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Investor Presentaiton

Diversification Across Networks and Markets gray Television Digital Mobile Station Mix 140 Total Program Streams: 76 Big 4 Affiliates: 26 CBS 2014PF Revenue by Affiliate: $572mm (1) FOX All Secondary Channels & Other 2% 3% 2014PF BCF by Affiliate: $251mm (1), (3) FOX abc 3% All Secondary Channels & Other 1% 24 NBC 16 ABC 10 FOX 73 Additional Program Streams: (2) 17 CW 2 Telemundo 17 MyNetwork TV 17 MeTV Network 6 Antenna TV abc 19% NBC 37% CBSO 15% 39% NBC 41% CBSO 40% 2 This TV Network 1 MOVIES! Network 1 Heroes and Icons 10 Local News/Weather No single market represents >10% of total revenue or BCF (1) (2) Pro forma for the Acquisitions, excluding the pending Twin Falls acquisition Certain program channels are affiliated with more than one additional network simultaneously (3) Excludes corporate expenses Gray Television, Inc. 21 21
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