Investor Presentaiton

Gray's Stations Over-Index Every Major Network CBS vs. Gray November '14 Household Share 14 10 9 17 12 12 11 5 The Morning Show Network News Prime (Mon- Sun) The Late Show 13 26 CBSO■Gray NBC vs. Gray November '14 Household Share 28 11 9 11 7 CBS, NBC, and ABC perform far better on Gray's stations than national averages across all key day-parts 18 16 The Today Show Network News Prime (Mon- Sun) The Tonight Show ■Gray Source: Nielsen Media Research, November 2014 Gray Television, Inc. 30 ABC vs. Gray November '14 Household Share 11 23 23 14 12 10 5 gray Television Digital Mobile Good Morning Network News Prime (Mon- Jimmy Kimmel America Sun) / Nightline abc ■Gray 6

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