Investor Presentaiton

Significant Potential Upside from Spectrum Monetization Opportunities ■ One of first broadcasters to monetize digital spectrum 69 secondary channels of programming today ■ Opportunities to benefit from the 2016 FCC Broadcast Incentive Auction ■ Potential opportunities from future changes to new broadcast technical standard Growing Secondary (D2) Channels (1) Secondary Channel 2014 Financials ($ in Millions) ■Revenue ■ BCF Other ■Margin $45 abc 2 Channels FOX 2 Channels OCBS 3 Channels ست my 14 Channels 17 Channels 16 Channels 15 Channels MeTV (1) Certain program channels are affiliated with more than one additional network simultaneously Gray Television, Inc. $30 60% $18 61% $27 gray Television Digital Mobile As Reported Combined Historical Basis 27

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