Investor Presentaiton

Glossary gray Television Digital Mobile "Acquisitions": "Excalibur" (Excalibur Broadcasting, Inc.): "Gray" (Gray Television, Inc.): "Hoak Media" (Hoak Media, LLC): "Hoak": "Hoak Acquisition": "KJCT": "Lockwood": "Montana": "Operating Cash Flow" or "OCF": "Parker" (Parker Broadcasting, Inc.): "Prime Cities": "Pro Forma" or "PF": "Rapid Cities": "SJL": "Twin Falls": Gray Television, Inc. The Hoak Acquisition and Gray's other previously completed acquisitions of Rapid Cities, Prime Cities, Lockwood, Yellowstone, KJCT, Montana and SJL unless otherwise specified; excludes Twin Falls A television broadcaster with two stations (KJCT, KKHD) whose financial results were consolidated with those of Gray in accordance with GAAP from October 31, 2013 through December 15, 2014 A television broadcast company headquartered in Atlanta, Georgia, that owns and operates television stations and digital properties in markets throughout the United States; its results were consolidated with those of Excalibur under GAAP from October 31, 2013 through December 15, 2014 A television broadcaster from which Gray acquired 12 television stations and the programming of an additional television station on June 13, 2014 Hoak Media and Parker combined, excluding stations divested to Nexstar or Mission Gray's acquisition or operation of 15 Hoak television stations, which closed on June 13, 2014 Station acquired by Excalibur from News-Press and Gazette on October 31, 2013 CW affiliated station WQCW in Charleston, WV, acquired by Gray from Lockwood on April 1, 2014 Three stations acquired by Gray from Intermountain West Communications Company (two stations) and Rocky Mountains Broadcasting (one station) in Q4, 2014 Operating cash flow as defined in Gray's existing senior credit facility; includes Pro Forma adjustments for closed acquisitions. See appendix herein for definition and reconciliations of non-GAAP terms. Certain operating agreements and non-license assets we acquired from Parker Broadcasting, Inc. relating to the Monroe, LA and Fargo, ND markets in September and December 2014, respectively Two stations acquired by Gray from Prime Cities Broadcasting, Inc. on May 1, 2014 Reflects combined historical results, position, or statistics of Gray and the specified acquisitions; pro forma financial results give effect to the specified acquisitions as if they had occurred at the beginning of the relevant period including any financing related to the specified acquisitions Two stations acquired by Gray from Mission TV, LLC on May 1, 2014 Two ABC stations in Flint, MI and Toledo, OH, acquired by Gray from affiliates of SJL Holdings on September 15, 2014 Pending acquisitions of two stations, a CBS station and a FOX station, in Twin Falls, Idaho for $17.5 million. The acquisition is subject to regulatory approval and is currently expected to close in the 3rd quarter 2015 35

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