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Significant Scale Poised for Long-Term Success gray Television Digital Mobile Net Revenue BCF OCF FCF 2014 PF (in millions) (1) $572 $251 $229 $123 140 program streams 76 "Big 4" network affiliations 77 stations FOX 10 channels: 6/30/17 44 markets 14 markets with two "Big 4" abc 3 channels: 12/31/17 13 channels: 12/31/18 network affiliations 2 markets with three "Big 4" network affiliations (1)Pro Forma for all 2014 acquisitions Prior to the pending Twin Falls acquisition (announced 3/12/2015) Gray Television, Inc. OCBS 26 channels: 8/31/19 NBC 24 channels: 12/31/18 5

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