GRAY TELEVISION INC

Ticker: GTN CUSIP: 389375106 Class: Common Stock

KINGDON CAPITAL MANAGEMENT, L.L.C.'s Holding History (CIK: 0001000097)

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

Q3 2013

Shares 450,000 Value ($000) $3,533 Avg Close $7.49 Range $6.01 - $9.46

Period	Shares	Value ($000)	Average Close	Price Range
Q3 2013	450,000	$3,533	$7.49	$6.01 - $9.46