Publisher Solutions Group

1. AUGUST MONTHLY REVIEW Publisher Solutions Group

2. Recorded Webinar Link https://nexstar.zoom.us/recording/share/K2YKhIlPw-nq5bY4vW03EvGl_yJcXqifHZR8T_Xvu4CwIumekTziMw?startTime=1566932717000

3. Agenda • Intro to PSG • Digital Strategy Overview • PSG Teams and Projects This Month • Revenue • Product • Process, Operations and Ongoing Communication

4. NEXSTAR DIGITAL PUBLISHER SOLUTIONS GROUP Who We Are

5. Meet the team • Aaron Kutylo • VP, Business Dev Ron Parsons Head of Product • Lori Tavoularis • SVP, Revenue Ops 20+ years in ad tech and digital media, developing new revenue and engagement opportunities with publishers such as ESPN, Gannett, Washington Post, Tribune Publishing, Conde Nast, and others. 20+ years as a digital product developer, consultant, and manager, with stops at Yahoo!, Tribune, Hearst, and Gannett. Seasoned ad tech and digital media veteran with 20+ years running programmatic, ad ops, digital analytics, and programmatic sales as SVP Digital Rev & Ops for Tribune Publishing. • Téa Duplex • VP, Program Management • Jenn CrumleyDir, Digital Media • Ivan Balzer • VP, Programmatic 20+ years in Digital Media, Broadcast TV / Radio, leading revenue initiatives, product development and launch processes at companies including Yahoo!, broadcast.com, Indoor Direct (Digital Out Of Home network) and drove the creation/operation of Digital Agency Services at Nexstar Media Group, Inc. 14+ years experience in digital media and entertainment, responsible for bringing together multi-functional teams to deliver large scale programs at Tribune Publishing, Disney, and others. Digital media professional with 10+ years of experience specializing in programmatic advertising, ad sales, ad operations, and yield optimization, most recently at Evolve Media. • Drew ClaytonVP, Product • Kelly NitscheAssoc Dir Ad Ops 15+ years in digital media, responsible for platform rearchitecting and massive growth in audience engagement at the LATimes, Disney, AOL, and others. • Scott Morris • VP, Engineering 22+ years of extensive digital experience and leadership across advertising operations, web site design, development, usability, business intelligence and marketing; specific to the unique needs of broadcast and media companies. 20+ experience across industries with a focus on content management and syndication, video solutions, system architecture, UX/CX, full lifecycle SDLC, and digital security, data privacy, and strategies. • Devin WalkerDirector, Product 18+ years in digital media specializing in leadership, digital strategy, newsroom workflow, and audience growth in the broadcast space .

6. Digital Function Organization Overview

7. STATE OF #NEXSTARNATION Where We Are

8. WHERE WE ARE Nexstar – Current State Analytics

9. STATE OF VIDEO Strong Video Growth July Total Combined Video Views: 53.8MM. +11% MoM, +146% YoY

10. STATE OF AD IMPRESSIONS Strong Growth • While video views were growing, our impressions were not in sync • Changes to the ad server in June helped get back on track and impressions are growing again.

11. STATE OF AUDIENCE & TRAFFIC Google News Consumer Insights - Engagement • We have an opportunity for growth by improving our engagement. • Just 1 extra page view per session generates $5M in programmatic revenue annually.

12. PSG Where we are going

13. Digital Strategy Overview • Grow our Audience and Improve Engagement • Implement BI and establish data driven culture and KPIs • Be data driven and revenue focused across the org • Benefit from detailed audience data to drive product and revenue initiatives • Capitalize on our scale by leveraging external partners to improve revenue opportunities • Learn, educate and collaborate across the #NexstarNation to help drive our Digital First strategy

14. 3 Keys to Growing Audience & Revenue • GROW AUDIENCE & TRAFFIC – Use top-of-the-funnel strategy to help grow light users and middle-funnel strategies to increase traffic from engaged users • Support all teams locally with tools and data to help them understand their audience, performance and growth opportunities • INCREASE ENGAGEMENT – Use data to better understand our audience’s behavior and interests to build a more loyal and engaged user base • Reduce reliance on Facebook • Implement newsletters and other strategies that keep users coming back • Using data to inform content and programming strategy along with personalization capabilities will aid in growth and engagement • INCREASE RPM AND RPU – Implementing BI is Critical • Need data and tools that help us optimize the products and performance from ad units and viewability to page load time and other levers

15. MASTERING THE FUNNEL GROW AUDIENCE Top 1-3 visits CASUAL Tools Real-time traffic Edit education / SEO Publishing Automation KPIs +20% UU +15% PV Strategies: Content Volume, Content Distribution, Verticals/Passion Topics, Google Mobile Optimization, Google News Middle 3-9 visits LOYAL (engaged) Tools Real-time traffic Content Performance Dashboard User Profiles, Targeting, Marketing Automation KPIs +15% LOCAL UU +10% growth in returning UU drives +15% PV Strategies: Breaking, Local Content, Features (comics, horoscopes, obits, etc.), Personalization, Targeted Newsletters, Recommendations Tools CRM / Registration Marketing Automation Events/Offer Tools KPIs +40% Newsletter sign-up Lower 10+ Visits BRAND LOVERS Strategies: Targeted Content, Events, Offers, Apps, Membership, Subscription

16. High Level Roadmap Driving Audience Growth and Engagement Float All Boats.

17. WHAT WE DO Revenue Operations Team

18. Revenue Operations Team

19. Restructured Team • Nexstar Digital Ad Ops and Programmatic & Partnerships (formerly PMM) teams are now part of the same Revenue Operations organization • The new name reflects the multi-dimensional nature of the team as we strive to better service and generate more revenue for our stations • This includes: • The same level of Digital Ad Ops support our stations are accustomed to • Continuous improvement of indirect inventory monetization • Ability to institute other strategic partnerships to amplify revenue across Nexstar Digital

20. Current Projects • Ad Server Line Item Optimization • Append CPM value to all line items in Ad Manager • Allow for more intelligent allocation of inventory among campaigns driven by rate • Increase visibility into inventory pricing, trending and revenue • Promotional Inventory Process Improvement • Ensures proper delivery of direct sold campaigns, reducing possibility of under-delivery • Improves accuracy of inventory forecasting • Grow Indirect Demand Partnerships • Grow station ad revenue by diversifying indirect partner mix • Create more competition for indirect inventory, which will increase CPMs, fill rate, and revenue

21. 2H Priorities • Tribune Media Site Migration • Move Tribune Media sites to Nexstar’s instance of Google Ad Manager • Merge contracts and partnerships with existing Nexstar relationships • Support of Station Revenue • Continual improvement and support of stations’ revenue operations needs • Manage creative quality, and provide technical and PMP campaign support • Ad Stack Refresh and Increased Demand • Revamp current ad stack structure for optimal campaign delivery and revenue growth • Ongoing evaluation and development of indirect demand partnerships

22. Where we are 2019 Current State – Indirect Revenue • MISSION – Support NBI by maximizing value of unsold digital inventory, as a complement to direct sales • Implemented Amazon A9 header wrapper, bringing proprietary Amazon demand to display inventory • Diversified indirect demand partner mix by onboarding 7 new bidders spanning display and video monetization • Ongoing optimization of pricing strategy and inventory setup in programmatic platforms • Jan - July 2019 Revenue: $4.4M • $892K (or 25%) ahead of plan • Aug - Dec 2019 Budget: $3.9M • 2019 Pacing: $8.3M • Budget is $7.3M

23. WHAT WE DO Product Management

24. 2019-2020 Strategic Priorities Tactical 2019 Strategic 2019 + 2020 Video Center, video distribution Election Hub Native Apps Upgraded Native Apps Redesigned Weather Apps Expanded OTT Strategy / Products Audience & Content Development Audience Segmentation & Targeting A/B Testing PRODUCT MANAGEMENT • Tribune Migration • WordPress Migration Completion • Platform Stability & Enhancements • Revenue & Ad Map Optimizations • Category & Widget Sharing • School Closings • Weather Forecast Editor for local customized forecasts • Analytics: Optimization of Tag Manager • Improved Page Load Times

25. School Closings • Ad Map Optimizations Election Hub Category & Widget Sharing [DONE] CentexProud -> Fox44News [DONE] UFO Site Chartbeat Trending Tribune Migration (Dependent on Closing) NXS Corporate Site (ready) Training Photo Galleries (Bug Fixes and Upgrades) Vegas -> 8NewsNow [DONE] WordPress Platform PRODUCT MANAGEMENT Subject to Change.. Dates are targets.

26. Videos in App Fix Platform Assessment Migration Gaps/Cleanup Video Center Playlist Module Update WSI Weather Apps • Ad Map Optimization WSI Forecast Editor Bug Fixes & Enhancements PRODUCT MANAGEMENT Video, Native Apps, Weather VIDEO NATIVE APPS WEATHER Subject to Change.. Dates are targets.

27. PRODUCT MANAGEMENT Roadmap & Contact • The living, high-level roadmap will be made continually available soon via a protected SharePoint URLs • Roadmap questions, or ANY Product questions, can always be directed toPSProduct@nexstardigital.comORReach out to any of us!

28. PRODUCT MANAGEMENT Product Process & New Feature Requests In iterative, ongoing fashion, we continually: Nexstar Digital Support/Feature Request https://forms.gle/dpkKjiGpWUQLXSWf8 • Receive the Request • Assess the Opportunity • If Approved … • Go into Planning, then … • Perform Discovery & Definition • Develop the feature or fix • Launch the feature or fix • Analyze the results

30. PRODUCT MANAGEMENT Station Support NBI Digital Ops/Support team is now integrated with Nexstar Digital Publisher Solutions Group. The combined team still provides 24x7 Support through Zendesk and Microsoft Teams. Training and Documentation is also now standardized and centralized. Station Support

31. NBI Communication Plan • NBI Exec & RVP • Quarterly Business Review • Monthly Calls – Product & Revenue • Local DMM/NDs teams • GMs/RVPs invited • Weekly Update Email - Mondays • Local DMM teams, NDs, GMs, RVPs • As Needed: • Ongoing Product Update Emails • Local DMM teams, those operationally impacted by any changes • Training as Needed • Upcoming: Category/Widget Sharing, Video Playlist • Ongoing: Microsoft Teams • Service Notices and System Updates

32. ADDITIONAL INFORMATION Appendix

33. PRODUCT MANAGEMENT Station Support Severity 1 (S1) are critical issues affect the ability for our users to access and use the WordPress CMS or when our customer facing digital properties are offline or broken. Severity 2 (S2) are high-impact issues affecting access and/or functionality of the WordPress CMS or our customer facing digital properties. Severity 3 (S3) are system bugs or issues that do not have widespread, critical impacts to the CMS or digital properties. Severity 4 (S4) are simple bugs or enhancement requests that do not impede work from being completed.

34. PRODUCT MANAGEMENT Station Support If an S1 or S2 issue have broad impact across the system, then a mass communications protocol would be invoked. If an S1 or S2 issue has a big impact, but across a limited number of stations or properties, then a Zendesk communications protocol will be invoked. If an S1 or S2 issue is reported, then a Zendesk communications protocol will be invoked.

35. PRODUCT MANAGEMENT Station Support First Step is always to open a Zendesk Ticket so that we can track issues, avoid duplicative efforts and ensure the team has the needed information to diagnose and resolve. If Severity 1 (S1) – Critical and requires immediate escalation, email the team which will trigger on call support. Depending on Scope of the Issue, regular communications will be sent during diagnosis and resolution according to protocol.