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Investor Presentaiton

Gray Dominates Local News and Information +73% Amount by which Gray's late local newscasts outperform the national average... National Average vs. Gray November '14 Household Share +66% Amount by which Gray's 6PM newscasts outperform the national average... Gray's national Household Share average exceeds all major affiliate news programs Source: Nielsen Media Research, November 2014 Gray Television, Inc. 15 25 25 6PM News 11 19 Late News ■NSI National Average ■Gray Average of All Stations gray Television Digital Mobile 10 10

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