Investor Presentaiton

Gray Dominates the Industry with the Highest Quality Portfolio of Local Television Stations ✓ 41 of 44 markets with stations ranked #1 or #2 ✓ 28 of 44 markets with #1 news ranking ✓ Only pure-play TV broadcaster with a full-time Washington DC Bureau gray Washington News Bureau Prior to the pending Twin Falls acquisition (announced 3/12/2015) Gray Television, Inc. gray Television Disital Mobile 7

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