_hcUc 5_bd d2U aL_:2<cU a_h:U UI:UU8hc3 d2U <cch3cU8 K<eLU b5 d2U cUd <ccUdc b5 <c <:`Lh_U8 ;LchcUcc^ _Ua_UcUcdc d2U K<eLU <dd_h
Slide 60: Intangible Assets and Other Intangible Assets
SINCLAIR, INC. S($@&B(c* ($@W $#R>S R# R;> @#$S#&(?BR>? =($B$@(B& SRBR>%>$RS Q2U 5beebJhc3 d<;eU c2bJc d2U 3_bcc :<__Hhc3 <dbLcd <c8 <::LdLe<dU8 <db_dhG<dhbc b5 8U5hchdU]ehKU8 hcd<c3h;eUc .hc dheehbcc+A B] a9 ?:K:.L:^ ,U* T)T. <^a]] @M^^I6-8 BKK[.[0M\:J PM0[: B.a^\6HM\6a- $:\ 7db_dhGU8 hcd<c3h;eU <c
Slide 61: Goodwill, Intangibles and Investments
SINCLAIR, INC. S($@&B(c* ($@W $#R>S R# R;> @#$S#&(?BR>? =($B$@(B& SRBR>%>$RS G! >9$); A::)9:B Vd2U_ <ccUdc <c b5 =U:Ud;U_ YZ^ -[-W <c8 -[-X :bcchcdU8 b5 d2U 5beebJhc3 .hc dheehbcc+A T)T. T)T- )`LhdH dUd2b8 hcKUcddUcdc 3 TU 6 XC Vd2U_ hcKUcddUcdc -)T YC- ibdU _U:UhK<;eU ,U -D %c:bdU d<I _U:UhK<;eU U.
Slide 62: Notes Payable and Commercial Bank Financing
SINCLAIR, INC. S($@&B(c* ($@W $#R>S R# R;> @#$S#&(?BR>? =($B$@(B& SRBR>%>$RS F! ?>9): =ARA@W) A?+ ,>UU);,"AW @A?Y ("?A?,"?&B ibdUc a<H<;eU^ 5hc<c:U eU<cUc^ <c8 :bddU_:h<e ;<cf 5hc<c:hc3 .hc:eL8hc3 /5hc<c:U eU<cUc db <55heh<dUc-+ :bcchcdU8 b5 d2U 5beebJhc3 <c b5 =U:Ud;U_ YZ^ -[-W <c8 -[-X .hc dheehbc
Slide 63: Derivative Instruments and Fair Value Measurements
SINCLAIR, INC. S($@&B(c* ($@W $#R>S R# R;> @#$S#&(?BR>? =($B$@(B& SRBR>%>$RS Q2U cd<dU8 <c8 JUh32dU8 <KU_<3U U55U:dhKU hcdU_Ucd _<dUc bc d2U <;bKU b;eh3<dhbcc <_U <c 5beebJc^ 5b_ d2U HU<_c Uc8U8 =U:Ud;U_ YZ^ -[-W <c8 -[-XA O:687\:J BZ:^M8: >99:K\6Z: cM\: S\M\:J cM\: T)T. T)T- >_U8hd 73_UUdUcdcA QU_d
Slide 64: Derivative Instruments and Fair Value Measurements
SINCLAIR, INC. S($@&B(c* ($@W $#R>S R# R;> @#$S#&(?BR>? =($B$@(B& SRBR>%>$RS )I:2<c3U8 6XY- dheehbc <33_U3<dU a_hc:ha<e <dbLcd b5 d2U UIhcdhc3 X)Z-W4 RUchb_ RU:L_U8 ibdUc 8LU -[Y[ hcdb B)DW[4 cUchb_ cU:L_U8 cU:bc8 ehUc cbdUc 8LU -[YY .d2U /B)DW[4 RU:bc8 "hUc ibdUc-+^ J2h:2 d<dL_U bc (U;_L<_H ZW^ -[Y
Slide 65: High Yield and Senior Notes
SINCLAIR, INC. S($@&B(c* ($@W $#R>S R# R;> @#$S#&(?BR>? =($B$@(B& SRBR>%>$RS ?B72 H4 :8FF87JB +J2BFBO2 -J2F2FBO 8J5 =18F8J2BBO H4 :LFF5#"8F2. $7JF382FHJO NU gbhcdeH^ cUKU_<eeH^ Lc:bc8hdhbc<eeH^ <c8 h__UKb:<;eH 3L<_<cdUU8 6- dheehbc b5 8U;d b5 :U_d<hc d2h_8 a<_dhUc <c b5 ;bd2 =U:Ud;U_ YZ^ -[-W <c8 -[
Slide 66: Leases
SINCLAIR, INC. S($@&B(c* ($@W $#R>S R# R;> @#$S#&(?BR>? =($B$@(B& SRBR>%>$RS E! W)A:):B NU 8UdU_dhcU h5 < :bcd_<:dL<e <__<c3UdUcd hc < eU<cU <d hc:Uadhbc) VL_ eU<cU <__<c3UdUcdc a_bKh8U d2U >bda<cH d2U _h32d db LdhehGU :U_d<hc caU:h5hU8 d<c3h;eU <ccUdc 5b_ < aU_hb8 b5 dhdU hc UI:2<c3U 5b_ :bcch8U_<d
Slide 67: Lease and Finance Lease Obligations
SINCLAIR, INC. S($@&B(c* ($@W $#R>S R# R;> @#$S#&(?BR>? =($B$@(B& SRBR>%>$RS Q2U 5beebJhc3 d<;eU cLdd<_hGUc cLaaeUdUcd<e ;<e<c:U c2UUd hc5b_d<dhbc _Ue<dU8 db eU<cUc <c b5 =U:Ud;U_ YZ^ -[-W <c8 =U:Ud;U_ YZ^ -[-X .hc dheehbcc^ UI:Uad eU<cU dU_d <c8 8hc:bLcd _<dU+A T)T. T)T- #`:^M\6-8 =6-M-K: #`:^M\6-8
Slide 68: Program Contracts
SINCLAIR, INC. S($@&B(c* ($@W $#R>S R# R;> @#$S#&(?BR>? =($B$@(B& SRBR>%>$RS D! =;>&;AU ,>?9;A,9:B (LdL_U a<HdUcdc _U`Lh_U8 Lc8U_ dUeUKhchbc a_b3_<d :bcd_<:dc <c b5 =U:Ud;U_ YZ^ -[-W JU_U <c 5beebJc .hc dheehbcc+A -[-E 6 D[ -[-D C -[-C W Qbd<e CY "UccA >L__Ucd ab_dhbc .D[+ "bc3]dU_d ab_dhbc b5 a_b3_
Slide 69: Income Taxes
SINCLAIR, INC. S($@&B(c* ($@W $#R>S R# R;> @#$S#&(?BR>? =($B$@(B& SRBR>%>$RS VX! "?,>U) 9AS):B Q2U .;UcU5hd+ a_bKhchbc 5b_ hc:bdU d<IUc :bcchcdU8 b5 d2U 5beebJhc3 5b_ d2U HU<_c Uc8U8 =U:Ud;U_ YZ^ -[-W^ -[-X^ <c8 -[-Y .hc dheehbcc+A T)T. T)T- T)T, >L__Ucd a_bKhchbc .;UcU5hd+ 5b_ hc:bdU d<IUcA (U8U_<e
Slide 70: Income Taxes
SINCLAIR, INC. S($@&B(c* ($@W $#R>S R# R;> @#$S#&(?BR>? =($B$@(B& SRBR>%>$RS 7 _U:bc:heh<dhbc b5 d2U a_bKhchbc 5b_ hc:bdU d<IUc db d2U <dbLcd :bdaLdU8 ;H <aaeHhc3 d2U -Z4 cd<dLdb_H P)R) 5U8U_<e hc:bdU d<I _<dU db hc:bdU ;U5b_U d<IUc 5b_ HU<_c Uc8U8 =U:Ud;U_ YZ^ -[-X <c8 -[-Y^ a_hb_ db d2U a_bcaU:dhK
Slide 71: Loss Contingencies and Litigation
SINCLAIR, INC. S($@&B(c* ($@W $#R>S R# R;> @#$S#&(?BR>? =($B$@(B& SRBR>%>$RS 7d =U:Ud;U_ YZ^ -[-W^ d2U >bda<cH 2<8 <aa_bIhd<dUeH 6XE dheehbc <c8 6-^XZC dheehbc b5 3_bcc 5U8U_<e <c8 cd<dU cUd baU_<dhc3 ebccUc^ _UcaU:dhKUeH) )I:Uad 5b_ d2bcU Jhd2bLd <c UIah_<dhbc 8<dU^ d2UcU ebccUc Jhee UIah_U 8L_hc3
Slide 72: Commitments and Contingencies
SINCLAIR, INC. S($@&B(c* ($@W $#R>S R# R;> @#$S#&(?BR>? =($B$@(B& SRBR>%>$RS VV! ,>UU"9U)?9: A?+ ,>?9"?&)?,"):B (F2F382FHJ% @J8FIO% 8J5 QB31J82HF. '822BFO NU <_U < a<_dH db e<JcLhdc^ :e<hdc^ <c8 _U3Le<db_H d<ddU_c 5_bd dhdU db dhdU hc d2U b_8hc<_H :bL_cU b5 ;LchcUcc) 7:dhbcc :L__UcdeH aUc8hc3 <_U hc
Slide 73: Related Person Transactions
SINCLAIR, INC. S($@&B(c* ($@W $#R>S R# R;> @#$S#&(?BR>? =($B$@(B& SRBR>%>$RS =.RH/ 94..H/U! Vc ibKUd;U_ E^ -[ZC^ d2U >bda<cH <3_UU8 db UcdU_ hcdb < a_babcU8 :bccUcd 8U:_UU Jhd2 d2U =V$) Q2hc :bccUcd 8U:_UU _UcbeKUc d2U =V$*c hcKUcdh3<dhbc hcdb d2U c2<_hc3 b5 a<:hc3 hc5b_d<dhbc <dbc3 :U_d<hc cd<dhbcc
Slide 74: Related Person Transactions
SINCLAIR, INC. S($@&B(c* ($@W $#R>S R# R;> @#$S#&(?BR>? =($B$@(B& SRBR>%>$RS %c d2U :bdae<hcd^ ae<hcdh55c :2<eeUc3U8 < cU_hUc b5 d_<cc<:dhbcc hcKbeKhc3 R?' <c8 :U_d<hc b5 hdc cL;ch8h<_hUc^ bc d2U bcU 2<c8^ <c8 =R' <c8 hdc cL;ch8h<_hUc^ bc d2U bd2U_ 2<c8^ chc:U R?' <:`Lh_U8 d2U 5b_dU_ (bI Rab_dc _U3h
Slide 75: Related Person Transactions
SINCLAIR, INC. S($@&B(c* ($@W $#R>S R# R;> @#$S#&(?BR>? =($B$@(B& SRBR>%>$RS Vc =U:Ud;U_ ZC^ -[ZD^ d2U (>> _UeU<cU8 < ibdh:U b5 U_babcU8 SLeUd<fhc3 db UI<dhcU d2U (>>*c c<dhbc<e bJcU_c2ha :<a^ hc:eL8hc3 d2U P&( 8hc:bLcd) Q2U P&( 8hc:bLcd <eebJc dUeUKhchbc cd<dhbc bJcU_c db 8hc:bLcd d2U :bKU_<3U b5 P
Slide 76: Variable Interest Entities
SINCLAIR, INC. S($@&B(c* ($@W $#R>S R# R;> @#$S#&(?BR>? =($B$@(B& SRBR>%>$RS VT! 7A;"A@W) "?9);):9 )?9"9"):B >U_d<hc b5 bL_ cd<dhbcc a_bKh8U cU_Kh:Uc db bd2U_ cd<dhbc bJcU_c Jhd2hc d2U c<dU _UcaU:dhKU d<_fUd d2_bL32 <3_UUdUcdc^ cL:2 <c "!7c^ J2U_U JU a_bKh8U a_b3_<ddhc3^ c<eUc^ baU_<dhbc<e^ <c8 <8dh
Slide 77: Variable Interest Entities
SINCLAIR, INC. S($@&B(c* ($@W $#R>S R# R;> @#$S#&(?BR>? =($B$@(B& SRBR>%>$RS VI! ;)WA9)+ =);:>? 9;A?:A,9">?:B :F8JO862FHJO 9F2L $1F @HJ2FHJJFJ3 OL8FBLHJ5BFO =<Kh8^ (_U8U_h:f^ $) =Lc:<c^ <c8 Sb;U_d Rdhd2 .:beeU:dhKUeH^ d2U /:bcd_beehc3 c2<_U2be8U_c-+ <_U ;_bd2U_c <c8 2be8 cL;cd<cdh<eeH <ee b5 bL_ >e<
Slide 78: Agreements
SINCLAIR, INC. S($@&B(c* ($@W $#R>S R# R;> @#$S#&(?BR>? =($B$@(B& SRBR>%>$RS Q2U <3_UUdUcdc Jhd2 #?OP]QO\#>OP]QO^ #SiO]=Q\#)iO]=Q^ N?R(]QO^ N=??]QO^ N)!Q]QO^ N'QP]QO\N'QT]QO^ NU(V]QO^ <c8 NO=V]QO UIah_U ;UdJUUc =U:Ud;U_ -[-C <c8 7L3Lcd -[YY^ <c8 :U_d<hc cd<dhbcc 2<KU _UcUJ<e a_bKhchbcc 5b_ cL::UcchK
Slide 79: Executive Officers
SINCLAIR, INC. S($@&B(c* ($@W $#R>S R# R;> @#$S#&(?BR>? =($B$@(B& SRBR>%>$RS -ILJH.BBO lt;cbc Rdhd2^ )IU:LdhKU Oh:U >2<h_d<c b5 d2U >bda<cH^ hc d2U cbc b5 (_U8U_h:f Rdhd2^ J2b hc < Oh:U U_Uch8Ucd b5 d2U >bda<cH <c8 < dUd;U_ b5 d2U ?b<_8) lt;cbc Rdhd2 _U:UhKU8 dbd<e :bdaUcc<dhbc b5 6Z dheehbc^ :bcchcdh
Slide 80: Earnings Per Share
SINCLAIR, INC. S($@&B(c* ($@W $#R>S R# R;> @#$S#&(?BR>? =($B$@(B& SRBR>%>$RS VH! )A;?"?&: =); :$A;)B Q2U 5beebJhc3 d<;eU _U:bc:heUc hc:bdU ./cLdU_<db_-+ <c8 c2<_Uc ./8Ucbdhc<db_-+ LcU8 hc bL_ :bdaLd<dhbcc b5 U<_chc3c aU_ c2<_U 5b_ d2U HU<_c Uc8U8 =U:Ud;U_ YZ^ -[-W^ -[-X^ <c8 -[-Y .hc dheehbcc^ UI:Ua
Slide 81: Segment Data
SINCLAIR, INC. S($@&B(c* ($@W $#R>S R# R;> @#$S#&(?BR>? =($B$@(B& SRBR>%>$RS VG! :)&U)?9 +A9AB (b_ d2U HU<_ Uc8U8 =U:Ud;U_ YZ^ -[-W^ JU 2<8 dJb _Uab_d<;eU cU3dUcdcA eb:<e dU8h< <c8 dUcchc) VL_ eb:<e dU8h< cU3dUcd hc:eL8Uc bL_ dUeUKhchbc cd<dhbcc^ b_h3hc<e cUdJb_fc <c8 :bcdUcd <c8 a_bKh8Uc d2UcU d2_b
Slide 82: Segment Data
SINCLAIR, INC. S($@&B(c* ($@W $#R>S R# R;> @#$S#&(?BR>? =($B$@(B& SRBR>%>$RS &aKM0 #\7:^ / =a^ \7: I:M^ :-J:J ?:K:.L:^ ,U* T)T- .:J6M R:--6] @a^`a^M\: >06.6-M\6a-] @a-]a06JM\:J SUKUcLU 6 Y^-WX 6 -XD 6 DE 6 .-B+ .;+ 6 Y^WXC !U8h< a_b3_<ddhc3 <c8 a_b8L:dhbc UIaUccUc Z^WYE Z-W F F Z^EEZ !U8h< cUeehc3^
Slide 83: Segment Data
SINCLAIR, INC. S($@&B(c* ($@W $#R>S R# R;> @#$S#&(?BR>? =($B$@(B& SRBR>%>$RS VF! (A"; 7AW8) U)A:8;)U)?9:B 7::bLcdhc3 3Lh8<c:U a_bKh8Uc 5b_ K<eL<dhbc dU:2ch`LUc^ cL:2 <c d2U d<_fUd <aa_b<:2 .:bda<_<;eU d<_fUd a_h:Uc+^ d2U hc:bdU <aa_b<:2 .a_UcUcd K<eLU b5 5LdL_U hc:bdU b_ :<c2 5ebJ+^ <c8 d2U :bcd <aa
Slide 84: Program Contracts
SINCLAIR, INC. S($@&B(c* ($@W $#R>S R# R;> @#$S#&(?BR>? =($B$@(B& SRBR>%>$RS a_hc:ha<e <dbLcd b5 d2U W)Z-W4 RUchb_ ibdUc 8LU -[-D) (b_ 5L_d2U_ hc5b_d<dhbc^ cUU Y2.H I! Y2.HU <4J4WPH 4PU ,233H/VL4P 04PQ (LP4PVLPS) .U+ Vc ibKUd;U_ E^ -[-W^ RQ' <c8 bcU b5 hdc cL;ch8h<_hUc UcdU_U8 hcdb < d2_UU]HU<_^ La
Slide 85: Current Assets and Current Liabilities
SINCLAIR, INC. :"?,WA"; @;>A+,A:9 &;>8=% WW, ,>?:>W"+A9)+ @AWA?,) :$))9: *"5 JLKKL451% N/PN30 1MQ2N Q5O 3N2 1MQ2N OQ0Q' B] a9 ?:K:.L:^ ,U* T)T. T)T- BSS>RS >PSS)iQ 7RR)QRA ><c2 <c8 :<c2 U`LhK<eUcdc 3 -)U 6 -BZ 7::bLcdc _U:UhK<;eU^ cUd b5 <eebJ<c:U 5b_ 8bL;d5Le <::bLcdc b5 6X <c8 6W^ _UcaU:dhKUeH /UT
Slide 86: Segment Data
SINCLAIR, INC. :"?,WA"; @;>A+,A:9 &;>8=% WW, ,>?:>W"+A9)+ :9A9)U)?9: >( >=);A9">?: (>; 9$) R)A;: )?+)+ +),)U@); IV% TXTG% TXTH% A?+ TXTI *"5 JLKKL451% N/PN30 1MQ2N Q5O 3N2 1MQ2N OQ0Q' T)T. T)T- T)T, S)O)iP)A !U8h< SUKUcLU 3 T*00- 6 Y^-WX 6 -^BEC ibc]dU8h< _UKUcLU G F Z[ Qbd<e _UKUcLU T*00- Y^-WX -^B
Slide 87: Segment Data
SINCLAIR, INC. :"?,WA"; @;>A+,A:9 &;>8=% WW, ,>?:>W"+A9)+ :9A9)U)?9: >( ,>U=;)$)?:"7) *W>::' "?,>U) (>; 9$) R)A;: )?+)+ +),)U@); IV% TXTG% TXTH% A?+ TXTI *"5 JLKKL451' T)T. T)T- T)T, iUd .ebcc+ hc:bdU 3 ,U..+ 6 -YW 6 .-XW+ Pc_U<ehGU8 .ebcc+ 3<hc bc hcdU_Ucd _<dU cJ<a^ cUd b5 d<IUc ,U+ Z F 78gLcddUcd
Slide 88: Accumulated Other Comprehensive Income
SINCLAIR, INC. :"?,WA"; @;>A+,A:9 &;>8=% WW, ,>?:>W"+A9)+ :9A9)U)?9 >( )<8"9R *+)(","9' A?+ ;)+))UA@W) ?>?,>?9;>WW"?& "?9);):9: (>; 9$) R)A; )?+)+ +),)U@); IV% TXTI *"5 JLKKL451% N/PN30 1MQ2N OQ0Q' SA< %:.L:^ @0M]] B @0M]] A #0J c:\M6-:J BKK[.[0M\:J c:J::.ML0: @a..a- S\aK2 @a..a- S\aK2 BJJ6\6a-M0 >M
Slide 89: Members' Equity
SINCLAIR, INC. :"?,WA"; @;>A+,A:9 &;>8=% WW, ,>?:>W"+A9)+ :9A9)U)?9 >( U)U@);.: +)(","9 (>; 9$) R)A; )?+)+ +),)U@); IV% TXTH *"5 JLKKL451% N/PN30 1MQ2N OQ0Q' SA< %:.L:^ BKK[.[0M\:J #\7:^ BKK[.[0M\:J @a.`^:7:-]6Z: $a-Ka-\^a006-8 ?:96K6\ (-Ka.: (-\:^:]\] Ra\M0 ?:96K6\ ?7"7i>)^ =U:Ud;U_ YZ^ -[-Y 6 .CEW
Slide 90: Members' Equity
SINCLAIR, INC. :"?,WA"; @;>A+,A:9 &;>8=% WW, ,>?:>W"+A9)+ :9A9)U)?9 >( U)U@);.: +)(","9 (>; 9$) R)A; )?+)+ +),)U@); IV% TXTG *"5 JLKKL451' SA< %:.L:^ BKK[.[0M\:J #\7:^ BKK[.[0M\:J @a.`^:7:-]6Z: $a-Ka-\^a006-8 ?:96K6\ (-Ka.: (-\:^:]\] Ra\M0 ?:96K6\ ?7"7i>)^ =U:Ud;U_ YZ^ -[-X 6 .WE[+ 6 - 6 .EC+ 6 .E-E
Slide 91: Cash Flows from Operating Activities
SINCLAIR, INC. :"?,WA"; @;>A+,A:9 &;>8=% WW, ,>?:>W"+A9)+ :9A9)U)?9: >( ,A:$ (W>6: (>; 9$) R)A;: )?+)+ +),)U@); IV% TXTG% TXTH% A?+ TXTI *"5 JLKKL451' T)T. T)T- T)T, >7R& ("VNR (SV! VU)S7Q%i' 7>Q%O%Q%)R iUd .ebcc+ hc:bdU 3 ,U..+ 6 -YW 6 .-XW+ 78gLcddUcdc db _U:bc:heU cUd .ebcc+ hc:bdU db cUd :<c2 5e
Slide 92: Nature of Operations / Media Overview
SINCLAIR, INC. S($@&B(c Ac#B?@BSR <c#Q"* &&@ $#R>S R# R;> @#$S#&(?BR>? =($B$@(B& SRBR>%>$RS V! ?A98;) >( >=);A9">?: A?+ :8UUA;R >( :"&?"(",A?9 A,,>8?9"?& =>W","):B &821FB H4 $LBF82FHJO Rhc:e<h_ ?_b<8:<cd '_bLa^ ""> ./R?'-+^ < !<_He<c8 ehdhdU8 eh<;hehdH :bda<cH <c8 < J2beeH bJcU8 cL;ch8h<_H b5 Rhc:e<
Slide 93: Shareholder Agreements
SINCLAIR, INC. S($@&B(c Ac#B?@BSR <c#Q"* &&@ $#R>S R# R;> @#$S#&(?BR>? =($B$@(B& SRBR>%>$RS @HIL8J. QBHF38JF-82FHJ Vc 7a_he Y^ -[-Y^ d2U :bda<cH 5b_dU_eH fcbJc <c Rhc:e<h_ ?_b<8:<cd '_bLa^ %c:)^ < !<_He<c8 :b_ab_<dhbc ./Ve8 Rhc:e<h_-+^ UcdU_U8 hcdb <c 73_UUdUcd b5 R2<_U )I:2<c3U <c8 Ue<c b5 SUb_3<ch
Slide 94: Allowance for Doubtful Accounts
SINCLAIR, INC. S($@&B(c Ac#B?@BSR <c#Q"* &&@ $#R>S R# R;> @#$S#&(?BR>? =($B$@(B& SRBR>%>$RS B66H1J2O QB6BF087JB R?' _U3Le<_eH _UKhUJc <::bLcdc _U:UhK<;eU <c8 8UdU_dhcUc <c <aa_ba_h<dU Ucdhd<dU 5b_ d2U <eebJ<c:U 5b_ 8bL;d5Le <::bLcdc ;<cU8 Labc d2U hda<:d b5 U:bcbdh: :bc8hdhbcc bc d2U dU_:2<cd*c <;he
Slide 95: Fair Value of Goodwill and Intangible Assets
SINCLAIR, INC. S($@&B(c Ac#B?@BSR <c#Q"* &&@ $#R>S R# R;> @#$S#&(?BR>? =($B$@(B& SRBR>%>$RS R?'*c hc8U5hchdU]ehKU8 hcd<c3h;eU <ccUdc :bcchcd a_hd<_heH b5 R?'*c ;_b<8:<cd eh:UccUc <c8 < d_<8U c<dU) (b_ R?'*c <ccL<e hda<h_dUcd dUcd 5b_ hc8U5hchdU]ehKU8 hcd<c3h;eU <ccUdc^ R?' 2<c d2U badhbc db aU_5b_d
Slide 96: Deferred Taxes
SINCLAIR, INC. S($@&B(c Ac#B?@BSR <c#Q"* &&@ $#R>S R# R;> @#$S#&(?BR>? =($B$@(B& SRBR>%>$RS +J6HIB :8TBO R?' _U:b3chGUc 8U5U__U8 d<I <ccUdc <c8 eh<;hehdhUc ;<cU8 bc d2U 8h55U_Uc:Uc ;UdJUUc d2U 5hc<c:h<e cd<dUdUcd :<__Hhc3 <dbLcdc <c8 d2U d<I ;<cUc b5 <ccUdc <c8 eh<;hehdhUc) R?' a_bKh8Uc < K<eL<dhbc
Slide 97: Revenue Breakdown
SINCLAIR, INC. S($@&B(c Ac#B?@BSR <c#Q"* &&@ $#R>S R# R;> @#$S#&(?BR>? =($B$@(B& SRBR>%>$RS QB0BJ1B QB6H3JF2FHJ Q2U 5beebJhc3 d<;eU a_UcUcdc R?'*c _UKUcLU 8hc<33_U3<dU8 ;H dHaU <c8 cU3dUcd 5b_ d2U HU<_c Uc8U8 =U:Ud;U_ YZ^ -[-W^ -[-X^ <c8 -[-Y .hc dheehbcc+A =a^ \7: I:M^] :-J:J ?:K:.L:^ ,U* T)T. T)T-
Slide 98: Deferred Revenue
SINCLAIR, INC. S($@&B(c Ac#B?@BSR <c#Q"* &&@ $#R>S R# R;> @#$S#&(?BR>? =($B$@(B& SRBR>%>$RS +HTH//HU :H-HPWH! R?' _U:b_8c 8U5U__U8 _UKUcLU J2Uc :<c2 a<HdUcdc <_U _U:UhKU8 b_ 8LU hc <8K<c:U b5 R?'*c aU_5b_d<c:U^ hc:eL8hc3 <dbLcdc J2h:2 <_U _U5Lc8<;eU) R?' :e<cch5hUc 8U5U__U8 _UKUcLU <c Uhd2U_ :L__Ucd
Slide 99: Dividends
SINCLAIR, INC. S($@&B(c Ac#B?@BSR <c#Q"* &&@ $#R>S R# R;> @#$S#&(?BR>? =($B$@(B& SRBR>%>$RS QB5BBI87JB O17OF5F8F. "FB4BFFB5 -G1F2. Vc 7L3Lcd -Y^ -[ZB^ =h<dbc8 Rab_dc &be8hc3c^ ""> ./=R&-+^ <c hc8h_U:d a<_Ucd b5 =h<dbc8 Rab_dc '_bLa^ ""> ./=R'-+ <c8 hc8h_U:d J2beeH]bJcU8 cL;ch8h<_H b5 d2U >bda<cH^ hc
Slide 100: Compensated Plans
SINCLAIR, INC. S($@&B(c Ac#B?@BSR <c#Q"* &&@ $#R>S R# R;> @#$S#&(?BR>? =($B$@(B& SRBR>%>$RS T! )<8"9R#@A:)+ ,>U=)?:A9">? =WA?:B %c $LcU ZBBE^ Ve8 Rhc:e<h_*c ?b<_8 b5 =h_U:db_c <8badU8^ Labc <aa_bK<e b5 d2U c2<_U2be8U_c ;H a_bIH^ d2U ZBBE "bc3]QU_d %c:UcdhKU Ue<c ./"Q%U-+) Pc8U_ d2U "Q%U^ R?' hccLU8
Slide 101: Margin and Performance Data
SINCLAIR, INC. S($@&B(c Ac#B?@BSR <c#Q"* &&@ $#R>S R# R;> @#$S#&(?BR>? =($B$@(B& SRBR>%>$RS Q2U 5beebJhc3 hc < cLdd<_H b5 d2U -[-W <:dhKhdHA O:687\:J)BZ:^M8: SBc] "^6K: VLdcd<c8hc3 R7Sc <d =U:Ud;U_ YZ^ -[-X C^YEB^CX[ 6 -[)YE -[-W 7:dhKhdHA )IU_:hcU8 ,.-*-,)+ U/WC2 VLdcd<c8hc3 R7Sc <d =U:Ud;U_ YZ^ -[
Slide 102: Goodwill and Intangibles
SINCLAIR, INC. S($@&B(c Ac#B?@BSR <c#Q"* &&@ $#R>S R# R;> @#$S#&(?BR>? =($B$@(B& SRBR>%>$RS I! =;>=);9R A?+ )<8"=U)?9B U_baU_dH <c8 U`LhadUcd <_U cd<dU8 <d :bcd^ eUcc <::LdLe<dU8 8Ua_U:h<dhbc) =Ua_U:h<dhbc hc 3UcU_<eeH :bdaLdU8 Lc8U_ d2U cd_<h32d]ehcU dUd2b8 bKU_ d2U 5beebJhc3 Ucdhd<dU8 LcU5Le ehKUc
Slide 103: Goodwill, Intangibles and Other Intangible Assets
SINCLAIR, INC. S($@&B(c Ac#B?@BSR <c#Q"* &&@ $#R>S R# R;> @#$S#&(?BR>? =($B$@(B& SRBR>%>$RS H! &>>+6"WW% "?+)("?"9)#W"7)+ "?9A?&"@W) A::)9:% A?+ >9$); "?9A?&"@W) A::)9:B 'bb8Jhee^ J2h:2 <_hcUc 5_bd d2U aL_:2<cU a_h:U UI:UU8hc3 d2U <cch3cU8 K<eLU b5 d2U cUd <ccUdc b5 <c <:`Lh_U8 ;LchcUcc^ _Ua_UcUcdc
Slide 104: Goodwill, Intangibles and Other Intangible Assets
SINCLAIR, INC. S($@&B(c Ac#B?@BSR <c#Q"* &&@ $#R>S R# R;> @#$S#&(?BR>? =($B$@(B& SRBR>%>$RS Q2U 5beebJhc3 d<;eU c2bJc d2U 3_bcc :<__Hhc3 <dbLcd <c8 <::LdLe<dU8 <db_dhG<dhbc b5 R?'*c 8U5hchdU]ehKU8 hcd<c3h;eUc .hc dheehbcc+A B] a9 ?:K:.L:^ ,U* T)T. <^a]] @M^^I6-8 BKK[.[0M\:J PM0[: B.a^\6HM\6a- $:\ 7d
Slide 105: Goodwill, Intangibles and Other Intangible Assets
SINCLAIR, INC. S($@&B(c Ac#B?@BSR <c#Q"* &&@ $#R>S R# R;> @#$S#&(?BR>? =($B$@(B& SRBR>%>$RS G! >9$); A::)9:B Vd2U_ <ccUdc <c b5 =U:Ud;U_ YZ^ -[-W <c8 -[-X :bcchcdU8 b5 d2U 5beebJhc3 .hc dheehbcc+A T)T. T)T- %cKUcddUcdc ,) ZX %c:bdU d<I _U:UhK<;eU U.) ZXX Vd2U_ .0 WX Qbd<e bd2U_ <ccUdc 3 T,0 6 -Z- +J
Slide 106: Notes Payable and Commercial Bank Financing
SINCLAIR, INC. S($@&B(c Ac#B?@BSR <c#Q"* &&@ $#R>S R# R;> @#$S#&(?BR>? =($B$@(B& SRBR>%>$RS F! ?>9): =ARA@W) A?+ ,>UU);,"AW @A?Y ("?A?,"?&B ibdUc a<H<;eU^ 5hc<c:U eU<cUc^ <c8 :bddU_:h<e ;<cf 5hc<c:hc3 .hc:eL8hc3 /5hc<c:U eU<cUc db <55heh<dUc-+ :bcchcdU8 b5 d2U 5beebJhc3 <c b5 =U:Ud;U_ YZ^ -[-W <c8 -
Slide 107: Additional Balance Sheet Data
SINCLAIR, INC. S($@&B(c Ac#B?@BSR <c#Q"* &&@ $#R>S R# R;> @#$S#&(?BR>? =($B$@(B& SRBR>%>$RS Q2U cd<dU8 <c8 JUh32dU8 <KU_<3U U55U:dhKU hcdU_Ucd _<dUc bc d2U <;bKU b;eh3<dhbcc <_U <c 5beebJc^ 5b_ d2U HU<_c Uc8U8 =U:Ud;U_ YZ^ -[-W <c8 -[-XA O:687\:J BZ:^M8: >99:K\6Z: cM\: S\M\:J cM\: T)T. T)T- >_U8hd 7
Slide 108: Consolidated Results
SINCLAIR, INC. S($@&B(c Ac#B?@BSR <c#Q"* &&@ $#R>S R# R;> @#$S#&(?BR>? =($B$@(B& SRBR>%>$RS )I:2<c3U8 6XY- dheehbc <33_U3<dU a_hc:ha<e <dbLcd b5 d2U UIhcdhc3 X)Z-W4 RUchb_ RU:L_U8 ibdUc 8LU -[Y[ hcdb B)DW[4 cUchb_ cU:L_U8 cU:bc8 ehUc cbdUc 8LU -[YY .d2U /B)DW[4 RU:bc8 "hUc ibdUc-+^ J2h:2 d<dL_U bc (
Slide 109: Risk of Cumulative Preferred Shares
SINCLAIR, INC. S($@&B(c Ac#B?@BSR <c#Q"* &&@ $#R>S R# R;> @#$S#&(?BR>? =($B$@(B& SRBR>%>$RS ?B72 H4 :8FF87JB +J2BFBO2 -J2F2FBO 8J5 =18F8J2BBO H4 :LFF5#"8F2. $7JF382FHJO R?' gbhcdeH^ cUKU_<eeH^ Lc:bc8hdhbc<eeH^ <c8 h__UKb:<;eH 3L<_<cdUU8 6- dheehbc b5 8U;d b5 :U_d<hc d2h_8 a<_dhUc <c b5 ;bd2 =U:Ud;U_
Slide 110: Leases
SINCLAIR, INC. S($@&B(c Ac#B?@BSR <c#Q"* &&@ $#R>S R# R;> @#$S#&(?BR>? =($B$@(B& SRBR>%>$RS E! W)A:):B R?' 8UdU_dhcUc h5 < :bcd_<:dL<e <__<c3UdUcd hc < eU<cU <d hc:Uadhbc) R?'*c eU<cU <__<c3UdUcdc a_bKh8U R?' d2U _h32d db LdhehGU :U_d<hc caU:h5hU8 d<c3h;eU <ccUdc 5b_ < aU_hb8 b5 dhdU hc UI:2<c3U 5b_
Slide 111: Program Contracts
SINCLAIR, INC. S($@&B(c Ac#B?@BSR <c#Q"* &&@ $#R>S R# R;> @#$S#&(?BR>? =($B$@(B& SRBR>%>$RS Q2U 5beebJhc3 d<;eU cLdd<_hGUc cLaaeUdUcd<e ;<e<c:U c2UUd hc5b_d<dhbc _Ue<dU8 db eU<cUc <c b5 =U:Ud;U_ YZ^ -[-W <c8 =U:Ud;U_ YZ^ -[-X .hc dheehbcc^ UI:Uad eU<cU dU_d <c8 8hc:bLcd _<dU+A T)T. T)T- #`:^M\6-8 =6
Slide 112: Income Taxes
SINCLAIR, INC. S($@&B(c Ac#B?@BSR <c#Q"* &&@ $#R>S R# R;> @#$S#&(?BR>? =($B$@(B& SRBR>%>$RS C! "?,>U) 9AS):B Q2U .;UcU5hd+ a_bKhchbc 5b_ hc:bdU d<IUc :bcchcdU8 b5 d2U 5beebJhc3 5b_ d2U HU<_c Uc8U8 =U:Ud;U_ YZ^ -[-W^ -[-X^ <c8 -[-Y .hc dheehbcc+A T)T. T)T- T)T, >L__Ucd a_bKhchbc .;UcU5hd+ 5b_ hc:bdU
Slide 113: Income Taxes
SINCLAIR, INC. S($@&B(c Ac#B?@BSR <c#Q"* &&@ $#R>S R# R;> @#$S#&(?BR>? =($B$@(B& SRBR>%>$RS 7 _U:bc:heh<dhbc b5 d2U a_bKhchbc 5b_ hc:bdU d<IUc db d2U <dbLcd :bdaLdU8 ;H <aaeHhc3 d2U -Z4 cd<dLdb_H P)R) 5U8U_<e hc:bdU d<I _<dU db hc:bdU ;U5b_U d<IUc 5b_ HU<_c Uc8U8 =U:Ud;U_ YZ^ -[-X <c8 -[-Y^ a_hb_ db
Slide 114: Commitments and Contingencies
SINCLAIR, INC. S($@&B(c Ac#B?@BSR <c#Q"* &&@ $#R>S R# R;> @#$S#&(?BR>? =($B$@(B& SRBR>%>$RS 7d =U:Ud;U_ YZ^ -[-W^ R?' 2<8 <aa_bIhd<dUeH 6-^X[C dheehbc b5 cd<dU cUd baU_<dhc3 ebccUc) )I:Uad 5b_ d2bcU Jhd2bLd <c UIah_<dhbc 8<dU^ d2UcU ebccUc Jhee UIah_U 8L_hc3 K<_hbLc HU<_c 5_bd -[-E db -[XW^ <c8 cbdU
Slide 115: Commitments and Contingencies
SINCLAIR, INC. S($@&B(c Ac#B?@BSR <c#Q"* &&@ $#R>S R# R;> @#$S#&(?BR>? =($B$@(B& SRBR>%>$RS VX! ,>UU"9U)?9: A?+ ,>?9"?&)?,"):B (F2F382FHJ% @J8FIO% 8J5 QB31J82HF. '822BFO R?' hc a<_dH db e<JcLhdc^ :e<hdc^ <c8 _U3Le<db_H d<ddU_c 5_bd dhdU db dhdU hc d2U b_8hc<_H :bL_cU b5 ;LchcUcc) 7:dhbcc :L__UcdeH a
Slide 116: Commitments and Contingencies
SINCLAIR, INC. S($@&B(c Ac#B?@BSR <c#Q"* &&@ $#R>S R# R;> @#$S#&(?BR>? =($B$@(B& SRBR>%>$RS =.RH/ 94..H/U! Vc ibKUd;U_ E^ -[ZC^ d2U >bda<cH <3_UU8 db UcdU_ hcdb < a_babcU8 :bccUcd 8U:_UU Jhd2 d2U =V$) Q2hc :bccUcd 8U:_UU _UcbeKUc d2U =V$*c hcKUcdh3<dhbc hcdb d2U c2<_hc3 b5 a<:hc3 hc5b_d<dhbc <dbc3 :
Slide 117: Commitments and Contingencies
SINCLAIR, INC. S($@&B(c Ac#B?@BSR <c#Q"* &&@ $#R>S R# R;> @#$S#&(?BR>? =($B$@(B& SRBR>%>$RS %c d2U :bdae<hcd^ ae<hcdh55c :2<eeUc3U8 < cU_hUc b5 d_<cc<:dhbcc hcKbeKhc3 R?' <c8 :U_d<hc b5 hdc cL;ch8h<_hUc^ bc d2U bcU 2<c8^ <c8 =R' <c8 hdc cL;ch8h<_hUc^ bc d2U bd2U_ 2<c8^ chc:U R?' <:`Lh_U8 d2U 5b_dU_
Slide 118: Commitments and Contingencies
SINCLAIR, INC. S($@&B(c Ac#B?@BSR <c#Q"* &&@ $#R>S R# R;> @#$S#&(?BR>? =($B$@(B& SRBR>%>$RS Vc =U:Ud;U_ ZC^ -[ZD^ d2U (>> _UeU<cU8 < ibdh:U b5 U_babcU8 SLeUd<fhc3 db UI<dhcU d2U (>>*c c<dhbc<e bJcU_c2ha :<a^ hc:eL8hc3 d2U P&( 8hc:bLcd) Q2U P&( 8hc:bLcd <eebJc dUeUKhchbc cd<dhbc bJcU_c db 8hc:bLcd d2
Slide 119: Commitments and Contingencies
SINCLAIR, INC. S($@&B(c Ac#B?@BSR <c#Q"* &&@ $#R>S R# R;> @#$S#&(?BR>? =($B$@(B& SRBR>%>$RS VV! 7A;"A@W) "?9);):9 )?9"9"):B >U_d<hc b5 R?'*c cd<dhbcc a_bKh8U cU_Kh:Uc db bd2U_ cd<dhbc bJcU_c Jhd2hc d2U c<dU _UcaU:dhKU d<_fUd d2_bL32 <3_UUdUcdc^ cL:2 <c "!7c^ J2U_U R?' a_bKh8Uc a_b3_<ddhc3^ c<eUc^ ba
Slide 120: Commitments and Contingencies
SINCLAIR, INC. S($@&B(c Ac#B?@BSR <c#Q"* &&@ $#R>S R# R;> @#$S#&(?BR>? =($B$@(B& SRBR>%>$RS VT! ;)WA9)+ =);:>? 9;A?:A,9">?:B :F8JO862FHJO 9F2L OA=DO +J5FFB62 @HJ2FHJJFJ3 OL8FBLHJ5BFO =<Kh8^ (_U8U_h:f^ $) =Lc:<c^ <c8 Sb;U_d Rdhd2 .:beeU:dhKUeH^ d2U /Rhc:e<h_ :bcd_beehc3 c2<_U2be8U_c-+ <_U ;_bd2U_c <c
Slide 121: Commitments and Contingencies
SINCLAIR, INC. S($@&B(c Ac#B?@BSR <c#Q"* &&@ $#R>S R# R;> @#$S#&(?BR>? =($B$@(B& SRBR>%>$RS 7c R?' :bccbeh8<dUc d2U eh:UccUUc <c O%)c^ d2U <dbLcdc R?' U<_cc b_ a<Hc Lc8U_ d2U <__<c3UdUcdc <_U Uehdhc<dU8 hc :bccbeh8<dhbc <c8 d2U 3_bcc _UKUcLU b5 d2U cd<dhbcc <_U _Uab_dU8 hc R?'*c :bccbeh8<dU8 cd<dUdU
Slide 122: Subsequent Events
SINCLAIR, INC. S($@&B(c Ac#B?@BSR <c#Q"* &&@ $#R>S R# R;> @#$S#&(?BR>? =($B$@(B& SRBR>%>$RS ?F8IHJ5 OLHF2O +J2BFIB5F82B <HJ5FJ3O ((@ Pa Lcdhe =R'*c UdU_3Uc:U 5_bd ;<cf_Lad:H bc lt;cL<_H -^ -[-W^ R?' <::bLcdU8 5b_ hdc U`LhdH hcdU_Ucd hc =h<dbc8 Rab_dc %cdU_dU8h<dU &be8hc3c ""> ./=R%&-+ <c <c U`LhdH dU
Slide 123: Segment Data
SINCLAIR, INC. S($@&B(c Ac#B?@BSR <c#Q"* &&@ $#R>S R# R;> @#$S#&(?BR>? =($B$@(B& SRBR>%>$RS VI! :)&U)?9 +A9AB (b_ d2U HU<_ Uc8U8 =U:Ud;U_ YZ^ -[-W^ R?' 2<8 bcU _Uab_d<;eU cU3dUcdA eb:<e dU8h<) R?'*c eb:<e dU8h< cU3dUcd hc:eL8Uc R?'*c dUeUKhchbc cd<dhbcc^ b_h3hc<e cUdJb_fc <c8 :bcdUcd <c8 a_bKh8Uc d2
Slide 124: Segment Data
SINCLAIR, INC. S($@&B(c Ac#B?@BSR <c#Q"* &&@ $#R>S R# R;> @#$S#&(?BR>? =($B$@(B& SRBR>%>$RS &aKM0 =a^ \7: I:M^ :-J:J ?:K:.L:^ ,U* T)T- .:J6M @a^`a^M\: @a-]a06JM\:J SUKUcLU 6 Y^-WX 6 F 6 Y^-WX !U8h< a_b3_<ddhc3 <c8 a_b8L:dhbc UIaUccUc Z^WYE F Z^WYE !U8h< cUeehc3^ 3UcU_<e <c8 <8dhchcd_<dhKU UIaUccUc D
Slide 125: Fair Value Measurement
SINCLAIR, INC. S($@&B(c Ac#B?@BSR <c#Q"* &&@ $#R>S R# R;> @#$S#&(?BR>? =($B$@(B& SRBR>%>$RS VH! (A"; 7AW8) U)A:8;)U)?9:B 7::bLcdhc3 3Lh8<c:U a_bKh8Uc 5b_ K<eL<dhbc dU:2ch`LUc^ cL:2 <c d2U d<_fUd <aa_b<:2 .:bda<_<;eU d<_fUd a_h:Uc+^ d2U hc:bdU <aa_b<:2 .a_UcUcd K<eLU b5 5LdL_U hc:bdU b_ :<c2 5ebJ+^ <
Slide 126: Independent Registered Public Accounting Firm
SINCLAIR, INC. S($@&B(c* ($@W c:`a^\ a9 (-J:`:-J:-\ c:86]\:^:J "[L06K BKKa[-\6-8 =6^. Qb d2U ?b<_8 b5 =h_U:db_c <c8 R2<_U2be8U_c b5 Rhc:e<h_^ %c:) $LFJFHJO HJ 2LB >FJ8J6F8J O282BIBJ2O 8J5 +J2BFJ8J @HJ2FHJ H0BF >FJ8J6F8J QBLHF2FJ3 NU 2<KU <L8hdU8 d2U <::bda<cHhc3 :bccbeh8<dU8 ;<e<c:U c2UUdc b5 Rhc:e<
Slide 127: Audit Committee Matters
SINCLAIR, INC. S($@&B(c* ($@W @FF2F68J B15F2 '822BFO Q2U :_hdh:<e <L8hd d<ddU_ :bddLch:<dU8 ;UebJ hc < d<ddU_ <_hchc3 5_bd d2U :L__Ucd aU_hb8 <L8hd b5 d2U :bccbeh8<dU8 5hc<c:h<e cd<dUdUcdc d2<d J<c :bddLch:<dU8 b_ _U`Lh_U8 db ;U :bddLch:<dU8 db d2U <L8hd :bddhddUU <c8 d2<d .h+ _Ue<dUc db <::bLcdc b_
Slide 128: Audit Committee Matters
SINCLAIR, INC. S($@&B(c Ac#B?@BSR <c#Q"* &&@ c:`a^\ a9 (-J:`:-J:-\ c:86]\:^:J "[L06K BKKa[-\6-8 =6^. Qb d2U ?b<_8 b5 !<c<3U_c b5 Rhc:e<h_ ?_b<8:<cd '_bLa^ ""> <c8 db d2U ?b<_8 b5 =h_U:db_c b5 Rhc:e<h_^ %c:) $LFJFHJO HJ 2LB >FJ8J6F8J O282BIBJ2O 8J5 +J2BFJ8J @HJ2FHJ H0BF >FJ8J6F8J QBLHF2FJ3 NU 2<KU <L
Slide 129: Audit Committee Matters
SINCLAIR, INC. S($@&B(c Ac#B?@BSR <c#Q"* &&@ @FF2F68J B15F2 '822BFO Q2U :_hdh:<e <L8hd d<ddU_ :bddLch:<dU8 ;UebJ hc < d<ddU_ <_hchc3 5_bd d2U :L__Ucd aU_hb8 <L8hd b5 d2U :bccbeh8<dU8 5hc<c:h<e cd<dUdUcdc d2<d J<c :bddLch:<dU8 b_ _U`Lh_U8 db ;U :bddLch:<dU8 db d2U <L8hd :bddhddUU <c8 d2<d .h+ _Ue<dUc
Slide 130: Sinclair, Inc.
SINCLAIR, INC. 123
Slide 131: Shareholder Information
SINCLAIR, INC. S H A R E H O L D E R I N F O R M AT I O N Board of Directors Corporate Officers Transfer Agent & Registrar David D. Smith David D. Smith Questions regarding stock certificates, Chairman of the Board, Executive Chairman change of address, or other stock transfer Executive Chairman acco
Slide 132: SBGI.NET
SINCLAIR SBGI.NET