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Investor Presentaiton

Investment Highlights ✓ A Leading Television Broadcaster in Diverse Mid-Markets with Dominant Market Positions ✓ Improving Advertising Market and Diversification of Revenue Mix ✓ Large Political Upside in Presidential Election Years with Presence in Key States gray Television Digital Mobile ✓ Strong Growth in Net Retransmission Revenue and Increasing Leverage With Networks ✓ Successful New Media Initiatives and Spectrum Upside ✓ Robust Free Cash Flow Generation Over a Two Year Cycle ✓ Experienced Management with a Track Record of Accretive Transactions and Successful Integrations Gray Television, Inc. 17

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