GRAY TELEVISION INC

Ticker: GTN CUSIP: 389375106 Class: Common Stock

ARDSLEY ADVISORY PARTNERS LP's Holding History (CIK: 0000900529)

Note: Option positions (PUT/CALL) are excluded.

Q1 2016

Shares 20,000 Value ($000) $234 Avg Close $12.31 Range $9.95 - $16.26

Q4 2015

Shares 29,550 Value ($000) $482 Avg Close $15.66 Range $12.46 - $17.70

Q2 2015

Shares 40,000 Value ($000) $627 Avg Close $14.67 Range $13.18 - $16.67

Q2 2014

Shares 45,000 Value ($000) $591 Avg Close $11.23 Range $9.02 - $13.44

Period	Shares	Value ($000)	Average Close	Price Range
Q1 2016	20,000	$234	$12.31	$9.95 - $16.26
Q4 2015	29,550	$482	$15.66	$12.46 - $17.70
Q2 2015	40,000	$627	$14.67	$13.18 - $16.67
Q2 2014	45,000	$591	$11.23	$9.02 - $13.44