Investor Presentaiton

Gray TV Leads Industry In Operating Margins gray Television Digital Mobile (1) 40% 2014 EBITDA Margins (2) (3) 37% 36% 35% 33% 31% (4) 25% (5) 18% (6) 10% Nexstar Sinclair Media General Entravision Tribune gray Gannett Company Meredith Scripps T (1) (2) Based on Non-GAAP reconciliation available on Sinclair Broadcasting's website (3) (4) Source: Company filings, Investor presentations Note: Based on "as-reported" financials for all companies except Gray TV and Media General, which are reported on a "combined historical" basis Based on 2014 pro forma Operating Cash Flow Media General pro forma for LIN, including $16 million in Young synergies and $35 million in LIN run rate synergies; Reported in Media General's Investor Presentation dated 3/12/2015 Based on consolidated revenue and EBITDA (5) Based on consolidated revenue and EBITDA and calendar year ending 12/31/14; Fiscal year ends 6/30 (6) Based on consolidated revenue and EBITDA; Calculated as segment profits less corporate and pension plan expense; Reported in Scripps' 2014 10-K Gray Television, Inc. 14

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