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Investor Presentaiton

Stable Markets Concentration on DMAs 61-209 - with Focus on State Capitals / Collegiate Presence gray Television Digital Mobile Gray stations cover 12 state capitals and 24 university towns Enrollment of approximately 547,000 students Market Waco, TX College(s) Topeka, KS AMB Lansing, MI 50 STATE Tallahassee, FL Florida A&M 43 Madison, WI Approximate Enrollment Market 75 Reno, NV ā—‰ Better demographics, more stable economies College(s) Approximate Enrollment 20 53 Harrisonburg, VA JMU 20 50 Sioux Falls, SD 13 JACKRABBITS A UNITE Cheyenne, WY 11 43 Charleston-Huntington, WV 10 Lexington, KY 30 Monroe, LA 9 ULM Knoxville, TN T 27 Flint, MI M 9 FLINT Lincoln, NE 25 Hankers Colorado Springs, CO FALCONS 9 Greenville, NC 22 South Bend, IN 8 PIARTES Toledo, OH UT 21 Bismarck, ND 4 Mystics Charlottesville, VA V 21 Great Falls, MT University of Great Falls GREAT FALLS COLLEGE MONTANA STATE UNIVERSITY 2 Bowling Green, KY WKU 21 Helena, MT 1 Source: College/University website Note: Shading indicates DMA includes state capital. Enrollment in thousands. Gray Television, Inc. 20 22
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