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, 2012 Gray Pro forma Actual $ 28,129 $ Acquisitions 42,731 Adjustments Gray Pro forma $ (11,510) $ 59,350 23,133 8,705 31,838 75 750 825 878 878 (31) (38) (69) (2) 2,825 2,823 59,443 6,022 11,510 76,975 46,683 46,683 19,188 7,280 26,468 11,081 1,888 12,969 26 26 (627) (627) gray Television Disital Mobile (60) (11,839) (60) (1,888) (13,727) 81 518 599 176,077 68,356 518 244,951 15,049 1,731 851 17,631 $ 191,126 $ 70,087 $ 1,369 $ 262,582 $ 176,077 7,874 $ 68,356 $ 518 $ 244,951 7,874 (9,402) (9,402) (399) 29 10,916 10,546 174,150 68,385 11,434 253,969 (59,443) (6,022) (11,510) (76,975) 2,723 2,723 (22,937) (1,945) (4,000) (836) (28,882) (836) 1,127 1,127 $ 94,784 $ 60,418 $ (4.076) $ 151,126 37

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