Investor Presentaiton

November 8, 2016 Elections 4 5 Ballot Initiatives & Referendums 1 Presidential Primaries & General State & Local Races ELECTION 2016 *** Source: Politico.com, CenterForPolitics.org. Gray Television, Inc. Gubernatorial Races 3 Federal Races gray Television Digital Mobile Open Presidential Contest Gray Markets in 7 out of 9 2012 Swing States 34 Senate Races 9 Competitive Races in Gray Markets (CO, FL, GA, IL, IN, NV, NC, OH, WI) 2 535 House Races 7 Competitive Races in Gray Markets (FL, IN, MI, MN, NE, NV) 11 Gubernatorial Races 4 Competitive Races in Gray Markets (IN, MT, NC, WV) 25

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