Investor Presentaiton

Capitalization Overview No near-term debt maturities and ~$80 million of liquidity as of 12/31/14 Current Capitalization 12/31/2014 ($ in millions) Cum. X Cum. Actual $ L8QA OCF(1) X LTM OCF(2) Cash & Equivalents $31 Cash & Equivalents adjusted for equity issue(5) $198.1 Priority Revolver ($50MM) due 2019 0.0x 0.0x Term Loan B due 2021 (LIBOR + 3% with LIBOR Floor of 0.75%) $556 2.8x 2.4x Secured Debt $556 2.8x 2.4x 7.5% Senior Notes due 10/2020, at par value $675 6.1x 5.4x Total Debt $1,231 6.1x 5.4x Net Debt (3) $1,201 6.0x 5.2x Debt Net All Cash(4)(5) $1,033.3 5.17x 4.51x Source: Company financials and management estimates (1) Based on Gray's L8QA 12/31/14 Pro Forma OCF (2) Based on Gray's LTM 12/31/14 Pro Forma OCF (3) Total debt less up to $30 million of cash on hand (4) Total debt less all cash on hand (5) Reflects net cash proceeds of 13.5 million share issuance of GTN on 3/31/2015 at $13.00 per share Gray Television, Inc. $200 $229 gray Television Digital Mobile 32

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