1. 1 TEMPORARY Color Scheme 0 165 101 197 193 207 46 68 151 197 73 75 20 190 200 207 110 13 252 131 48 96 0 0 20 120 190 73 88 59 67 54 102 122 86 46 67 54 102 122 86 46 Investor Presentation Historical Financial Data as of June 30, 2 Select Other Data as of September, 2013 Sales Overview January 2014

2. 2 TEMPORARY Color Scheme 0 165 101 197 193 207 46 68 151 197 73 75 20 190 200 207 110 13 252 131 48 96 0 0 20 120 190 73 88 59 67 54 102 122 86 46 67 54 102 122 86 46 2 Gray Television, Inc. Ad Positions (Overview) 728x90 A&B 160x600 A&B 300x250 A&B 468x60 A&B Full Wide Banner (Pencil Push Down) Corner Peel Other Ads: Top of News Story Mid Story Ad (Embedded Ad) Mobile Web Mobile Apps (IOS, Android) Tablet (iPad)

3. 3 TEMPORARY Color Scheme 0 165 101 197 193 207 46 68 151 197 73 75 20 190 200 207 110 13 252 131 48 96 0 0 20 120 190 73 88 59 67 54 102 122 86 46 67 54 102 122 86 46 3 Gray Television, Inc. 728x90 A (Top of Page) 728x90 – IAB standard size Known as “Leaderboard” Available on all pages All features of ad server are available Always shown above the scroll

4. 4 TEMPORARY Color Scheme 0 165 101 197 193 207 46 68 151 197 73 75 20 190 200 207 110 13 252 131 48 96 0 0 20 120 190 73 88 59 67 54 102 122 86 46 67 54 102 122 86 46 4 Gray Television, Inc. 728x90 B (Bottom of Page) 728x90 – IAB standard size Known as “Bottom Leaderboard” Available on all pages All features of ad server are available Should ONLY be used if oversold in 728x90 A position Always shown below the scroll

5. 5 TEMPORARY Color Scheme 0 165 101 197 193 207 46 68 151 197 73 75 20 190 200 207 110 13 252 131 48 96 0 0 20 120 190 73 88 59 67 54 102 122 86 46 67 54 102 122 86 46 5 Gray Television, Inc. 160x600 A 160x600 – IAB standard size Known as “Skyscraper” Available on all pages that have three columns, not shown inside news stories for example Small portion shown above the scroll and all features of ad server are available

6. 6 TEMPORARY Color Scheme 0 165 101 197 193 207 46 68 151 197 73 75 20 190 200 207 110 13 252 131 48 96 0 0 20 120 190 73 88 59 67 54 102 122 86 46 67 54 102 122 86 46 6 Gray Television, Inc. 160x600 B 160x600 – IAB standard size Known as “Skyscraper” Available on all pages that have three columns, not shown inside news stories for example Shown below the fold and all features of ad server are available

7. 7 TEMPORARY Color Scheme 0 165 101 197 193 207 46 68 151 197 73 75 20 190 200 207 110 13 252 131 48 96 0 0 20 120 190 73 88 59 67 54 102 122 86 46 67 54 102 122 86 46 7 Gray Television, Inc. 300x250 A 300x250 – IAB standard size Known as “Super Cube” Available on all pages All features of ad server are available Portion shown above the scroll

8. 8 TEMPORARY Color Scheme 0 165 101 197 193 207 46 68 151 197 73 75 20 190 200 207 110 13 252 131 48 96 0 0 20 120 190 73 88 59 67 54 102 122 86 46 67 54 102 122 86 46 8 Gray Television, Inc. 300x250 B 300x250 – IAB standard size Known as “Super Cube” Available on all pages All features of ad server are available Shown below the fold

9. 9 TEMPORARY Color Scheme 0 165 101 197 193 207 46 68 151 197 73 75 20 190 200 207 110 13 252 131 48 96 0 0 20 120 190 73 88 59 67 54 102 122 86 46 67 54 102 122 86 46 9 Gray Television, Inc. 468x60 A 468x60 – IAB ‘Retired’ Size Known as “banner” Available on all main sections Not shown inside stories All features of ad server are available Portion can be shown above the scroll

10. 10 TEMPORARY Color Scheme 0 165 101 197 193 207 46 68 151 197 73 75 20 190 200 207 110 13 252 131 48 96 0 0 20 120 190 73 88 59 67 54 102 122 86 46 67 54 102 122 86 46 10 Gray Television, Inc. 468x60 B 468x60 – IAB ‘Retired’ Size Known as “banner” Available on all main sections Not shown inside stories All features of ad server are available Shown below the fold

11. 11 TEMPORARY Color Scheme 0 165 101 197 193 207 46 68 151 197 73 75 20 190 200 207 110 13 252 131 48 96 0 0 20 120 190 73 88 59 67 54 102 122 86 46 67 54 102 122 86 46 11 Gray Television, Inc. Top of News Story Ad 468x60 – IAB ‘Retired’ Size Known as “banner” Available inside news and/or sports stories only All features of ad server are available Shown above the scroll

12. 12 TEMPORARY Color Scheme 0 165 101 197 193 207 46 68 151 197 73 75 20 190 200 207 110 13 252 131 48 96 0 0 20 120 190 73 88 59 67 54 102 122 86 46 67 54 102 122 86 46 12 Gray Television, Inc. Mid-Story Ad 300x250 or 160x600 – IAB Sizes Known as “Embedded Ad” Available inside News and/or sports stories only Shows right justified All features of ad server are available Shown above scroll sometimes, depending on other items posted in the story

13. 13 TEMPORARY Color Scheme 0 165 101 197 193 207 46 68 151 197 73 75 20 190 200 207 110 13 252 131 48 96 0 0 20 120 190 73 88 59 67 54 102 122 86 46 67 54 102 122 86 46 13 Gray Television, Inc. Full Wide Banner (Pencil Push Down) 986x60 – IAB Standard Size Known as “Full Wide Banner” or “Pencil Push Down” Available on all main sections All features of ad server are available Always shown above fold. Drop down happens upon scroll over

14. 14 TEMPORARY Color Scheme 0 165 101 197 193 207 46 68 151 197 73 75 20 190 200 207 110 13 252 131 48 96 0 0 20 120 190 73 88 59 67 54 102 122 86 46 67 54 102 122 86 46 14 Gray Television, Inc. Corner Peel (75x75 AND 500x500) 75x75 and 500x50 Known as “Peel Effect” Available on all main sections All features of ad server are available Always shown above the scroll Peel look cannot be changed or moved to another location

15. 15 TEMPORARY Color Scheme 0 165 101 197 193 207 46 68 151 197 73 75 20 190 200 207 110 13 252 131 48 96 0 0 20 120 190 73 88 59 67 54 102 122 86 46 67 54 102 122 86 46 15 Gray Television, Inc. Poll Ad (120x240) 120x240 Known as “Poll Sponsor” Available on all main sections that have a poll question assigned Ad only appears in same box as question Ad does not bleed through to results page Location of ad is always under the submit button in the poll question box

16. 16 TEMPORARY Color Scheme 0 165 101 197 193 207 46 68 151 197 73 75 20 190 200 207 110 13 252 131 48 96 0 0 20 120 190 73 88 59 67 54 102 122 86 46 67 54 102 122 86 46 16 Gray Television, Inc. Wing Ads (1329x1165) 1329x1165 Known as “Wings” Available on all main sections All features of ad server are available Shown above scroll Must go through Gray Graphics to set up, to be sure correct sizing is used to be seen on most monitors

17. 17 TEMPORARY Color Scheme 0 165 101 197 193 207 46 68 151 197 73 75 20 190 200 207 110 13 252 131 48 96 0 0 20 120 190 73 88 59 67 54 102 122 86 46 67 54 102 122 86 46 17 Gray Television, Inc. Mobile Web (320x50 AND 480x32) 320x50 – Standard Mobile Ad Size Shows on all Mobile Web, all devices Not apps, mobile web All features of ad server are available Always above the scroll

18. 18 TEMPORARY Color Scheme 0 165 101 197 193 207 46 68 151 197 73 75 20 190 200 207 110 13 252 131 48 96 0 0 20 120 190 73 88 59 67 54 102 122 86 46 67 54 102 122 86 46 18 Gray Television, Inc. Mobile Apps (320x50 AND 480x32) 320x50 – Standard Mobile Ad Size Shows on all Apps (Android & IOS) Not part of Mobile Web All features of ad server are available Always above the scroll Located at bottom of the app always, but never leaves the site of the user, stays fixed in bottom location regardless of scrolling

19. 19 TEMPORARY Color Scheme 0 165 101 197 193 207 46 68 151 197 73 75 20 190 200 207 110 13 252 131 48 96 0 0 20 120 190 73 88 59 67 54 102 122 86 46 67 54 102 122 86 46 19 Gray Television, Inc. Tablet - iPad Only (728x90) 728x90 – Standard Ad Size Shows on iPad app only Not part of Mobile Web on Tablet All features of ad server are available Always above the scroll Located at bottom of the app always, always in site as it stays fixed in bottom location regardless of scrolling

20. 20 TEMPORARY Color Scheme 0 165 101 197 193 207 46 68 151 197 73 75 20 190 200 207 110 13 252 131 48 96 0 0 20 120 190 73 88 59 67 54 102 122 86 46 67 54 102 122 86 46 20 Gray Television, Inc. Pre-Roll Video AND Post Roll Video Auto play not an option. User must click to start video.

21. 21 TEMPORARY Color Scheme 0 165 101 197 193 207 46 68 151 197 73 75 20 190 200 207 110 13 252 131 48 96 0 0 20 120 190 73 88 59 67 54 102 122 86 46 67 54 102 122 86 46 21 Gray Television, Inc. National Ad Spots Exclusive deal with World Now (New York, NY). Open inventory in standard IAB ad units (728x90, 160x600, 300x250, 468x60 and 320x50 - mobile) will be automatically filled in with backfill ads. Local ads will ALWAYS be pacing through the ad server to serve desired monthly goals BEFORE any backfill serves. If a station would like to block a particular backfill ad from showing, they can contact adops@gray.tv, please give reason to why request to block the ad is being made. adops@gray.tv Part of Gray’s exclusive deal with World Now also allows World Now Sales to sell IAB ad units into Gray station websites and mobile sites. World Now will first check to see if inventory is available at the time of the deal, which can be up to 60 days prior to the ad running. If inventory is confirmed, World Now will then secure the inventory to be sure local sales knows the inventory is sold to a national client. World Now will sell at a minimum rate of 6.00cpm net to the station. If a client is believed to have local ties, world now will reach out to Gray to contact the station to get approval first. All political and alcoholic ads will always need stations GSM or GM approval before placement. Tobacco and sexually explicit type ads are never permitted.

22. 22 TEMPORARY Color Scheme 0 165 101 197 193 207 46 68 151 197 73 75 20 190 200 207 110 13 252 131 48 96 0 0 20 120 190 73 88 59 67 54 102 122 86 46 67 54 102 122 86 46 22 Gray Television, Inc. National Ad Spots Cont’d In-Text Ads show up automatically inside the body of the news story. Vibrant’s system will underline, in green, a word from the body of the story and if a user scrolls over the word and clicks on the ad that shows up, the station is then paid off that ad unit. Gray has Vibrant In-Text ads limited to only showing up 1 time per paragraph and no more than 3 times on a page. Stations do not have the ability to sell this type of ad unit locally at this time.

23. 23 TEMPORARY Color Scheme 0 165 101 197 193 207 46 68 151 197 73 75 20 190 200 207 110 13 252 131 48 96 0 0 20 120 190 73 88 59 67 54 102 122 86 46 67 54 102 122 86 46 23 Gray Television, Inc. National Ad Spots Cont’d Division D (Formally ‘3interactive): OPTIONAL (Stations have to ask to participate in this program) Pop Under (Ad shows in new window under the station website window), loads when user first visits the site. The frequency is set at 1 ad per user, per 24 hours. Station can decide what page(s) they want this to be on. (eCPM is about 3.25) In-Text Ads for Mobile (Same as Vibrant Media description above, only this is for mobile only). Stations do not have the ability to sell this type of ad unit locally at this time.

24. 24 TEMPORARY Color Scheme 0 165 101 197 193 207 46 68 151 197 73 75 20 190 200 207 110 13 252 131 48 96 0 0 20 120 190 73 88 59 67 54 102 122 86 46 67 54 102 122 86 46 24 Gray Television, Inc. National Ad Spots Cont’d OPTIONAL (Stations have to ask to participate in this program) News Video player embedded on website, which will stream pre rolls, midrolls and post rolls inside the video player. Video is national based news video. Video ads may autoplay, but never with sound on, without user initiation by clicking. Local ads cannot be placed inside this video player. Station has no control of advertisers that show in this video player. Gray has made sure all questionable content has been excluded.

25. 25 TEMPORARY Color Scheme 0 165 101 197 193 207 46 68 151 197 73 75 20 190 200 207 110 13 252 131 48 96 0 0 20 120 190 73 88 59 67 54 102 122 86 46 67 54 102 122 86 46 25 Gray Television, Inc. National Ad Spots Cont’d Two columns show below every story on desktop and on mobile. Column one is links to more stories on trusted third party websites. The second column is more story links inside the station website. We have a way to block a third party site if needed.

26. 26 TEMPORARY Color Scheme 0 165 101 197 193 207 46 68 151 197 73 75 20 190 200 207 110 13 252 131 48 96 0 0 20 120 190 73 88 59 67 54 102 122 86 46 67 54 102 122 86 46 26 Gray Television, Inc. National Ad Spots Cont’d Located inside stories and headlines lists, on mobile web and apps, an area labeled ‘Apps You May Like’ will show. These app ads when clicked on will direct users directly to the appropriate app store depending on device. No local sales opportunities currently exist in this ad block area. Currently, the ad block is located in headlines list after 4 story and located at the bottom of all story articles.

27. 27 TEMPORARY Color Scheme 0 165 101 197 193 207 46 68 151 197 73 75 20 190 200 207 110 13 252 131 48 96 0 0 20 120 190 73 88 59 67 54 102 122 86 46 67 54 102 122 86 46 27 Gray Television, Inc. Ad Server DoubleClick for Publishers (Google) System Capabilities Rotation, CPM Sales, Zip Code targeting Station Access to Reporting Daily, Weekly, Monthly email reports or logging in to view reports on the fly Reports include forecasting! No Access to Ad Insertion Gray Ad Ops team will handle all additions, changes, or deletions from ad server

28. 28 TEMPORARY Color Scheme 0 165 101 197 193 207 46 68 151 197 73 75 20 190 200 207 110 13 252 131 48 96 0 0 20 120 190 73 88 59 67 54 102 122 86 46 67 54 102 122 86 46 28 Gray Television, Inc. Ad Operations Ad Ops Team (adops@gray.tv) Submission Form Information Needed: Location, placement, flight, impression limit, rotation requirement, file, URL Turnaround Time: 48 hour max, 5 days/week Weekend placements available by pre-arrangements, or cell phone call. File Types: JPG, GIF, SWF (flash), HTML (tags), iFrame (tags) and most Java (tags)

29. 29 TEMPORARY Color Scheme 0 165 101 197 193 207 46 68 151 197 73 75 20 190 200 207 110 13 252 131 48 96 0 0 20 120 190 73 88 59 67 54 102 122 86 46 67 54 102 122 86 46 29 Gray Television, Inc. Analytics Gray Television Web channels are verified by Clickability, our content management system, is also verified with. Clickability home-grown reporting tool and show a variance of +/- 15% or less.

30. 30 TEMPORARY Color Scheme 0 165 101 197 193 207 46 68 151 197 73 75 20 190 200 207 110 13 252 131 48 96 0 0 20 120 190 73 88 59 67 54 102 122 86 46 67 54 102 122 86 46 30 Gray Television, Inc. Analytics – Local Web Measurement Online Tools Understand Local Web Measurement Online Tools There are several different methods that media sites are using to collect measurement statistics across local markets.

31. 31 TEMPORARY Color Scheme 0 165 101 197 193 207 46 68 151 197 73 75 20 190 200 207 110 13 252 131 48 96 0 0 20 120 190 73 88 59 67 54 102 122 86 46 67 54 102 122 86 46 31 Gray Television, Inc. Analytics – Local Web Measurement Online Tools

32. 32 TEMPORARY Color Scheme 0 165 101 197 193 207 46 68 151 197 73 75 20 190 200 207 110 13 252 131 48 96 0 0 20 120 190 73 88 59 67 54 102 122 86 46 67 54 102 122 86 46 32 Gray Television, Inc. Analytics – Local Web Measurement Online Tools

33. 33 TEMPORARY Color Scheme 0 165 101 197 193 207 46 68 151 197 73 75 20 190 200 207 110 13 252 131 48 96 0 0 20 120 190 73 88 59 67 54 102 122 86 46 67 54 102 122 86 46 33 Gray Television, Inc. Gray Resources & Information Google Analytics – www.google.com/analytics User: grayreports@gmail.com Password: gimreports23 Gray Stations – www.graytvstationlist.com Mobile friendly quick list of all Gray stations, with link to web site. www.gray.tv

34. 34 TEMPORARY Color Scheme 0 165 101 197 193 207 46 68 151 197 73 75 20 190 200 207 110 13 252 131 48 96 0 0 20 120 190 73 88 59 67 54 102 122 86 46 67 54 102 122 86 46 Investor Presentation Financial Data as of June 30, 2013 Select Other Data as of September, 2013