Investor Presentaiton

Gray is a Leading Beneficiary of Political Revenue with Large Upside in Presidential Years Gray TV Political Revenue in Millions (1), (2) $82 $58 $86 New Record New Record $48 Presidential Year Non- Presidential Year $118 $85 2008 2010 2012 2014 2012PF 2014PF 2012PF and 2014PF includes Gray and the Acquisitions (except the Twin Falls acquisition) and assumes 15% agency commission discount on gross political revenues for the Acquisitions Gray Television, Inc. gray Television Digital Mobile +4 24

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