Investor Presentaiton

44% Significant Opportunity for Continued Growth 38% 31% 23% 19% 18% 18% FCC U.S. TV Household Cap: 39% gray Television Digital Mobile 13% 11% 11% 8% 6% 4% 4% 3% 3% 3% 2% 2% 2% 1% 1% Tribune Sinclair Gannett Media Hearst General EW Scripps Nexstar Raycom Cox Meredith gray Graham Weigel Holdings Hubbard Sunbeam Calkins Quincy Bahakel Schurz Media Dispatch Capital Drewry Source: Company filings, BIA, company websites Note: Excludes Big Four networks Gray Television, Inc. 15

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