Investor Presentaiton

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 Addback 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, 2013 Gray Actual $ 18,288 $ Acquisitions 27,975 $ Pro forma Adjustments (17,020) $ Gray Pro forma 29,243 24,096 336 8,106 556 1,974 32,202 892 1,974 765 85 850 1,627 1,627 52,445 5,554 17,020 75,019 13,147 3,759 16,906 11,367 1,723 13,090 28 (615) 28 (615) (11,433) (1,723) 728 (13,156) (1,278) (550) 110,398 48,390 (1,278) 157,510 gray Television Disital Mobile 17,836 $ 128,234 $ 1,273 49,663 1,964 21,073 $ 686 $ 178,583 $ 110,398 8,626 $ 48,390 $ (1,278) $ 157,510 8,626 (4,748) (4,748) (477) 32 10,573 10,128 113,799 48,422 (52,445) 1,903 (23,817) (5,554) 9,295 (17,020) 171,516 (75,019) 1,903 (557) (3,000) (27,374) (519) (519) (9) $ 38,912 $ 42,311 $ (10.725) $ (9) 70,498 38

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