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Pro Forma Non-GAAP Reconciliation (continued) Net income Adjustments to reconcile from net income to Broadcast Cash Flow Less Cash Corporate Expenses: Depreciation Amortization of intangible assets Non-cash stock based compensation Gain on disposals of assets, net Miscellaneous income, net Interest expense Loss on early extinguishment of debt Income tax expense Amortization of program broadcast rights Common stock contributed to 401(k) plan. excluding corporate 401(k) contributions Network compensation revenue recognized Network compensation per network affiliation agreement Payments for program broadcast rights Other items Broadcast Cash Flow Less Cash Corporate Expenses; a.k.a. "Adjusted EBITDA" Corporate and administrative expenses excluding depreciation, amortization of intangible assets and non-cash stock based compensation Broadcast Cash Flow Broadcast Cash Flow Less Cash Corporate Expenses Pension Expense Pension Cash Funding Other items Operating Cash Flow as defined in the credit agreement Less interest expense Add back amortization of deferred financing Less capital expenditures, net of insurance proceeds Less cash taxes Addback amortization of original issue discount Free Cash Flow Gray Television, Inc. Pro Forma Twelve Months Ended December 31, 2014 Gray $ Actual 48,061 $ Acquisitions 45,282 Pro forma Adjustments Gray Pro forma $ (3,247) $ 90,096 gray Television Digital Mobile 30,248 8,297 3,546 63 33,794 8,360 5,012 623 (23) (29,477) 313 5,012 (28,854) 290 68,913 3,072 3,247 75,232 5,086 5,086 31,736 3,101 34,837 12,871 12,871 25 (456) 25 (15,087) (456) (15,087) 2,788 195,306 28,688 2,788 223,994 25,671 $ 220,977 $ 1,464 30.152 27,135 $ $ 251,129 $ 195,306 $ 28,688 $ 223,994 6,126 6,126 (6,770) (6,770) 5,901 5,901 194,662 28,688 5,901 229,251 (68,913) (3,072) (3,247) (75,232) 2,970 (32,215) (401) 2,970 (32,215) (401) (863) (863) $ 95,240 $ 25,616 $ 2,654 $ 123,510 39

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