GRAY TELEVISION INC

Ticker: GTN CUSIP: 389375106 Class: Common Stock

PARADIGM CAPITAL MANAGEMENT INC/NY's Holding History (CIK: 0001037792)

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

Q2 2014

Shares 23,200 Value ($000) $305 Avg Close $11.23 Range $9.02 - $13.44

Q1 2014

Shares 46,475 Value ($000) $482 Avg Close $11.35 Range $9.04 - $14.98

Period	Shares	Value ($000)	Average Close	Price Range
Q2 2014	23,200	$305	$11.23	$9.02 - $13.44
Q1 2014	46,475	$482	$11.35	$9.04 - $14.98