1. May 22, 2012
Barclays Conference

2. Safe Harbor
This presentation may include forward-looking statements regarding, among
other things, future operating results. 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. Such factors have been set forth in the Company’s
most recent reports on Forms 10-Q, 10-K and 8-K, as filed with the SEC. No
representations or warranties are made by the Company or any of its affiliates as
to the accuracy of any such statements or projections. Whether or not any such
forward looking statements or projections are in fact achieved will depend upon
future events, some of which are not within the control of the Company.
Accordingly, actual results may vary from the projected results and such
variations may be material. The Company undertakes no obligation to update
these forward-looking statements.

3. Sinclair Portfolio Highlights
The largest & one of the most diversified pure-play television broadcasters
74 TV stations
45 markets
20 FOX, 18 MNT, 14 CW, 11 ABC, 9 CBS, 1 NBC, 1 Azteca
26.3% U.S. coverage (30.1 million households)
24 two-station markets
34 markets airing news
82 Sub-channels
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4. Sinclair Portfolio Highlights
• Dominant middle market
broadcaster
• Footprint brings buying power,
negotiating leverage, syndicator
program clearance
CW
12% ABC
18%
MNT
13%
NBC/SP
• Affiliation diversification insulates us from 2%
network downturns
FOX
CBS 36%
19%
• Geographic diversification minimizes
downturns in local economies 2011 PF Revenue
PF for Four Points and Freedom stations

5. Sinclair Operating Strategy
Strengthen our core duopolies / JSAs / Top 4 affiliations
Develop technical solutions / business opportunities – spectrum
Aggressively pursue fair value retransmission consent and network
relations
Expand content offerings – digital interactive / sub-channels
Strengthen local sales performance – protect and grow revenue share
Invest in local content - news
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6. Acquisition Environment
Recovery has strengthened balance sheets and reduced leverage
Valuations are inviting
Buyer retrans and free cash flow increases can be significant
Strategic operators, not private equity, are the primary buyers
M&A activity in full swing
37 TV stations sold since October 2011
Four Points, Freedom, McGraw Hill, and New Vision transactions
Sellers’ multiples 8.5x-11.5x odd/even year average
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7. Acquisition Highlights
Sinclair acquired 15 stations at attractive purchase prices / multiples:
$585M acquisition price
Sellers’ multiples of 8.5x – 9.5x in excess of our mid 6’s buyer multiples
Result in minimal leverage and continued balance sheet strength
Free cash flow / earnings accretive
$89M average pro forma EBITDA
FCF contribution estimated at $59M, on average
40% FCF growth rate on 2010
Seeking “Big 4” affiliates in our market portfolio range
7 Buyer’s multiples based on 2012/2013 estimated EBITDA, after synergies

8. Sinclair Investment Highlights
Highest free cash flow metrics (trailing 12 months 3/31/12)
$150.9 million of FCF generated
16.8% FCF yield on equity value
53% of EBITDA converted into FCF
Among most credit worthy with strong balance sheet (3/31/12)
4.14x net leverage through parent
No imminent maturities until 2016
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9. Sinclair Investment Highlights
Consistent dividend strategy
$0.48 annual dividend per share
25.6% dividend payout ratio
5.3% dividend yield (1)
Valuation
TV multiples at historic lows of 6x to 7x. Pre-recession multiples were 9x to
11x
Hidden value of $2 per share ($190M cost basis in non-broadcast entities)
Enhance footprint and free cash flow through television acquisitions
(1) Based on $9.00 share price
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10. Spectrum Auction
What if broadcasters bought the spectrum?
Broadcasters are most logical and efficient users of spectrum
One-to-many technology
Video delivery is our business
Broadcast Overlay Plan worth $46B PV with $54B annuity to government versus
one-time spectrum auction value of $6B net proceeds
Government give away of valuable spectrum
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11. Financial Highlights

12. PF Balance Sheet
12/31/11 Acquisitions PF 12/31/11 PF 3/31/12
Cash 13 13 27
Revolver 12 16 28 0
Term Loans 337 530 867 863
2nd Lien Notes 500 500 500
Unsecured Notes 238 238 238
Other OpCo Debt 33 33 30
HoldCo Debt 21 21 21
VIE Debt 65 65 65
Debt on B/S, net of Cash 1,193 546 1,739 1,690
EBITDA (TTM) 270 89 359 364
1st Lien Net Leverage 1.5x 2.7x 2.5x
OpCo Net Leverage 4.2x 4.7x 4.5x
HoldCo Net Leverage 4.2x 4.7x 4.5x
Based on bank covenant calculations
12 Four Points/Freedom EBITDA is blended odd/even full year average, after synergies

13. Sinclair 2012 Operating Outlook
Revenue
Political ad spend could be the highest in our history
NADA expects new car sales of 13.9M units or growth of 9.4%
Retrans revenues to continue to grow (DISH in ‘12)
Economy and industry still in recovery
Super Bowl on NBC results in $6M less of Super Bowl revenues
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14. Sinclair 2012 Operating Outlook
Expenses & Cash Flow
Program payments expected to decline $5.2M on same station basis
Reverse retrans expected to increase
FOX affiliation payments - Baltimore
Capex – 50% bonus depreciation
Acquisitions
Four Points (12 months) and Freedom (9 months) to contribute to EBITDA
and free cash flow
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15. Sinclair Q1 2012 Results
Net broadcast revenues of +23.2% (exceeded guidance)
+6.4% on same station basis
Includes $4M of political and $0.1M from Super Bowl
Same station core up 9.2% ex-Super Bowl & political
EBITDA of $76.0M (11.3% same station growth)
Free cash flow of $34.2M (8.1% same station growth)
$18M of debt repaid, net (excludes Four Points funding)
$9.6M quarterly dividend payment
Leverage through Holdco down to 4.14x from 4.18x at year-end
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16. Sinclair Q2 2012 Outlook
Q2 Net broadcast revenues expected to be +32.6% to 33.2%
Same Station basis
+2.7% to +3.4%
Includes $4M of political
Core growth of +1.8% to 2.4%
Auto growth of mid-teen percent (same station)
EBITDA expected of $82.4M to $83.4M
5/2/12 public guidance
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17. Sinclair Investment Highlights
Largest pure-play television broadcaster
Among most credit worthy with strong balance sheet, including impact
of Four Points and Freedom acquisitions
Generating some of the best shareholder returns
Driving long-term revenues
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