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Acquisitions Announced and Closed in 2014 Significantly Increased Scale and Margins $427 As Reported Summary Financial Metrics '13A/'14A Blended 2-Year Averages In Millions Pro Forma For All 2014 Acquisitions $175 $154 $67 $522 $215 $200 $97 Revenue BCF OCF FCF Revenue BCF OCF FCF % Margin 41% 36% 44% (2) % Margin 41% 38% 48% (2) Gray Television, Inc. gray Television Digital Mobile 19

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